If you have debts, have you tried ‘snowballing’ to pay them off as quickly as possible? This is a simple way to make sure your money is working for you in the best way possible. Simply pick the debt with the highest interest rate and pay that back first. Then, when that one has been repaid, move your money on to repay the next debt.
This way you pay the least interest on what you owe. It is also cheaper than consolidating your debt. Just don’t forget to make the minimum payment on each debt or negotiate with the lender to spread payments in an affordable way. And think about why you have debts in the first place too: try to spend less!
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