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  Category: Articles » Finance » Credit » Article

Financial planning for credit card users

By Mark Lambie

Credit cards can be an excellent tool to help you manage your finances.
But sometimes we make poor choices, or sometimes the events in life
take us beyond our expectations and we are left to foot the bill. Perhaps
you have had a few months of extra, unexpected expenses that you are
now paying for. What can you do?

If you are faced with several large credit card bills, a UK personal loan is
one choice for you to consider. Many people are selecting a UK personal
loan to add to their financial portfolio and you might want to consider using
one to deal with those credit card bills. Here's how.

Gather together all of your credit card bills and add up the amount that you
owe. Factor in the extra expenses you haven't heard on your credit cards
since you receive those bills. Add to that about ten or twenty per cent,
which is the "whoops, I forgot about that" factor. Then, with that figure, start
shopping around. There are many UK personal loan institutions that want
to do business with you.

Get the loan and pay off your credit card bills. If you think that you may still
use your credit cards or, you may want to hide them away so that you
reduce the temptation to use them.

Now, instead of having several credit card bills at a high interest rate due
by the end of the month, you now have one bill that is due once a month at
a lower rate. This is called consolidation. At first glance it may not seem
obvious why you'd want to do this but there are two reasons:

The first reason is that you will save a lot of money on interest rates. In fact,
some UK personal loan interest rates might be as much as half of regular
credit card interest rates.

The second reason is that you will get one bill with a fixed amount due
every month rather than several bills with several amounts due throughout
the month. This will help you budget.

Credit cards can be an excellent tool to help you manage your finances
and by the things you want or need. But when things go a ride and your
bills get out of hand, which happens to be even the best of us, choosing a
UK personal loan as a way to consolidate those bills will help you reduce
your interest rates and set up a fixed amount of payment. Reduced interest
rates will ultimately increase the amount of money you keep and a fixed
amount due every month will help you plan your budget.

About the Author
Mark Lambie is the founder of Loan Source, a website for UK residents seeking secured loans. Visit

our website today for a free Secured Loans quote and find

out how much we can save you.

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