Avoid paying interest
Some two thirds of the credit cards held today by UK consumers charge interest. However, switching your debts to a 0% balance transfer credit card could allow you to avoid paying any interest at all for almost two years.
The Barclaycard Platinum Card with Extended Balance Transfer, for example, offers 22 months at 0% (subject to a one-off fee of 2.9%). It is important to clear your balance within 22 months, though, as the representative APR on the card is 17.9% (variable).
If, however, you think you can clear your debts in a shorter time, there is also the Virgin Low Fee Balance Transfer Credit Card, which offers 0% for nine months. It has a one-off charge of as little as 1.5% and a representative APR of 16.8% (variable).
Every week, Clare Francis, financial journalist and editor of comparison site moneysupermarket.com will offer tips and advice on all things money-related to help iVillagers make the most of their hard-earned cash. From energy bills to car insurance; credit cards to children’s savings accounts; mortgages to discount vouchers Clare will show you how to make sure you’re getting the best deal.