Make This A Debt-Free Year

Christmas seems like a distant memory until you take a look at your finances and realise you overindulged more than you imagined.

So how do you tackle your New Year debts head on?

Here’s five helpful tips to make 2019 debt-free.

1.    Switch energy suppliers. You can save more than £220 by comparing tariffs and going elsewhere. By using online comparison websites you can find the best deal to suit you. Why not also look at insurances, entertainment packages, mobile phone and broadband while you’re at it – but be confident enough to haggle with your provider to get the best possible outcome.

2.    De-clutter your home and sell unwanted items online – including some of those Christmas presents. When listing items on auction websites, they may recommend a suitable price but you don’t have to take it. Also look around for your nearest community selling page which may have lower fees – or in most cases, none at all.

3.    Move to a fixed-rate mortgage while the rates remain low. If you keep to a standard variable rate for too long it is likely to increase. Moneyfacts claim that borrowers with a mortgage of £200,000 over 25 years could save £2,232 in a year if they switched from the average SVR charging 4.62pc to a mortgage rate of 2.31pc – similar to the average two-year fix.

4.    Consider dropping some of your memberships. The most common is a gym membership which you may automatically sign up to as a New Year’s Resolution – but is it really enough of an incentive to workout daily? If you haven’t got a contract, then opt for monthly pay-as-you-go membership to help cut back on the costs.

5.    Have you maxed out your credit cards over the festive season? Why not try and consolidate your debt? It may help you make lower repayments per month. You should consider a credit union loan which is affordable, manageable and with a lower interest than the high street banks. Interest is charged on the reducing balance of the loan and you can pay it back in different ways,

Contact your nearest credit union and see how they can help you reduce your debt levels while also increasing your savings and to build a better financial future.





Yng Nghymru, mae gennym 17 o undebau credyd gan ddarparu lle i’r aelodau arbed a chael benthyciadau ar gyfraddau rhesymol. Mae undebau credyd yn eich rhoi chi – yr aelodau – wrth galon popeth a wnawn #undebcredyd #credydigymru

michaelsheen: Some people find it hard to talk about debt. @StepChange's new campaign highlights that you can get online debt advice 24/7 without having to pick up the phone #wehearyou

Staff and volunteers at Bridgend Lifesavers made members aware of the impact Christmas can have on their pocket. Our survey suggests that some Welsh people may fail to pay their mortgage or rent because of the costs. @BridgendCU #icuday #savingChristmas

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