If you're serious about getting rid of your debt, you have to get serious about getting rid of expenses that are doing you more harm than good. If you've already looked at your budget and cant figure out why your finances are still heading toward an IVA despite the fact you've curved your expenses - it's time to quit smoking.

Smoking can leave you in a fog of debt as the price of a packet of cigarettes currently stands at around £5.00 per packet. Calculating this figure over a year equates to over £1,500 for someone who smokes 20 cigarettes per day.

If you are one of those people who do not agree with paying high interest or tax charges, it seems pointless to think that 80% of the price that you pay for your addiction goes towards the tax man.

Once you quit smoking, you quit getting into debt so easily. These welcome savings can be used to settle outstanding bills or go towards some well earned savings. It has been estimated that people have an average credit card debt of £3100.

Smokers are a slave to their habit

The cost of supporting this addiction is high. Paintwork in the home needs to be renewed regularly to remove nicotine discoloration and carpets need to be shampooed often as they pick up the stale smell of smoke. Insurance premiums are also higher for a smoker, so there doesn’t seem to be much in favour of this expensive habit.

Why not quit today and start to see some welcome additions to your finances as you could save around £125 per month, which will help reduce your credit card debt faster.

You could even settle your mortgage earlier. By simply paying an extra £100 per month off a £70000 mortgage, you will reduce the length of your repayments from 25 years to 17 years and save yourself over £20000 in interest on an APR of 5.95%.

It’s time to breathe some fresh air into your finances that could make the difference between you continuing to head toward bankruptcy, or turning things around and regaining control of your finances. Quit smoking and contribute to one of the healthiest solutions to your debt problems today.