If you are feeling the strain of having debts hanging over your head, the idea of being able to pay these off for less sounds great. Whether it’s using your savings or a balance transfer credit card with an interest-free period, there are some ways to pay off debt that won’t cost an arm and a leg:
Use your savings
The interest on your debts is most likely much higher than any interest you are earning on your savings, so use the balance to pay off any debt, leaving enough for a rainy day.
Borrow from friends and family
Borrowing money to pay off a debt with high interest is a great option providing all parties are happy. Put something in writing to ensure repayment and keep it official.
Use a 0% balance transfer credit card
Finding a credit card with 12 months no interest is a great way to clear off some of that debt, providing you can always make the minimal repayments.
Get a personal loan and consolidate
If you’ve got a variety of large debts, it may be worthwhile to roll them together into debt under a personal loan. Of late interest rates have fallen, meaning the interest on a personal loan is cheaper than that of a lot of credit cards.
Source:http://money.aol.co.uk/2013/07/15/cheap-ways-to-pay-off-your-debts/?icid=money%7CDL_2_link
