Loans aren't always the best option – or the cheapest
Of all the ways to borrow loans seem to be the best value – and in many cases they are, especially if you go for a secured loan. However, alternative forms of borrowing may be a better bet, especially if you're trying to reduce your credit card interest payments.
Of all the ways to borrow loans offer very good value, but they're not always the best option. Intense competition between credit card firms means that there are lots of good deals available for balance transfers, and if all you want to do is reduce the interest you're paying on credit card debt then you should consider transferring the balance to a card with a 0% APR.
These introductory rates are fixed for a reasonably short period, usually of just a few months, but there's nothing to stop you moving card provider again once the introductory period.
If you borrow loans of a reasonable size, interest rates will be low; however, for smaller sums loans may be more expensive than credit cards or even an authorised bank overdraft. It's worth investigating these options, especially if you need to borrow less than £1,000. However, if you need small amounts of cash don't borrow loans by sticking your credit card into a cash machine: interest rates for cash advances are very high. A temporary overdraft may work out cheaper.
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