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How to Avoid Debt

Nobody likes having debt, and once you get into debt, it’s hard to get out. It’s best to avoid getting into debt altogether. The following tips can help you manage your money and avoid overspending.

#1. Emergency Fund – The biggest reason why people go into debt is because an emergency comes up and they have no way to pay for it. Having a rainy day emergency fund of at least £1000 helps you avoid going into debt to pay for unexpected expenses.

#2. Don’t Max Out Credit Cards – Only put on your credit card what you can afford to pay at the end of each month. This is a crucial part of managing your finances, and successful people do this to improve their credit scores.

#3. Understand Balance Transfers – Balance transfers refers to switching the amount owed on one credit card to another one. This can be a good idea if the new card has a lower interest rate, but there is also a fee for balance transfers. Make sure the money saved in interest is more than the balance transfer fee if you elect to do it.

#4. Don’t Use Cash Advances – Some credit cards offer cash advances, but don’t take advantage of this. If your finances are so bad that you need a credit card for cash, then something is wrong and you’ll end up owing more than you can pay off. TIghten up your budget instead of taking out a cash advance.

#5. Know Your Credit Card Terms – When you sign up for a card, you’ll get a lengthy statement that outlines all of the credit terms. Even though you don’t want to sit down and read a lengthy, dry-as-bones legal document, it’s in your best interest to understand every part of it, especially how much your interest rate is, what you get charged fees for, and what happens if you don’t pay your bill on time.

#7. Limit Your Credit Cards – You don’t need 10 credit cards to build up good credit, and you don’t need to be tempted by having thousands of dollars in credit available. Limit yourself to two or three cards that you are able to pay off each month.

#8. Only You Can Use Your Card – Never, under any circumstances, allow someone else to use your credit card. You have no control over what they do, and in the end you are responsible for what they purchase. Keep your card under your control.

COVID-19 ANNOUNCEMENT

MARCH 23RD 2020

At this time we are continuing business as usual however our team will now largely be working from home. This limits our phone contact availability. Customer support remains available Monday to Friday but please email in to info@oraclelegal.com with your query. We aim to get back to you within 48 hours. On receipt of PPI refunds our fees remain payable and can be paid via our website www.oraclelegal.co.uk/payments/ or via BACS. We are also working on some other areas of potential claim for you in connection with your PPI and will be in touch shortly where applicable to present this to you.

IMPORTANT:The last day we can accept a new claim is Friday 23rd August – midday – to ensure the paperwork is properly processed and lodged with your lender before the cut-off time.