According to the ONS’s latest inflation figures, the Consumer Prices Index (CPI) rose by 6.2% in the 12 months to February, up from 5.5% in January. It’s expected to continue to increase, which is likely to be confirmed in the next CPI report, which is released on 13 April.

Low-income households are feeling the pressure, resulting in increased borrowing to make ends meet. Experts are warning that the more people continue to borrow from expensive forms of lending, the higher their chances of drowning in debt down the line when repayments are due. Here’s what you need to know.

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How much has credit card borrowing risen?

Data from the Bank of England shows a £1.5 billion jump in credit card borrowing in February to £59.5 billion. In fact, this rise pushed the annual growth rate of credit (including other forms of borrowing, like car dealership finance and personal loans) to £199.5 billion.

Due to the cost of living crisis, it’s expected that the Bank of England’s next Money and Credit report on 4 May 2022 will show a further rise.

How can you avoid drowning in credit card debt?

When times are tough, debt can be hard to avoid. Here are three tips to help you manage the credit card debt you have.

1. Compare and choose your credit cards wisely

It’s crucial to understand how credit cards work and calculate credit card interest and fees correctly. This way, you’ll be able to compare different credit cards and deals and choose the right credit card for your individual needs.

You can apply for more than one credit card if you’re eligible. This is worth considering as different credit cards may be better suited for specific circumstances. For example, a travel credit card might be better when on holiday as it helps you avoid high foreign transaction fees.

The Motley Fool has listed top-rated credit cards ideal for different circumstances. Compare them to ensure you’re on the most suitable deal. And if your current credit card is too expensive, you can always consider a 0% balance transfer credit card to help ease your financial pressures.

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2. Reduce your expenses

Review your outgoings to identify anything you can forego, even for a short period. Of course, you can’t do without essentials, so that’ll undoubtedly mean looking to do without luxuries. You might consider switching to cheaper stores for your essentials or switching to more affordable utility providers – though options for the latter are understandably limited at the moment.

Also, check whether you qualify for any government benefits. They could help you reduce your outgoings, allowing you to use the money saved to pay off your debts quicker.

3. Increase your income

If you have some time available, the simplest way to go about this is to start a side hustle. The extra income can go a long way towards helping you pay off your debts quicker and developing your financial resilience, especially at times like these when inflation is high. The following articles could give you a head start on your quest to find the perfect side hustle for you:

• Eight hobbies that you could turn into a side hustle
• Are these the five best side hustles around?
• Six side hustle mistakes to avoid in 2022
• Three free or cheap side hustles that could earn you £1,000+ a month in 2022
• 10 profitable side hustles you can start in 2022 and earn up to £20,000 extra!

The post Low-income households warned against more credit card borrowing: 3 tips to avoid drowning in debt appeared first on The Motley Fool UK.

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A recent study has revealed that a significant number of credit card users in the UK don’t know how much interest they pay. As a result, the average cardholder has paid hundreds of pounds in interest that could’ve been saved. So, how can you ensure you aren’t paying more in credit card interest than you need to? Let’s find out.

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Are you paying more credit card interest than you need to?

The study, commissioned by Klarna UK and conducted by YouGov, revealed that credit cards are complex and have layers of varied charges and interest rates. These layers confuse many cardholders, leading to confusion when calculating how much a credit card purchase could cost with interest included.

This shows that many credit card users do not really understand what they’re charged, which further indicates they don’t know whether they’re on the cheapest deal. And, of course, this translates to paying more credit card interest than needed when it’s likely there;’s a better deal available.

How can you find the interest rate for your credit card?

To find your current interest rate, you’ll need to check your credit card statement and your debit orders. You can find this information on paper statements or by logging into your online account. 

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How can you avoid paying high credit card interest?

Here are four ways you can make sure you don’t pay a penny more in interest than you need to on your credit card.

1. Understand how interest on credit cards works

It’s important to understand how credit card interest works first of all. This way, you’ll know different types of credit card interest and the factors that determine your eligibility for particular rates.

2. Learn how much purchases cost with interest included

This requires you to read and understand the terms of your specific credit card. If you feel that you’ll find this difficult, don’t be afraid to ask a financially savvy person for assistance. They’ll be able to show you how to make calculations, which will also help you choose the right card for your specific needs.

