The most expensive way to buy anything is on credit – if you don’t already have a credit card – don’t get one! It only makes things cost more unless you pay off the balance each month. If you already have outstanding balances on credit cards which you have had for a while it is a very good idea to transfer them to cards with low interest rates so that more of your monthly repayment actually goes to repaying the debt. If you are paying 20% or more APR you are really being ripped off.
The credit crunch has lessened the number of good offers out there somewhat but some companies still offer 0% interest on balance transfers and/or purchases for a certain time when you switch. Applying online is quite painless too.
The quickest way to get rid of credit card debt is to first arrange the lowest interest deals possible (remember it is worth asking your current lenders if they would give you a lower rate – tell them you’re thinking of changing cards and they might be persuaded!), then pay the minimum monthly repayment on all but the most expensive card – pay as much extra into that as you can manage until it is gone – then move on to the next most expensive. It takes determination and staying power to do this as it may take years but it is possible – the more frugally you live the quicker you can do it and YOU CAN DO IT!