Financially Digital - Blog - Cut Your Debt

Thursday

May192011

Cut Your Debt – Not Your Card

Thursday, May 19, 2011 at 9:09AM

I'm still activley looking for advertisers for Financially Digital. I'm looking for reputable businesses who would like to enjoy the benefit of being affiliated with an equally reputable content producer. I've turned down a lot of less than adequate requests but I will be starting the next round of posted ads soon. Please email me for details. Thanks!

First major sponsored post! HSBC has provided a bit of content for me to share with you all. I hope you find it educational and entertaining! Enjoy!!

If you’re like many other credit card holders, you might have recently been hit with an expensive shock as many credit cards have seen a recent interest rate increase. Since the beginning of the year, borrowing costs have skyrocketed for over a dozen credit cards by as much as 2 per cent and left credit card holders with large balances footing the bill. However, don’t cut up your card yet – if you’re savvy, shop around and compare credit cards you can end up with a better deal and new card that won’t be burning a hole in your pockets.

If you have a large debt on one of your cards and your provider has hiked up your rates, you might benefit from taking advantage of a balance transfer offer. A number of providers, such as HSBC, have deals on 0% balance transfers, lasting anywhere between six months and a year. This means that you can use that spare cash every month towards clearing your debt rather than frittering it all away on heavy interest charges. With a bit of thriftiness, it might even be possible to completely clear your outstanding balance within the interest-free period!

If you’re a bit of a shopaholic and have had your eye on something you’re just dying to splurge on, you should consider choosing a card that offers a longer introductory interest-free period on purchases so you can clear what you owe before you have to start paying interest on the card.

If you’re fortunate enough to be in the position of always being able to clear your balance every month, you should be considering a card that offers rewards or cashback to ‘well behaved’ customers. Some cards offer such rewards as cashback on petrol, groceries and other purchases or Nectar points with participating stores.

If you travel abroad a lot for work, or you do business online and make a lot of foreign transactions, you need to be looking for a card that doesn’t charge the common foreign “load fee”. Some cards available on the market today don’t have any foreign exchange fees and don’t charge for cash withdrawals from foreign machines.

If the thought of ditching your credit card altogether is too much to bear, there’s always excellent deals out there for the savvy shopper and you’re guaranteed to find something tailored to your individual needs with a bit of snooping around.

Nunzio Bruno |

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