3. Compare different credit cards

Don’t just settle for one deal. It’s wise to compare different offers to find the most suitable deal for your needs. And remember, you can get more than one credit card to take advantage of different financial benefits. For example, a travel credit card may be ideal for spending when on holiday, while a 0% balance transfer credit card could help you avoid paying interest on your debt for up to 33 months.

The Motley Fool has created a list of top-rated credit cards to help you find the right one for your needs. Compare the cards to find deals that could help you keep more of your hard-earned money, especially now that inflation is rising.

4. Be wary of credit card introductory deals

It’s not uncommon to come across sweetened credit card deals, especially when times are hard. It’s crucial to take your time to read the fine print, make calculations, compare your current deal with the new deals and seek help if you’re in doubt.

Avoid making rushed decisions – a sweet deal can be good in the short term but bad in the long run. Additionally, just because a new deal is suitable for some borrowers, it doesn’t mean it’s ideal for your current situation.

The post 60% of Brits pay more credit card interest than they need to. Are you among them? appeared first on The Motley Fool UK.

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Rishi will deliver his Spring Statement to the House of Commons on Wednesday 23 March. We can expect him to announce policies geared towards helping families meet the rising cost of living and probably commit towards higher defence spending. However, it’s important to keep in mind that inflation won’t go away overnight, even with the introduction of new measures.

So, which stocks are likely to rise or remain resilient as a result of the Spring Statement? Let’s take a look at four stocks in strong positions.

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1. Diageo plc

Diageo, one of the largest producers of spirits and beers, has endured the test of time even when inflation soars. This is partly due to two reasons:

• The company owns labels at different price points, meaning customers can enjoy alternative products based on affordability and preference.
• The company doesn’t really have a serious rival, primarily because of high barriers to entry into the industry.

Diageo, a member of the FTSE 100, has a primary listing on the London Stock Exchange (LSE) and is traded as DGE. It also has a secondary listing on the New York Stock Exchange (NYSE) and is traded as DEO.

2. Tesco plc

Tesco, a British multinational grocery and general merchandise retailer, has over 3,400 stores nationwide. It has been ranked the ninth largest retailer in the world based on revenues.

According to experts, supermarkets can pass on rising costs to customers, meaning they can thrive during periods of inflation. Of course, customers won’t go without essentials, meaning supermarkets will still make profits.

Tesco plc is also a member of the FTSE 100, and is listed on the London Stock Exchange (LSE) and traded as TSCO.

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3. Antofagasta

With the ban on the production of cars with internal combustion engines in the UK expected in 2030, demand for the materials needed to produce electric vehicles will grow. One of these materials is copper, so it might be worth looking at Antofagasta, one of the major international copper producers. The company is listed on the London Stock Exchange (LSE) and traded as ANTO. It is also a member of the FTSE 100.

Mining stocks rise with inflation. This means Antofagasta could be a good investment, especially now that inflation is soaring.

4. BAE Systems

The crisis in Ukraine has prompted governments worldwide to assess their military budgets, especially since the pandemic aggravated government budget deficits. This means that defence contractors may receive funding in the Spring Statement 2022.

BAE Systems manufactures military ships, aircraft, submarines and radar systems. And being in the defence industry, the company is protected from inflation, meaning it can pass costs on to customers, making it resilient.

BAE Systems is a member of the FTSE 100. It is listed on the London Stock Exchange (LSE) and traded as BA.

How can you invest in these stocks?

To invest in these companies, you’ll need to open a share dealing account with a reputable broker. Another option is to invest through a stocks and shares ISA. This type of account helps you shield your investment gains from tax.

However, don’t forget that investing is inherently risky. Do your due diligence before making major decisions, and seek professional advice if unsure.

The post Spring Statement 2022: 4 stocks that could rise appeared first on The Motley Fool UK.

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The new tax year is almost upon us, and with it will come National Insurance increases and a rise in the energy price cap. If you’re already struggling financially, these additional factors could force you to take steps to remain financially resilient.

As the cost of living crisis looms, balance transfer credit card providers have started introducing sweeter deals to give borrowers that much-needed financial break. Let’s find out how.

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How can balance transfer credit cards ease your financial pressure?

Balance transfer credit cards allow you to move your existing credit card debt to one new 0% interest card. The new credit card will offer a 0% interest rate for several months. This period with no interest payments is intended to help you pay off your debt quicker.

A transfer fee may be charged for longer periods (24 to 32 months), but there is often no transfer fee for shorter periods (up to 22 months). This means it’s important to carefully evaluate your financial situation to avoid paying more than you need to. 

