Credit cards debt are one of the most common causes of UK debt problems. As a country, Britain has more credit card borrowers than any other European country. Credit card debt is a growing problem, both in the UK and across the globe. There are a number of reason why it is easy to fall victim to mounting UK credit card debts:
* Multiple credit cards making it easy to spend money that you have not got.
* Missed payments lead to additional charges.
* High interest rates coupled with a low minimum repayment required.
* Lack of consumer knowledge when it comes to the consequences of the end of promotional introductory offers.
UK Credit Card Debts Advice
Knowing that you are struggling with UK credit card debts is the first wake-up call that needs to happen, as this allows you to come up with a plan to seek debt advice or start to repay your debt.
Budgeting: One of the first steps that you need to take when tackling mounting UK credit cards debts is budgeting. Devising a budget planner can help you work out how much money you have available for repaying debt after you have accounted for essential living costs and bills.
Work out where you can cut back on frivolous spending. Successfully learning how to cut back means that you can prioritise repaying your UK credit card debts or other unsecured debt. You may want to pay off the one with the highest interest rate firsts so you don’t build up unnecessary credit card debt.
One of the ways which you can ensure that you won’t be stung with charges from your credit card providers is to set up a direct debit to ensure that at least the minimum amount of your debt is paid.
Getting Debt Advice about your UK Credit Card Debts: Sometimes a simple budget plan is not a drastic enough solution to help you repay your debts. Perhaps even the minimum amount of debt is too high to pay once you have taken into account all of your living expenses and secured debt repayments.
Getting professional debt advice means that you can be open to the number of different debt solutions which are on the market, which could include:
Debt Management Plan – A informal agreement between you and your unsecured creditors where you agree to make a lower monthly payment to your unsecured debt, including any UK credit card debts which you might have.
Individual Voluntary Arrangement (IVA) – This is a more formal solution to tackling your UK credit card debts. It is a formal agreement between you and your unsecured creditors and is typically suitable to those who owe more than £15,000 of unsecured debt. An IVA is a typical 60 month repayment plan where you pay the amount of debt that is affordable and any unpaid debt will be written off on successful completion of the IVA.
No matter how stressful your UK credit card debts is getting, there are a number of debt solutions which are designed to help you. It is vital that you seek professional debt advice from a reputable financial solutions company in order that you can determine exactly the right solution for you. One Advice have a team of advisors who are more than willing to help you deal with your UK credit card debts. Fill out the Quick Enquiry Form to the right for personalised debt advice.