How to get out of debt

Bank Statements
I know they can be grim reading (i've been there!) but look through each transaction and confirm they are genuine. Its suprising the amount of people who don't notice fraudulent transactions on credit cards and accounts for months.

- Check for bank charges or debit interest - is the bank charging you a monthly fee for an overdraft facility? If so there are other banks that won't.

- Are you being charged unauthorised o/d fees? If so, contact your bank and ask if you can increase/ have an authorised overdraft. Banks make money by letting you go over your o/d limit then charging extortionate amounts for the pleasure, then don't let you know that you can have an o/d limit without you having to ask for it.

The Problem with Banks

Banks will publicise their award winning products - however, although each bank has 1 top product, no bank or building society has all award winning top products. Why? Banks / building societies know that most people have more than 1 financial product (ie credit cards, accounts, mortgages etc) with 1 bank. So, for example if you have an "award winning mortgage" a current & savings a/c and life insurance with the same bank/building society, that means there are 3 products that are not award winners and possibly really uncompetitive.

Banks/building societies know that people are loyal (or just possibly lazy) and will keep all their eggs in one basket so to speak.
Banks/building societies do not deserve your loyalty- they are out to overcharge and bleed you dry, and they will carry on doing this as long as people let them. With internet and telephone banking services becoming better and more accessible it has never been easier to open other accounts. Shop around and find the best accounts to suit your needs

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