Further good news is that if you have a poor credit score, you don’t necessarily miss out. You may still be eligible for a balance transfer credit card. However, with a lower credit score, you may be charged a transfer fee, and you may be offered a reduced 0% interest rate period. Always crunch the numbers first to determine whether you’ll be able to reduce your financial pressure before choosing a particular deal and find out whether it’s cheaper than your current credit card.

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What are the top-rated balance transfer credit cards for 2022?

Currently, MBNA has the longest 0% balance transfer card in the market, offering a 0% interest rate for 33 months. However, this comes with a 2.69% or 3.49% balance transfer fee, depending on your credit score.

Note that even though this card offers the longest period, it doesn’t mean it’s suitable for everyone. That’s why it’s important to compare different card deals and calculate which one is right for you.

Take a look at our list of top-rated balance transfer credit cards to find one that could suit your current financial needs. Don’t forget to read, understand and take into account all the card features, not just the length of the 0% interest period it offers.

What are the dos and don’ts of using a balance transfer credit card?

Each balance transfer card provider will have its own terms and conditions or features, meaning it’s crucial to read the fine print. However, with all of these cards there are a few key things to remember in order to make the most of your interest-free period:

• Any delayed or missed payments could result in a penalty fee or even removal of the 0% interest rate offer.
• Aim to pay off your debt before the 0% interest rate period ends. After this time, the credit card’s higher interest rate will be applied to any remaining debt.
• Check whether your card has a 0% interest rate offer on purchases and for how long. If it does, make sure you pay off any purchases you make using the card before that period expires.

The post Heads up! Balance transfer credit card deals sweeten: enjoy up to 33 months of no interest appeared first on The Motley Fool UK.

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The cost of driving continues to rise, with current forecourt fuel prices sitting at 161.06p for unleaded, 171.93p for super unleaded and 170.09p for diesel, according to the RAC. And costs are likely to keep rising!

Online marketplace Carwow has revealed that these continuous petrol price increments have led to a 37% jump in the number of people looking to buy EVs. Does this mean it’s currently cheaper to drive an EV? Let’s find out.

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What is the current cost of driving a petrol or diesel car?

This depends on various factors, such as how frequently you drive, the distance you cover, how you drive, your engine size and car features. However, it should be possible to estimate the number of litres of fuel your car consumes weekly. Simply multiply the amount by the current fuel price.

What is the current cost of driving an EV?

Like a petrol car, some factors determine how much it costs to drive an EV. For example, how frequently you drive, the distance you cover, how much it costs you to charge your EV and where you charge your car.

If you don’t own an EV, it might be difficult to know whether driving it is cheaper than your typical petrol or diesel car. So, what can you do? It’s simple! Lease an electric car and compare. However, you might want to consider some factors first.

1. Choosing the EV to lease

Production of cars with an internal combustion engine (ICE) (cars that use petrol or diesel) will be banned by 2030. So, as much as you might be trying to lease an EV to compare driving costs, it’s a good idea to hire one that you might want to buy in the future. This way, you’ll not only be comparing current driving costs also but estimating how much it generally costs to own an EV and whether it is cheaper than an ICE vehicle in both the short and long term.

2. Length of time to lease

Of course, each person’s everyday car use differs, so it makes sense to determine yours first. This way, you’ll be in a position to decide how long you need to lease the EV to be able to tell which is cheaper (driving an EV or an ICE vehicle).

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Should you buy an EV now or wait?

You may need to ask yourself the following questions first:

1. Can you afford an EV now?

The cheapest EV is around £20,000 (new), but, the average spend on an EV is £49,549. As with any car, how much it will cost will depend on the spec you choose and your specific EV needs. While price is a key factor, there are still other factors to consider.

2. Is an EV generally cheaper than an ICE vehicle?

An EV can be expensive in the short term despite being exempt from vehicle tax. However, studies have revealed that EV drivers save more than ICE vehicle drivers over the long term.

3. Why are some people reluctant to change to EVs?

Some Brits have a few financial concerns keeping them from switching to EVs. They claim that:

• The cost of electric vehicles is currently too high for the features they need.
• Since the battery loses its ability to hold a full charge over time, buying a second-hand EV might mean buying a new battery, which is expensive.
• Charging prices may increase in the future, especially if there’s a shortage of electricity.
• Those without driveways may only be able to charge their vehicles using public charging ports that are more expensive than home charging ports.

