havenifa
Posted on: 5th May 2015
These days, it’s almost unheard of for any family to get by without at least some kind of debt.
From mortgages to credit cards to personal loans and so many more examples besides, debt is a normal and accepted part of modern life that’s wholly inescapable for most.
But, how to make big savings?
What few seem to realise however is that no matter how manageable or otherwise your current debt and repayment obligations may be, there’s always room for improvement…and perhaps plenty of it. So, rather than just allowing your debts to tick away behind the scenes without so much as a second thought, consider any of the following simple tips and tricks for making quite enormous monthly savings:
1 – Consolidation Loans.
Right off the bat, taking out the right consolidation loan at the right time has the potential to see monthly debt outgoings slashed dramatically – over 50% in some cases. Though usually associated with those that are buried in debt and have lost all control, there’s nothing to say that anyone juggling a few different forms of debt couldn’t benefit from consolidation. It’s a case of paying off all current loans, credit cards and debts with a single low-interest load, which is then paid off with a single payment each month for maximum ease and potentially huge savings.
2 – 0% APR Credit Card Offers.
It’s no secret that the very best credit card deals are always given to new customers, while loyalty is rewarded with being short-changed and overcharged. In which case the advice is simple – become a new customer from time to time by transferring existing balances over to new providers and their general 0% APR introductory offers. You might not be blowing a great deal on interest per month, but when you add together all of your credit cards and work it out over a year, these are savings that really do stack up.
3 – Refinance Mortgage Deals.
It can be quite the process to say the least, but if you entered into a mortgage during a period when fixed interest rates were higher than they are now, you could benefit from refinancing your home with a new mortgage deal. It’s advisable to speak to an independent financial adviser before going ahead with anything so major, but if you make the right move you could save thousands.
4 – Overdraft Offers.
Last but not least, if you’ve never spoken to your own bank about overdraft offers, now could be the time to do so. In many instances, overdrafts make brilliantly more affordable alternatives to loads and credit cards, offering you a pool of cash to use when you like, pay back as you like, never have to risk missing a monthly payment again and may be offered an interest rate as low as 0%. It’s technically a free or cheap loan to use as you wish and pay back with total freedom – always worth looking into.
