HertsSavers Credit Union has come up with some top tips for managing debt.
Understanding your debt
How much do you owe? To whom? Take a deep breath and write down every debt – whether it’s a payday loan, credit card or overdraft. It might feel overwhelming at first, but facing your debt head-on is the only way to plan your escape.
The true cost of debt
A loan or credit card might seem like a quick fix, but interest rates can turn a small borrowing into a much bigger problem. Payday loans, in particular, can pile up quickly, with high interest rates adding to your balance every month. The key here is to understand the interest you’re paying. Look at your statements. You need to know how much you’re truly paying to begin…
