Cut the cost of borrowing in just a few simple steps

Switch your credit card

Anyone with credit or store card debts should consider switching the outstanding balance to a 0% balance transfer deal.

Jeremy Cryer, head of credit cards at Gocompare.com, says: "Much of the money owed on plastic cards is made up of the interest charged on the debt, so a good way to reduce the post-Christmas financial hangover is to switch credit and store card debts to a 0% balance transfer deal."

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