People in Britain who have credit cards collectively owe around £2,200 on their cards. And with retailers across the board reporting a spending slump like no other it’s clear to see that people are reducing their spending.
If you need to pay off your credit card debt, which has an interest rate of approximately 15% it will take you roughly two years to clear if you are paying a monthly repayment of around £100. To do this, you may need to look at your spending in other areas and make some cuts so you can put your money towards clearing your debts.
It makes financial sense to clear your credit card first, before any other debts as it is probably one of your most expensive debts. If you don’t have the financial means to pay off your credit card seek financial advice about obtaining a low cost loan. A credit card debt of £2,200, on a card which has 15% interest will cost you £545 in interest. Whereas a loan, with 6% interest will add up to just £209, which saves you £336 over the course of the two years.
Another expense which you can make some potential savings on is the cost of your energy bills. Despite the cost of energy rising due to the demand being greater than the supply it doesn’t mean you necessarily need to be paying over the odds. This industry is an extremely competitive one, and it’s simple to switch supplier online. Your new supplier will usually take care of the admin for you, and you get to make a saving every month.
If you live alone, one way you can cut the costs of paying for your water supply is by installing a water meter. If you live in a large property with very few people living in it you may be pleasantly surprised that you can save hundreds of pounds over the course of the year by making this switch.
Another area you can make savings is on the cost of your mobile phone. Are you using all the services that you are paying for every month? If you find that you have thousands of minutes and texts to spare then it may be more money savvy to go pay as you go. You can pick up a handset for just £30, and only have to pay for the occasional text or phone call- rather than handing over £50 every month for a service you hardly use.
Finally to save money on those little things in life which bring you a smile, such as those indulgent beauty treatments, trips to the cinema, club nights or meals out with loved ones try signing up to the various discount voucher websites such as Groupon Uk, Living Social and Tea Cat. The way these websites work is by offering a different daily deal every day. You can only buy the deals for one day only, but you have around three months to use your online voucher- giving you plenty of chance to pencil a date into your diary.
If you want to find out how you can save money on life’s little luxuries, please visit http://teacat.co.uk.
About us: Tea Cat brings you the latest discount vouchers, online deals & London offers. On the site you can find a daily deal, as well as up to date London deals and London offers. This promotional code, online voucher, online deal or discount voucher site works in a similar way to Groupon Uk and Living Social.
Editor’s note: Tea Cat is represented by Search Engine Marketing agency TRON Media. This Press Release was written by Jo-Anne Keyte. Please direct all press queries to Jo-Anne Keyte email: [email protected] or call: 02031670969.
