Even if you have a mountain of turkey to make your way through, you’ll find that there are some things that last longer than the turkey sandwiches you start making on Boxing Day. One thing that can hang around for a lengthy amount of time at the festive period is debt. A considerable number of people in the United Kingdom end up spending a lot of money at the festive period, and this isn’t always money that people can afford. This means that many people find themselves in debt at the start of a New Year.
This can be a difficult prospect for many people so you want to find ways in which you can make the move away from debt easier. If you take the right approach, post Christmas debt can be resolved quickly.
Can you bring in additional income?
This may sound like a silly question but is it possible for you to bring in additional income? Many people are entitled to more benefits than they actually claim for and receive so taking some time to think about what you are due can be of benefit. It may be that there are additional shifts available at work, which can help you to pay off your debts quicker. There may even be additional roles you can take on outside of work, so if you are keen to seize control of your finances, make sure that you think about the different ways in which you can earn additional income.
It may even be that you can bring in money by selling items around the home, such as DVDs, CDs or other items. They may not earn you a lot but they could help you to seize control of your finances before it’s too late.
If you are paying off credit card debt, pay the highest rate of interest first
When it comes to paying off credit cards, if you have a number of debts, you may want to think about which debt is best to pay off first. Having a plan or strategy for paying off debt is vital and this is where you should look to pay off the credit card that has the highest level of interest. Clearing this lowers the amount of money you need to find to pay interest, so this has to be a smart way to get rid of debt.
If you are thinking about clearing off credit card debt, taking out a guarantor loan may be of benefit. You’ll find that these loans provide you with the best chance of obtaining an affordable APR, which can help you to pay off debt in an effective manner.