Resolution #2 - Can I pay less for debt?Minimise and manage debt
Credit cards, loans and overdrafts, when used sensibly, can be a very valuable way to enable us to manage our finances. However, it’s important to minimise their cost and this is particularly relevant if you have accumulated debt across multiple credit cards and loans.
Weighed down with plastic? Perhaps it’s time to prune down to one easy to manage credit card? Check our range of credit cards to see if we’ve got something that could help you. To apply you must be earning over £10k p.a. and be a UK resident. Over 18s only. Balance transfers from other Royal Bank of Scotland Group cards are not allowed.
Most of us will require a loan or credit card at some point. If you have existing debt, then it’s worth seeing if you can save money by switching to a loan with a lower rate than your current debt. Over 18s only.
There are times when going into the red is unavoidable. Having an agreed overdraft can provide a buffer against unauthorised overdraft charges, especially if you anticipate having to deal with fluctuating monthly expenses. Over 18s only & subject to eligibility.
Can I pay less for debt?Helpful debt consolidation steps
If you have credit cards, store cards, loans or other debts mounting up, don’t bury your head in the sand. Bringing your debt together can help to reduce costs. Now is the time to take action.
Work out the average interest rate and the total monthly payment costs of your current debt. Recent statements will have this information. You can then compare this easily with new loans.
If you're struggling with monthly payments you may want to speak to your current lender; they may be able to help with a new payment plan. It may be cost effective to pay off some of your debt from spare savings and/or investments.
If you opened a current account after 24th September 2013 and you hold one of the accounts listed below, you will now be able to view your latest Terms & Conditions in the Messages area of Online Banking.
Use a personal loan calculator to check whether converting all your debt into a single loan will reduce your overall payments. Remember, though, that loans have fixed monthly payment schedules.
If you opened a current account after 24th September 2013 and you hold one of the accounts listed below, you will now be able to view your latest Terms & Conditions in the Messages area of Online Banking.
