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Our top 10 tips to beat the credit –crunch
1. Tighten your belts.
The credit-crunch is a relatively new phenomena, and nobody knows how long it is likely to last. So be prepared for a long-hike and tighten your purse strings by reducing your out goings, by delaying unnecessary expenditure on foreign holidays and plasma TV’s and generally increasing your incomings.
2. Cut up your credit cards.
You don’t need them now, in fact you never needed them in the first place. It is all about living within your means. Don’t be tempted to have one last spending binge as living on credit has always been an unwise move.
3. Consolidate your debts
Get a bank loan to pay off store cards and expensive credit cards (you know the one – it started with 0% balance transfer rate, but you never got round to moving it on last time and in fact it has now doubled).
4. Avoid bank charges and late penalty fees.
5. Have a second income.
Think about initially selling surplus assets. By getting rid of clutter and streamlining your house and garage, you can raise hundreds of pounds. Use EBAY or Loot for more expensive and cherished items and book a stall at the local Car boot sale for the remainder. Once you become acquainted to the selling process, you can buy and sell goods found in auctions, charity shops and retailers sales. If you are fit enough, get paid for dog-walking, paper, food and parcel deliveries.
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