AD | Now that Christmas is officially over and we have finally started a fresh new year, now is the perfect time to review your finances. Whether you are someone that has accumulated debt over time, or if you are someone that has maybe spent a little bit more than planned over the festive season by using credit cards, loans, or an overdraft facility, then now is the perfect time to get your finances in order as 2022 is the year we get debt fit! Not sure how to get debt fit? Then carry on reading!
Work Out How Much Money You Currently Owe
Reviewing how much debt you currently owe is the first step required to get debt fit as it is hard to make any changes to your financial situation if you are unaware of how much money you currently owe. It’s best to review your finances by sitting yourself down and working out how much debt you have in total. This may include any credit card debt, bank loans or overdraft facilities.
Work Out How Much Your Debt Is Costing You
Once you have worked out how much money you owe, the next step is to work out how much your debt is costing you as the fees associated with borrowing money can often cost an arm and a leg. Did you know that the average credit card interest rate is around 21.49% according to the Bank of England and the average overdraft fee is around 40%? Now, if you’re someone that struggles to repay the money you have borrowed on time, then your debts can quickly add up which can make the cost of your debts skyrocket. In the worst-case scenario, this could potentially lead you into a debt trap which we want to avoid at all costs!
Download the ilumoni App
If you are looking to take control of your borrowing this year and get debt fit, then ilumoni could be the perfect app for you! This is because ilumoni has the ability to connect your credit report, bank and credit accounts together, which in turn can help you view your current borrowing status, find new or alternative products, or could even provide you with smarter ways to help you repay your debts!
Not only could the ilumoni app help you shed those £££’s by helping you reduce the amount of debt you currently owe, but ilumoni also allows you to see how much interest you are currently paying on your debts, how long it will take for you to repay your debts and it also provides nudges to show you how affordable changes to your current repayments could impact your overall borrowing costs and help you clear debt faster or else how to simplify your borrowing.
ilumoni is dedicated to helping you clear your balances sooner and to help you better manage your borrowing; so, if you are looking to get debt fit this year by using the app, then you can download ilumoni for free today by clicking here!
Sadly, just like with losing weight, there’s no quick fix for improving your finances, but you can skip the sweat and get debt fit by following these quick and easy steps and by downloading ilumoni today!