Best way to Pay Credit Card Debt

This morning MARTIN LEWIS came to show the audience how to pay their credit card debt this year.} gigya.socialize.showShareBarUI(showShareBarUI_params); Martin said that the simplest way to settle credit card debt was to first pay the account to a 0 percent card. It makes sure that you pay off the debt and not the interest.

"Get the card with the least card fees in the amount of money you must pay back. Its best choice was the MBNA card, which has a full 43 month at 0 percent interest. There is a 3.29 percent commission (the commission is a commission on the amount you transfer) and there is 20 pounds cash back (only for deposits over 1000 pounds offered).

Martin next emphasised the new Sainsbury's card, which provides 42 month 0 percent for a charge of 3.5 percent (at least £3). The card also has 3,000 nectar points as long as you are transferring over £1,000. "Make sure you delete the credit card before the 0 percent ends.

Going on to customer loyalty card, Martin said that they are exactly the same as credit card and you can make a debit from a customer card to a 0 percent credit card. "You can use a cash card, which is a special card that gives you cash to pay for your outflow.

Learn how to pay off your credit card and reduce your debt

Milions of us don't think twice about grabbing or squirting our credit card for daily expenses and setting our vacation on it. Here is what you need to know how you can conserve tens of pounds. So if you've had your credit card for a while, you probably have a lot of interest.

They could also be one of the 1. 6million Britons who only pay the monthly minima, which means your account will take longer and longer to clear. Odds are you'll have an interest of 16 to 19 percent a year. It means you're just increasing your debt instead of repaying it.

and there' s no way out. Now, with a 0 percent credit card you can stop collecting this interest and settle your debt faster and much cheaper. "There seems to be no point in letting credit card debt generate interest if it can be converted into interest-free credit.

" Requesting a bank wire is like taking out a new credit card. Keep in mind that you will be credit scored and only those with the best credit rating will be those headlined the 0 percent timeframe on offer. Various vendors offer you the opportunity to make different transfers - Barclaycard, for example, allows you to make a deposit of a minimal of 100 up to a maximal of 90 percent of your credit line.

To be in large quantities of debt can be really disturbing. Prioritize your debt - If you have multiple debt and cannot pay them all, it is important to prioritize them. Obtain Council - If you are fighting to pay your debt monthly for monthly, it is important that you get council as soon as possible before they continue to grow.

And you can even make savings when your credit is lower. With £1,000 on your card and a monthly payout of at least 30, it will take you almost four years to use up your credit - and you will spend an additional 378 pounds on interest. No wonder that credit card companies will not be offering this type of business unless there is something for them.

It' not too much - the Barclaycard charge on the 36-month platinum card - is 1.75 percent, so you will be paying 17.50 on a 1,000 pound account - but it's something to watch out for. As with all credit card products, you may not be given the heading 0 percent timeframe if you do not have the best credit rating.