Get your finances back on track by taking these practical steps

THOSE glorious summer holidays seem like a distant memory now.

Unfortunately, they still weigh heavily on the purse.

For many people, this is a tough time of year as they struggle to pay off costs incurred on vacation.

But there are a few practical steps you can take to get your finances back on track.

Charlotte Nelson, a finance expert at Moneyfacts.co.uk, said: “Taking the time to tackle your finances can lift a massive weight off your shoulders and make things far more manageable in the long run.”

One option is transferring your credit card balance.

Nelson explained: “If you hit the credit cards hard this summer, you may be unable to pay off your balance in full.

“In this case, it may be worth considering a balance transfer deal.”

But with some deals, there are large fees to watch out for when transferring the balance.

For those with smaller debts that can be paid off more quickly, it may be worth considering deals that have no balance transfer fee.

If you have a large variety of debts on multiple credit cards and you’re paying high rates of interest, using a personal loan with a lower interest rate to consolidate your debts may be a way of saving cash.

Another option is switching your current account, as loyalty rarely pays when it comes to your provider.

Many current accounts offer cash to switch, as well as rates that beat what’s available on the savings market.

The seven-day switching service introduced in 2013 has also helped to take the hassle out of the experience, as existing payments are automatically swapped over to the new account.

Elsewhere, it might be worth looking at cashback cards as an option. Nelson said: “Some cards offer excellent introductory deals, which are great for those with a big purchase in mind.

“If you don’t spend during the introductory period you will lose out, so this will best suit regular card users.”

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