5 Tips for Dealing with Credit Card Debt

It can be easy for debt to pile up and get out of hand, and by not addressing it the problem could end up getting even worse. If you’re struggling to pay your bills or find yourself getting into more debt with your credit card then changes might need to be made. Sometimes debt might seem like an overwhelming problem, but with these tips you should be able to help the issue and be on the way to managing your money more effectively.

Say no to an increase in credit card APR

Your card company could tell you it plans to push up the interest rate on your credit card if you owe a certain amount of money. However you don’t have to take this increase lying down, and you have 60 days to contact the company to put a rejection in. After this you won’t be able to use the card anymore for spending, but you can repay anything you owe at the older, lower rate you were accustomed to.

Change to a 0% balance transfer credit card

The average credit card rates in the UK have now reached a whopping 18%. But there are alternatives, and you could switch to a 0% balance transfer card for better savings. There are deals that offer up to 28 months interest free, so try to shop around for the best ones.

Pay more than the minimum

It will take you years to repay the full balance if you’re only making the minimum payments on your credit card. It could also end up damaging your credit score if you do this persistently for a long time. By paying more than the minimum on your credit card it’ll also encourage potential future lenders to do business with you, as it suggests you have a better hold on your finances.

Choose to pay off debt before saving

Some people choose to save up money over paying off their debt, but it’ll be much better in the long run if you just focus on sorting your credit card finances out. You’ll end up saving a significant amount in interest rates if you use your savings to pay off the debt.

Get impartial, free debt advice

Trying to work out how to deal with debt on your own can be a tough ask. But there is help out there, and you should seek advice from a free, impartial service that knows exactly how to manage personal finances. Don’t continue to struggle with debt and get information from a company who can give you guidance.

Council Tax Advisors offers free advice to people struggling with council tax debt related issues and problems with bailiffs, but we also help to solve any problems you might be having with creditors and other types of debt problems. We aim to ease people’s worries and have them back on their feet again. Contact a member of Council Tax Advisors today for more information.

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You can get free debt advice from Money Helper,
an organisation set up by the government to offer free and impartial advice to those in debt. Just click the link above to find out more.

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