The post Petrol price today: is it currently cheaper to drive an electric vehicle (EV)? appeared first on The Motley Fool UK.

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Inflationary pressures and the Ukraine crisis have definitely caused a lot of volatility in the stock market. And it doesn’t seem that the stock market will cool down anytime soon. So, how are top investors safeguarding their wealth amid such unpredictability? Let’s take a look at five ways they are protecting their portfolios.

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1. Understanding economic trends and when to invest

Investment decisions need not be rushed. Smart investors are currently paying attention to economic trends and choosing where to invest carefully.

Many are currently leaning more towards safer investments, especially those that tend to retain their value even when there are high uncertainty levels. Gold has been on the rise, and on 8 March 2022, it came close to touching its all-time record high price of £1,574.37 set in August 2020. Bonds and other precious metals like silver and platinum have also seen price rises as demand increases.

There’s also evidence that many investors are shifting from growth to value investing. This is not to say that growth investing is bad. Remember, whichever investment style you choose depends on your individual financial goals and investing preferences.

2. Investing for the long term

Top investors highlight time as a crucial element to successful investments. This is mainly because trading in the short term can be challenging, even for professional investors.

Typically, the stock market can overplay in the short term, leading to quick, short-sighted and emotionally charged decisions. These can, in turn, lead to poor investments, meaning an increased risk of getting back less than you invest. After all, history has taught us that, in most instances, markets do remain resilient over the long term. 

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3. Preparing an excellent investing portfolio

The secret is to diversify. The stock market is impacted by many factors, including but not limited to inflation, natural calamities, political turmoil, exchange rate fluctuations and current events. Some industries might be affected more than others, hence the need to invest in different sectors and incorporate different investing styles.

4. Saving

Clearly, the cost of living has been rising. And there’s even a strong likelihood it will continue rising in the coming months. Vulnerable families are already facing financial pressures, meaning having the money to invest might be challenging for some. Additionally, the chances of making poor investment decisions when you have limited capital can be high, especially if you’re trying to get quick returns on investments.

This is why smart investors always ensure they have a cash buffer or reserve at all times. And this could mean having multiple saving accounts for different purposes, such as:

• An easy access cash ISA to help you save tax free and have ready access to your funds when needed
• A lifetime ISA to help you save for a mortgage deposit or retirement
• A stocks and shares ISA that allows you to invest without incurring income tax on your dividends or even capital gains tax on your profits

5. Diversifying sources of income

Diversifying your sources of income is another way of ensuring you always have the money you need, especially during tough times. Side hustles can be a great way to increase your income, particularly if you choose a hustle with growth potential.

The post Stock market news: 5 ways top investors are safeguarding their wealth appeared first on The Motley Fool UK.

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Aspiring homeowners looking for low-rate mortgage deals are starting to realise that cheaper mortgages are becoming increasingly scarce. So, why is this happening? And how can you still land a good deal?

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Why are low-rate mortgage deals disappearing?

It’s simple. The base rate impacts mortgage rates because an increase in the base rate translates to a rise in mortgage rates. Likewise, a decrease in the base rate translates to a reduction in mortgage rates.

If the Bank of England’s Monetary Policy Committee (MPC) votes to increase the base rate, it becomes more expensive for lenders to borrow money. In turn, lenders raise their rates to ensure they are still making profits, making loans more expensive for borrowers.

Why are low-rate mortgage deals disappearing? Well, the Bank of England’s Monetary Policy Committee (MPC) voted to increase the base rate to 0.5% at their last meeting. This translates to an increase in borrowing rates, meaning borrowers are faced with higher mortgage rates from lenders.

In fact, most lenders have already started pulling their low-rate mortgage deals from the market, with the cheapest two-year fixed-rate mortgage deals now priced above 1.4%. Likewise, the cheapest five-year fixed-rate mortgage deals are now priced above 1.59% when borrowing at 60% loan-to-value. It’s also currently difficult to come across sub-1% mortgages.

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How can you land the cheapest mortgage deal?

1. Evaluate yourself

The first step to landing the cheapest mortgage deal is to evaluate yourself, assuming you’ve already set your sights on a particular property. You can use our mortgage calculator and debt-to-income ratio calculator to help you do this.

