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If you have credit card debt at the moment you are possibly considering more than one options to get rid of that credit. But do you know what are the cheapest ways to pay off credit cards at the moment? The financial market is changing every day, and there are new deals that you might not have considered. But the choice is yours and which deal you will choose depends on your personal circumstances as well as your budget.
There is no point making commitments that you cannot meet for long term, just to make it look like you get the cheapest ways to pay off credit cards, and in reality you cannot make the payments in time, will incur charges and ruin your credit rating. In this case your cheap option has already become very expensive.
1.Zero percent credit card deals
These deals can be really useful if you are certain that you can clear off the balance in a reasonable time, and make sure you meet the repayments. It does not mean that you can just keep on making the minimum repayments on your card, because it is not going to get rid of your credit debt balance. You have to aim for finishing the whole card before the higher interest kicks in and that was you save yourself about 19%, the interest you would be paying over the 12 months on the old card.
2.Personal loans
Personal loans are one of the cheapest ways to pay off credit cards and the advantage of them is that just like a card, they are considered unsecured finance, therefore they will not be secured against the property. With a personal loan you will be able to budget much better as you will have a fixed interest rate and a fixed repayment for a set amount of time. Ideal for people who want to see the end of their debt misery. The interest rate on these loans is much lower than on the credit cards.
3.Remortgaging
If you have a really huge debt that seems to be unmanageable but cannot transfer the whole balance or balances on a personal loan or a zero percent credit card deal because of the amount, you can still go ahead and take further finance on your property, therefore transfer the balance of your card on your home loan. Secured loans are considered to be one of the cheapest ways to pay off credit cards, for sure, but you need to think about the risk of losing your house if you are not maintaining the repayments, so only take on a deal you can pay on time for a long term.
There is no point making commitments that you cannot meet for long term, just to make it look like you get the cheapest ways to pay off credit cards, and in reality you cannot make the payments in time, will incur charges and ruin your credit rating. In this case your cheap option has already become very expensive.
1.Zero percent credit card deals
These deals can be really useful if you are certain that you can clear off the balance in a reasonable time, and make sure you meet the repayments. It does not mean that you can just keep on making the minimum repayments on your card, because it is not going to get rid of your credit debt balance. You have to aim for finishing the whole card before the higher interest kicks in and that was you save yourself about 19%, the interest you would be paying over the 12 months on the old card.
2.Personal loans
Personal loans are one of the cheapest ways to pay off credit cards and the advantage of them is that just like a card, they are considered unsecured finance, therefore they will not be secured against the property. With a personal loan you will be able to budget much better as you will have a fixed interest rate and a fixed repayment for a set amount of time. Ideal for people who want to see the end of their debt misery. The interest rate on these loans is much lower than on the credit cards.
3.Remortgaging
If you have a really huge debt that seems to be unmanageable but cannot transfer the whole balance or balances on a personal loan or a zero percent credit card deal because of the amount, you can still go ahead and take further finance on your property, therefore transfer the balance of your card on your home loan. Secured loans are considered to be one of the cheapest ways to pay off credit cards, for sure, but you need to think about the risk of losing your house if you are not maintaining the repayments, so only take on a deal you can pay on time for a long term.
