OK here is some advice that will save you £’s – Seriously, you will thank me if you follow this advice.
1. Borrow money to buy things that go UP in value.
Your business, your house and your education. If you are cleverer than me perhaps the stock market.
Thats it – Its simple – you are done. If I could give you one piece of advice its this ……..
If you have a credit card debt you have a big problem as your bank account has a huge leak in it and its getting worse!
It means every time you spend money you are making the issue worse by prolonging it. If you go out to dinner or book a holiday then you are breaking the rule that I have set out above and its the first rule of personal finance.
So this is what you do – live “below” your means
1. No restaurants
2. No holidays
3. No clothes
4. No Costa Coffee
You could save £5000 per year by really cutting back. Send it all to the credit card company until it is all paid back. The quicker the better.
Then you will be debt free. The bank may pay you interest and you will be over the course of 20 years significantly better off by many thousands.
Then remember this invaluable advice and help stop explosion of consumer debt and exploitation by the banks.