These tools will help you see if you can afford a mortgage in your current financial situation, keeping in mind that the best time to buy a home is always when your finances allow you to do so.

2. Compare deals from different lenders

There are so many mortgages on the market that working out the best one for you can be tricky and time-consuming. In fact, you may even find that a mortgage with a lower rate might look cheaper, but once you crunch the numbers, it’s more expensive than another with a higher rate.

So what should you be looking for to ensure you find the cheapest deal? It’s important to consider the full cost of the mortgage, not just the interest rate. This includes the initial and reversion rate, the upfront fee if there’s one, the deposit you’ll need and the cost of home insurance.

It’s not uncommon for some buyers to encounter difficulty when comparing deals. If you’re unsure, it’s always wise to seek the assistance of a mortgage adviser. And if this is your first purchase, it’s wise to check out our free mortgage resource to help you learn more about mortgages.

3. Take advantage of government incentives

Currently, there are a number of government schemes to help you get on the property ladder. There are schemes that offer discounts, help you save for a mortgage deposit or reduce the interest on borrowed money. You just have to find the scheme that best matches your needs.

4. Save money on your mortgage

Once you’ve secured your mortgage, it’s prudent to find ways to save money, especially on monthly payments. However, note that you can easily breach your mortgage agreement when doing some things, so read it carefully. Some things you can do to save money on your mortgage include:

• Subletting a room
• Overpaying on your mortgage
• Renting out your driveway

The post Low-rate mortgage deals are disappearing: how can you land the right deal? appeared first on The Motley Fool UK.

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Consumer Intelligence carried out a study revealing that insurance premiums have also been on the rise. Are you affected? How can you reduce costs? Let’s find out.

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What are the average premiums for home and car insurance?

The average home insurance premium (combined buildings and contents) is currently £154, a 2.9% increase in the 12 months to January 2022. However, older people, especially those over 50, are presently paying £161 on average, a 5.8% increase in the 12 months to January 2022.

The average car insurance premium stands at £705, a 2.8% decrease in the 12 months to January 2022. This might be because of the shift in driving habits due to the Covid-19 pandemic. It could be argued that there might be fewer accidents with more people working from home. However, age does impact the premium you pay. Younger people (aged20-35) and older people (above 75) pay more than those aged 45 to 65 since they’re considered higher risks.

Basically, younger people are considered to be the most reckless drivers, while older people are deemed to have poorer vision and hearing, slower reaction times and an increased tendency for confusion. These characteristics mean they are more likely to get into an accident than other age groups.

Consumer Intelligence did, however, discover that over 50s saw a 2.7% increase in car insurance premium in the 12 months to January 2022, setting the average price at £360.

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Why do older people pay higher home insurance premiums?

Older people tend to live in larger and older homes. It goes without saying that a larger home will attract a higher insurance premium. If the home is old, the chances are higher that it might be at risk of structural damage if not properly maintained.

Additionally, older people usually have more valuable items, meaning they require a higher level of contents cover.

What can you do to save money on insurance amid inflation?

As inflation continues to soar in the coming months, we can expect an increase in the cost of motor repairs, car parts, building materials and labour. This will, of course, push car and home insurance prices up further.

The FCA price walking remedy that came into effect on 1 January 2022 protects you from higher renewal prices. However, the secret to saving money on insurance is to always shop around for the best deals, even if you think your existing deal is already good.

The Motley Fool has made work easier for you by sharing a list of top-rated websites that you can use to compare home insurance and car insurance. However, once you find a cheaper deal, ring your existing insurance provider and ask if they can match the better deal before you switch providers. If they can’t, you can think about shifting, but be sure to read and understand the terms of the new policy first.

The post Revealed! Insurance premiums are on the rise. Are you affected? appeared first on The Motley Fool UK.

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The cost of living is soaring and is likely to worsen in the coming months. You’ve likely started looking into ways to save money to keep your head above water. If moving home is one of those ways and you’re looking for a cheap area to rent in London, here are some of the cheapest areas to rent as of February 2022.

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What is the average rent in London in 2022?

Data from Rightmove indicates that London’s average rent is around £2,142 per month, a 10.9% jump year-on-year. In fact, it’s more than double the average rent outside the capital. However, the individual rent averages for Inner and Outer London are £2,577 and £1,823, respectively, which is a 16.2% and 5.8% increase.

Unfortunately, based on current projections, the future isn’t looking promising. Rightmove predicts a further 5% rise in London’s average rent in the coming months.

