How To Organise Your Finances And Pay Less Interest

In our latest post we give you some tips on how you can organise your borrowing to minimise how much interest you are paying.

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Looking for a few ways to organise your finances or reduce the amount of interest you are paying? Here are a few things to consider!

Balance Transfer Credit Cards

If you have existing debts that charge you interest you could consider a Balance Transfer Card

With a Balance Transfer card, you pay a fee, a percentage of the debt, to transfer your debt to the new card. You will then be offered a 0% period to repay the balance - Santander, M&S Bank and HSBC are currently offering up to 31 months!

If you move from a card charging you interest to a 0% balance transfer card you could save money in the long run. Try to work out how much interest you will pay each month until your debt is cleared and compare that with the cost of transferring the balance. If the balance transfer fee is lower you can save money. 

With Monva, Mo helps you to see if you are likely to be eligible before you apply. 

Debt Consolidation Loans 

If you have multiple existing debts or a higher amount of debt you may be better placed considering a debt consolidation loan. 

This is a type of personal loan that allows you to borrow money to repay existing debts, maybe other loans, store cards, overdrafts, or credit cards. 

You should compare the costs of your existing debts vs the interest you’d pay on a debt consolidation loan to see which works out cheaper for you. 

Change Your Shopping Habits

The easiest way to save money is to spend less, but that’s not always possible.

Next time you come to buy something ask yourself if you really need it, or is it just something you want? If it’s a want consider saving up the money beforehand and avoid using credit to purchase it. 

If you absolutely do need to buy something, consider how you will pay for it first. If it’s a larger purchase compare the costs of loans, finance agreements, and 0% purchase cards before you buy it. 

0% Purchase Cards

If you do need to buy something using credit, consider a 0% Purchase Card. Check your eligibility with Mo to see if you are likely to be eligible. 

If you are, a purchase card is a great alternative to store cards, overdrafts, and even small loans, providing you can pay off the balance within the 0% period.

Whichever type of borrowing you considering we recommend you always use our comparison service first to see the best deals available to you and use our free eligibility checker to see if you are likely to be accepted before applying. 

With Mo you can compare with confidence and become the hero of your home! 

Author: mo


Category: News

Tags: Loans, Credit Cards