Credit Card Debt

Credit card debt management uk

It’s all too easy to rack up credit card debt.  The fact that you are not counting out and handing over cash seems to reduce the appreciation of the amount of money being spent at the time of purchase.  It also destroys the restraint of only spending the funds that you currently have available.

Many people build up debts across various cards until its repayment becomes a substantial problem that potentially could take many years to solve and cost significant amounts of interest and charges in the process.

Credit Card Debt Reduction Strategies

Dependent upon the level of credit card debt that you have, different strategies may be applied.  These range from simple strategies such as balance transfers, debt consolidation, self restraint, automatic payments and self negotiated informal arrangements through to formal solutions such as debt management, individual voluntary arrangements and bankruptcy. 

Balance Transfers

Introductory offers on new cards often include an interest free or low interest rate for balance transfers for certain periods, some indefinitely.  Transfer balances from your highest rate cards to these low rate cards. 

Debt Consolidation

Debt consolidation involves taking out a lower rate loan, either secured or unsecured, to pay off several credit and store cards carrying higher rates of interest.

Automatic Payments

Setting up direct debits to at least settle the minimum amount payable on your cards can prevent you missing monthly payment dates and incurring charges

Call us on 0800 88 18 274 to find out how we can help at the Debt Help Line