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Posted by / 14-Feb-2020 07:29

Consolidating credit card balances

It is estimated that around 40% of credit card holders do not pay off their balance in full each month.

With average household credit card debt in the UK currently at £2,688, finding a means of reducing interest costs could be a priority for many people.

This task is being made easier through improved technology.

For example, it is possible to set up direct debits scheduled for payday in order to make repayments to credit cards and also to make regular payments into savings accounts.

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The introductory interest rate on a balance transfer card may be low, but this is the flip side: A balance transfer card may be worth considering for many people with existing balances on their credit cards, depending on their personal circumstances.

Consolidating credit card debt can lead to lower interest costs and greater simplicity.

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Doing so could allow them to repay their debt two months earlier, assuming they continue to make payments of £200 per month.

However, the saving in interest paid must be weighed against the costs of a balance transfer card…

Some offer long 0% interest rates, with the longest balance transfer deals lasting over two years.

Other cards on the market simply offer a standard low interest rate for the life of the credit card.

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