Slap credit card debt with a loan
Posted on March 10th, 2008 by Michael
Citizens of United Kingdom have a debt of around £55 billion on credit cards. This equates to an average of £2,200 per household however there are some credit card owners with higher debts.
Credit cards are good for short-term borrowing and especially if you are going to pay off the bill in full every month but its a bad idea for any period over a year due to their higher interest rates.
If your going to borrow money for a few years you will be in a much better financial situation in the future by taking out a personal loan instead. In comparison you could be paying thousands of pounds extra by accumulating credit cards debts so use a personal loan instead.
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Each time we have signed up for these cards it has saved us 20% on a large purchase ( 500 or more) that we were going to make anyway. In each case we’ d sign up at the register, get the discount, and in most cases walk over the stores customer service desk pay off the account in full before even leaving the store. Then in the next couple of days we cancel the card and cut it up. This was before I recently learned that it actually hurts your credit to open and close credit card accounts.