Credit cards can often be the reason why many people’s debt spirals out of control. According to Credit Action, the average interest rate on credit card lending stood at 17.6%. But this is the average, and many people have credit cards with much a higher interest rate.
Bearing high interest rates and potential missed credit card payment charges in mind, it is easy to understand why credit card debt management can spiral out of control.
Credit Card Debt Management When Your Debt is Affordable
If your credit card debts are still affordable to you, then there are some easy credit card debt management rules to go by to ensure paying off your credit card is much less of a financial chore.
The first rule of credit card debt management should be to make sure that you are paying off more than the minimum payment. Paying the minimum amount means that only a tiny percentage of the repayment actually goes towards repaying your debt, as the rest will just go to interest and charges which have been added by your credit card provider.
Credit Card ManagementWhen Your Debt is Unaffordable:
Once your credit card debt has got to the stage where it is unaffordable, it is essential that you seek credit card debt advice.
There are a number of debt solutions which are designed to help with credit card debt management. For example, a Debt Management Plan can reduce the monthly amount that you need to repay to your credit card debts, therefore making these debts more affordable on a monthly basis.
Our credit card debt advisors are on hand to offer you advice and information about the credit card debt management techniques which are available. Contact our team today.