Simple ways to save money : Clear expensive debts
There are many ways to save money on an ongoing basis but ultimately one of the main rules we need to consider is the reduction of expensive debt before low interest rate debt. The chances are that the average UK consumer will have a mortgage, loans, overdrafts and probably a credit card. If this is the situation you need to consider reducing your credit card debt before anything else because this will grow and grow if left unattended.
While there are other factors to consider, not least the need to at least pay some money towards your other debts, ultimately every pound used to pay off your credit card debt will save you more interest in the future and eventually reduce the pressure on your financial situation. More people seem to put their credit card debt to one side, assuming they will take care of it at a later date, when in reality it should be the first debt which you look to refinance or payoff as quickly as possible.
If you are finding yourself in a difficult financial situation it is vital that you take professional advice as soon as possible because every situation is different and there may be different options available to different people.
Share this..
Related stories
Can the Conservatives win the next election?
As more and more people turn against Gordon Brown's Labour government the focus is starting to turn towards David Cameron's Conservative party and their potential for making the next government. One factor which has been thrown towards the Conservative party for some time now is a lack of detail to go with regard to their economic policy, should they finally make office.
David Camer...
Are we on the verge of changes in the UK education system?
Over the last few days there has been a lot of comment in the financial papers regarding the UK government budget deficit and potential savings in the short to medium term. One subject which seems to be on the tip of every tongue in the political arena is education and in particular the university system and how it is funded.
The CBI has today joined the party with a suggestion that...
Rich BRICs invest in British bricks
Increasing demand for UK property from emerging economies such as Brazil, Russia, India and China (BRICs), will sustain property prices in the near future, a report predicts.Foreign buyers presently account for approximately one third of all property purchases in London, says estate agent Knight Frank. This figure climbs to 75 per cent for houses worth over £5 million."Average house prices in cen...
Read MoreIs your company pension scheme safe?
It has been revealed this weekend that a growing number of UK companies are reducing their contributions to staff pension funds in order to retain as much money on deposit as possible in these troubled times. This is a very tricky situation and one which is set to get more complicated as the recession rolls on. So is your pension at risk if your employer decides to reduce pension contributions?
HM Revenue and Customs struggling to cope with call volumes
The Whitehall spending watchdog has today revealed that four out of ten telephone calls to HM Revenue and Customs went unanswered in the tax year 2008/09. This equates to a staggering 44 million calls out of the 103 million received over the period. While the department employs the equivalent of over 10,000 full-time staff at a cost of £233 million there are serious concerns about value for money...
Read More