Sarah Pennells of SavvyWoman.co.uk explains the quickest way to pay off credit cards, store cards and loans. Sarah explains:
1) How to save money on your credit card debts with a trick to pay off debts as quickly as possible.
2) How to work out which credit card has the highest interest rate.
3) Make sure you pay the minimum payments due monthly on all your cards – always try to pay extra off the card with the highest interest rate. Even paying off double the minimum payment can have a huge effect on how long it takes to clear the debt.
5) Once you have the first card debt paid off, add that payment to the regular payment of the next highest interest card. Doing this creates a ‘snowball’ effect to accelerate paying off your card debt and greatly reduces the time it will take to become debt free.
Go to www.savvywoman.co.uk for help and advice with all your finances.
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