IF you're paying interest on your credit cards it could be costing you thousands of pounds unnecessarily. By switching to a 0 per cent card, you can avoid paying interest entirely and use the money you save to pay down your debts faster. Sounds easy - but the tricky part is finding out whether you're an eligible for a 0 per cent card - without damaging your credit score. Fortunately, Martin Lewis, the founder of MoneySavingExpert.com has created a quick two-minute test to show you which 0 per cent cards you're likely to qualify for. Even better, the eligibility checker uses something called a "soft search", which means that it won't affect your credit score. When you apply for a credit card, if you get rejected for any reason it often has a negative impact on your credit rating, making it harder to get accepted if you apply for credit in the future. A soft search takes details such as your income, address and marital status, and uses it to show you the likelihood of being accepted for … [Read more...] about Martin Lewis’ two minute test to see if you could SAVE hundreds of pounds a year on credit card bills
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Credit card interest could cost you thousands
"Credit cards are the most widely and easily available form of credit," said Sara Garland, personal insolvency manager with Grant Thornton Debt Solutions, which offers advice to people in debt. "People can have multiple cards at the same time - it's hard to keep in control and easy to lose track of credit card debt and charges if you have multiple cards. People [with credit card debt problems] often owe €25,000 or €35,000 on their credit card." Garland, who has worked with Grant Thornton for several years, has dealt with debtors in all walks of life. "Credit card limits are often easily increased - so people become dependent on their credit cards without realising it," said Garland, "It's only when the credit runs out that people realise they're in trouble with debt and that they can't manage their finances on a day-to-day basis. Often the problems only become apparent when it's too late. We see everyday the stress caused by debt - such as anxiety, depression and in extreme … [Read more...] about Credit card interest could cost you thousands
Personal loan: Paying off credit card debt can be a good move
Daniel B. Kline The Motley Fool Published 6:00 AM EDT Mar 16, 2019 When it comes to borrowing money, not all debt is equal. A mortgage, for example, has a much lower interest rate than credit card debt. On top of that, a mortgage helps consumers purchase a necessity that can gain value over time. The same cannot often be said of credit card purchases. That's why mortgages are generally considered "good" debt, while credit card debt is almost universally deemed "bad." Car loans can fall into either category, as their interest rates vary widely. An auto loan with a low rate (maybe 5 percent interest or lower) might be considered good debt, while higher-rate auto loans, while sometimes a necessary evil, are far from great. Personal loans, meanwhile, can't be easily classified. They tend to have relatively high interest rates, but then, many people take them out to consolidate credit card debt that previously carried even higher rates. That's why it's both encouraging and that … [Read more...] about Personal loan: Paying off credit card debt can be a good move
Whisky bottles worth £6k found in attic helps Scots dad clear credit card bill
A dad managed to clear a hefty credit card bill after two bottles of whisky in his attic turned out to be worth £6000. Graham Burns put away a bottle of Macallan 30-year-old Sherry Cask Blue Box and an 18-year-old 1979 Macallan Gran Reserva when his son Andrew was born 23 years ago. He decided to dig them out of the attic after getting a heavy credit card bill last month. And when he sold them via online whisky firm Old and Rare Whisky, he got a pleasant surprise. Dad-of-two Graham, of Cathcart, Glasgow, said: “When my son was born, I went to the Macallan distillery and bought a few bottles. “I thought I’d keep them until his 21st birthday, when he could have them, open them or sell them but I forgot all about them until my wife said we still had a credit card bill to pay from Christmas.” He added: “Several bottles of whisky were in the eaves, where I’d left them because it is a cold part of the house. I contacted the firm Old & Rare … [Read more...] about Whisky bottles worth £6k found in attic helps Scots dad clear credit card bill
Turkey’s Halkbank offers cheap loans to pay off credit card debts
ANKARA Turkey’s Halkbank has become the third state bank to declare a low-interest rate campaign for citizens to pay off their credit card debts. The debts of customers will be restructured with a minimum 1.1 percent interest rate and due date up to five years, a statement by the lender read on Jan. 21. “We are working on [projects] to maintain market stability and keep real economy strong, thus deserve our people’s confidence,” said the bank’s general manager, Osman Arslan. The Halk Support Credit “will give our clients a sigh of relief,” he said. Earlier this month, two other state lenders, Ziraat Bank and Vakif Bank, had announced similar campaigns as part of a government initiative announced by President Recep Tayyip Erdoğan, who vowed a string of other incentives ahead of the March 31 local elections. Turkey, Halkbank, credit cards … [Read more...] about Turkey’s Halkbank offers cheap loans to pay off credit card debts