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Coming into another year isn''t easy if you''ve got debts. Christmas doesn''t exactly help, but at least you can make a New Year''s resolution to get rid of them. How quickly you can see off debt really depends on how much you are in the mire, but far more often than not it''s solvable and most of it can be worked out with a plan. Reducing debt really comes down to three fundamentals: consolidating, getting the right deals for you, and cutting down on spending. If you want to know more about reducing debt, then take a look at Baines and Ernst, while this article can give you some handy advice. Consolidation - If your finances are all over the place and you''ve got debts outstanding on multiple accounts, then a big portion of the battle is won by consolidating them. Consolidating means taking out new debt to pay off what''s outstanding. What''s the point in that you ask? This example will show you how: If you have a few credit cards outstanding with debts totaling more than ?5,000 you could take out a personal loan at a lower rate (APR) and then use this to pay off the cards. Once this is done you''ll be only be repaying one outstanding debt at a lower rate than previously. Review Your Deals - When your deals are coming up for renewal, don''t just renew them and consider it done, actually consider whether or not you could get a better deal with another provider. Searching the Internet looking for a cheaper car insurance deal might not be what you want to do with your Saturday, but it could save you hundreds of pounds. In fact, research by comparison website uSwitch has found that Britons could save up to ?435 a year simply by reviewing their deals and switching. Meanwhile, almost 50% of people in the UK are on the wrong mortgage deal! Don''t give into apathy ? you''ll be sooner out of debt. Make Your Own Lunch - This is one of the easiest ways to cut back. If you buy your lunch from a shop every day then you''ll find yourself with less money than if you made your own. On a day-to-day basis, it might seem like too much effort for what you''re getting, but stick with it and you''ll see your bank balance is happier. For instance, if you bought a lunch each day it''s likely to cost you ?4-?5 a pop. However, if you made your own sandwiches, took a chocolate biscuits, crisps and a piece of fruit, then it''s unlikely to cost you more than ?2 if you buy these on multi-buy at the supermarket. You could see yourself save ?50-?70 every month!
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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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