What are the cheapest areas to rent in London as of February 2022?

According to data from Rightmove and Zoopla, the cheapest areas to rent are as follows: 

*The rental figures above were derived from Zoopla and Rightmove. They are just an average of how much you can expect to pay, meaning you can still come across rents lower or higher than these figures, depending on the rental property’s features.

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What do these rental figures indicate?

Bexley appears to be the cheapest area to rent in London. However, before choosing a region, it’s important to consider factors such as where you’re working and how convenient or affordable it will be for you to commute.

It’s naturally clear that sharing a rental is cheaper, especially for a four-bedroom rental. As you weigh other individual-specific factors, consider this to save more of your hard-earned money.

Note as well that living in Zones 5 or 6 may mean spending more on commuting, especially if you’ll be working in Central London. It therefore makes sense to compare deals on travel cards to save money. However, if you’re working from home, they can be ideal zones to live in, especially with the need for space being a crucial feature when considering where to live nowadays.

Will rents in London go down soon?

Rents in London dropped last year to attract or retain tenants who were already moving out of the capital in search of space. After all, working from home had become the new normal, meaning many workers no longer needed to live near the office. But now that restrictions have been lifted and companies are adopting a hybrid working model, Brits have started returning to the capital, increasing demand.

Unfortunately, there is still an imbalance between supply and demand, so rents are increasing steadily. It doesn’t help that inflation is on the rise. These factors suggest that rents might continue to increase, at least in the short term. However, when supply starts meeting demand, rents may come down gradually.  

For now, if you need to be in London, it makes sense to find the cheapest places to rent. And while you’re at it, consider getting roommates to lower your rent as much as possible. Additionally, to help you remain financially resilient amid the soaring cost of living, try to:

• Switch utility providers to find cheaper deals (including energy suppliers and home insurance)
• Cut back on luxuries where possible
• Start a side hustle
• Check whether you’re eligible for government benefits

The post Cheapest areas to rent in London 2022 appeared first on The Motley Fool UK.

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• I asked ChatGPT if I should buy Aviva, Diageo or BAE Systems stock and it said…
• SpaceX’s IPO threatens to leave the Tesla share price on the forecourt

It doesn’t seem that inflation will be going down any time soon, and vulnerable families are already feeling financial pressure. And once the new energy price cap comes into effect in April 2022, the pressure will likely get more intense.

Any issues you might have with credit card debt are likely to get worse come April if you don’t act quickly. For this reason, taking steps to save money wherever you can, and soon, could be an excellent move to remain financially resilient. So, how can you save money on credit card debt? Read on to find out.

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Consider a balance transfer credit card

A balance transfer credit card allows you to move your outstanding debt from any existing credit cards to one new card offering benefits like a lower interest rate or rewards. The deals are usually pretty good and you could access a 0% interest rate for several months to reduce your outgoings. This could help you save, pay off your debt quicker and ease some financial pressure.

The Motley Fool has done the hard work for you by compiling a list of top-rated balance transfer credit cards. It could be worth your while checking them out to avoid missing out on an easy opportunity to reduce your credit card debt.

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Switch providers to free up money from your bills

It might be easy to do without luxuries, especially when finances are tight. But what do you do about essentials without which you cannot get by? With the cost of living on the rise, it’s important to look for ways to cut down these costs. This will free up money that you can use to pay off your debt quicker.

Determine how much your current providers are charging you for insurance, gas and electricity, Internet and phone calls. Compare them with other providers to find out if there are cheaper deals you might be missing out on. Utilise comparison websites to make it easier for you. The Motley Fool has compiled top-rated car insurance and home insurance comparison pages to get you started.

Research also shows that you could save upwards of £240 on energy by switching providers, which is something worth considering, especially now that the energy price cap is set to rise so dramatically.

Set up a direct debit to cover your monthly credit card payments

Failing to make a credit card payment can rack up more debt through penalties. It can also make it harder for you to borrow money in the future. Any late or missed payments will show up on your credit report and are likely to impact your credit rating.

Start by evaluating your finances and taking the steps mentioned above to ensure you have sufficient cash for your expenses. You can then set up direct debits that will take the hassle out of making payments. Doing so will ensure that you don’t miss payments in future, keeping your credit record clean and your credit score intact.

The post Energy crisis: how to save money on credit card debt appeared first on The Motley Fool UK.

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