Barnaby's Budgeting Tips: Day 22

The Momentum UK Team 21 February 2014

Welcome to the fourth and final week of the Great British Budget! Barnaby still has seven more tips to take you to the finish line - and beyond. Today's tip could help you if you're paying off debt on a credit card.

Barnaby says:

"If you're paying off credit card debt, you could save money by transferring it to a card with a lower interest rate - many balance transfer cards offer special introductory rates, which could substantially reduce your debt if you're currently paying a high rate of interest. If you're thinking of doing this, remember to make a note of when your introductory rate ends, as your interest is likely to increase after this date. It is also worth bearing in mind that cards offering low interest on balance transfers often charge higher interest on purchases, so check the terms carefully and avoid the temptation to spend!"

Have you moved your debt for a lower rate? What are your tips for finding the best deal? Share your thoughts in the comments below!

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Enjoy your saturday!