Getting Rid of Debt

Hi there!

I am a great friend of Martin "Money Tips" Lewis, and spotted that my friend and mentor Nicola Cairncross had written an excellent blog entry about his show.

Nicola can be found by clicking the moneygym tab on the right....

Nicola writes......

A Corker On Getting Rid Of Debt From Martyn Lewis, Money Saving Expert

I often think that Martin Lewis (www.MoneySavingExpert.com ) and I would be great as a double act on a TV show together.  He is brilliant at explaining things simply, and knowing how to save money, especially around the banks, credit cards and utilities, while I'm a bigger chunker (as Judith calls us) and would be great on how to address the issue of making more money to pay things off quicker and enhancing your lifestyle (one of the reasons many people go into debt in the first place)

This morning, on GMTV, (www.gmtv.com) a morning habit that Steve has introduced me to, having defected from BBC Breakfast, Martin shared a great way to reduce your credit card debt, without paying any more, and about how to pay less interest, even if you are being declined for lower interest cards.

1.  First of all, look at what you are paying each month, on each card, and resolve to pay that each month, regardless of what the minimum payments deducted in the future are. 

Most companies reduce your minimum payment as you go along and you feel relief, but you shouldn't be!  This is a way to claw more interest from you!!  If you have a card, where this month's minimum payment is £60, then next month, let them take £56 from you, but ring up and pay another £4.00 for example.  Next month do the same, let them take the minimum but top it up by phone, to £60.

2.  Call up your existing companies, and see if you can get your limit raised.  If you can't see what your spare balance is, and ask your existing company what they will charge in interest to move other credit card balances over.  Even if you are paying 18% on your existing balance, they will often offer you a lower rate for new transfers.  You can move all your existing debt around, and end up paying up to 13% or even more LESS per year.  Then do Step One above.

Genius stuff!

Martin has a live webcast each day this week at 9.30am and he'll be covering the following topics:

Tuesday - Credit cards

If you've racked up credit card debts Martin will be showing you a few easy tricks to severe the cost and save £100s in minutes.

Wednesday - Mortgage costs

Is your mortgage deal ending before the summer? Martin has tips on how to slash the cost.

Thursday -paying off debts

Got both debts and savings but can't decide whether to pay one off with the other? Martin will be telling you when you should and shouldn't clear the debt.

Friday - reclaiming cash

If you're in debt, it may be because money's been taken from you unfairly. Martin will be talking about how so many people have had £1,000s taken unjustly, and how to quickly get it back.

Find Nicola's post on http://wealthcoach.typepad.com/nicola_cairncross_wealth_/2008/01/a-corker-on-get.html

I often think that Martin Lewis (www.MoneySavingExpert.com ) and I would be great as a double act on a TV show together.  He is brilliant at explaining things simply, and knowing how to save money, especially around the banks, credit cards and utilities, while I'm a bigger chunker (as Judith calls us) and would be great on how to address the issue of making more money to pay things off quicker and enhancing your lifestyle (one of the reasons many people go into debt in the first place)

This morning, on GMTV, (www.gmtv.com) a morning habit that Steve has introduced me to, having defected from BBC Breakfast, Martin shared a great way to reduce your credit card debt, without paying any more, and about how to pay less interest, even if you are being declined for lower interest cards.

1.  First of all, look at what you are paying each month, on each card, and resolve to pay that each month, regardless of what the minimum payments deducted in the future are. 

Most companies reduce your minimum payment as you go along and you feel relief, but you shouldn't be!  This is a way to claw more interest from you!!  If you have a card, where this month's minimum payment is £60, then next month, let them take £56 from you, but ring up and pay another £4.00 for example.  Next month do the same, let them take the minimum but top it up by phone, to £60.

2.  Call up your existing companies, and see if you can get your limit raised.  If you can't see what your spare balance is, and ask your existing company what they will charge in interest to move other credit card balances over.  Even if you are paying 18% on your existing balance, they will often offer you a lower rate for new transfers.  You can move all your existing debt around, and end up paying up to 13% or even more LESS per year.  Then do Step One above.

Genius stuff!

Martin has a live webcast each day this week at 9.30am and he'll be covering the following topics:

Tuesday - Credit cards

If you've racked up credit card debts Martin will be showing you a few easy tricks to severe the cost and save £100s in minutes.

Wednesday - Mortgage costs

Is your mortgage deal ending before the summer? Martin has tips on how to slash the cost.

Thursday -paying off debts

Got both debts and savings but can't decide whether to pay one off with the other? Martin will be telling you when you should and shouldn't clear the debt.

Friday - reclaiming cash

If you're in debt, it may be because money's been taken from you unfairly. Martin will be talking about how so many people have had £1,000s taken unjustly, and how to quickly get it back.

Find Nicola's post on http://wealthcoach.typepad.com/nicola_cairncross_wealth_/2008/01/a-corker-on-get.html