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Coming into the New Year, there''s rarely a better time to sort out your finances and see off debt. If you''ve got a Christmas financial hangover, then there are a few tricks you can pull off to trim your spending down and help see off your debt. In the wake of the recession and falling house prices, more and more people are being careful with their spending and concentrating on repaying debt. It might take some time, but almost all debt can be beaten off in the long term. Take a look at Baines and Ernst for debt advice and IVAs, while these three handy tips will help to get you started. Consolidate Debt - If you have a number of cards and loans outstanding, then it''s probably worth consolidating them into one repayment. You''ll either need to take out a new loan or get a 0% balance transfer credit card. If you get the latter, transfer the debt onto the card and you won''t have to pay interest for the term, but make sure you pay it off when the 0% deal expires. If you have larger debts, then taking out a personal loan is probably the best answer. For instance, if you had 2 outstanding credit cards with ?3000 on each of them at 18% APR, it would probably be best to take out a ?6000 loan at a lower rate ? around 10% - then pay off the cards. You can then just repay the loan at the lower rate of interest. Switching Providers - When was the last time you considered changing energy provider? What about your insurance? If you haven''t ever done this, then it might be the way to make some serious savings. Research by comparison site uSwitch has found that Britons could save as much as ?425 a year simply by switching providers, whether it be energy, electric or insurance. Simply get on a few price comparison websites and work out how much you could be saving ? it''s one way to say goodbye to the debt sooner rather than later! Laying Off Small Pleasures - Do you have a ?2 coffee most mornings? What about how you get to work ? could you cycle or car share? Cutting out small pleasures and conveniences such as getting to work a little quicker or buying your lunch rather than making it yourself could see you save more than ?1000 a year! Just think if you made your own lunch everyday at a cost of ?1, it''ll probably make you a saving of ?3 a day when compared to buying a prepacked lunch. That''s as much as ?60 a month, and possibly more. Adding a couple of cutbacks will help you get out of debt in a hurry.
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Dian Combass has recently been looking into debt consolidation offered by Baines and Ernst and is now using their debt management service.
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