Credit card debt is undoubtedly one of the main contributors to the mounting debt crisis in this country.
The ease and speed with which people can apply for credit cards, even those with questionable credit histories, is astonishing. A look at some statistics reveals the true extent of the problem. The nation’s total credit card debt is estimated to be in excess of £55 billion and the scale of their proliferation means that there are reported to be more credit and charge cards than there are people in the UK. According to industry sources, around two-thirds of all credit cards bear interest and with the average interest rate on credit card debt last year believed to be 16.96% above the Bank of England base rate, it is not difficult to see how hard it can be to pay off credit card debt. This indicates that as well as providing credit card debt assistance to those already struggling to control their credit card spending or make regular payments, we need to make it more difficult for people already in financial difficulty to acquire credit cards.
Using a credit card to supplement your monthly income should be avoided at all costs
The temptation to use a credit card in such a way that does not take into account the debt that will be incurred is understandable, particularly if you are struggling to pay other regular bills. However using a credit card to supplement your monthly income should be avoided at all costs and if it is something you are considering, then you need personal loan debt relief and could clearly benefit from our credit card debt assistance.
All debt advisory services are in agreement that the best way to use a credit card is to pay off the balance in full every month, and if you are unable to do this, then their credit card debt assistance advises you to pay off as much as you can. Unless you have a credit card with an interest free period, only paying off the minimum amount on your statement will result in the interest building up, which means the debt will take much longer to pay off. Make sure you do not miss payments either as doing so will incur changes and increase your debt further.
If you feel your credit card spending is getting out of hand, you should stop using your card immediately.
Do not under any circumstances view an increase in your credit limit as a way out of the problem, as it will also add to your debt. As with most debts contacting the creditor, in this case your card provider, and making them aware of your financial situation is advisable because they may agree to spread the debt in smaller increments across a longer period. However, you may wish to seek independent credit card debt assistance before agreeing to a repayment plan that you might still struggle to afford, otherwise you could find that little difference has been made to your credit card debt.
There are organisations out there that can help to resolve your debt problems and our partners Carrington Dean are one of them. Contact them today for independent credit card debt assistance.
“Thanks to your quick and professional response an arrangement has been made that is much more manageable for me.”
We’ve all felt financial pressure at some point in our lives, but for some people the ability to pay their regular monthly bills becomes a real challenge and they can fall into debt. Others may find themselves in debt as a result of their frivolous lifestyle and spending money they don’t have the income to cover. Either way, they will be looking for credit card debt assistance and likely to be in urgent need of personal loan debt relief.
When you find yourself in debt or you are in need of an instant solution to a cash flow problem in order to make an expensive purchase for example, the temptation to take out a personal loan can be strong. We have all received letters from our banks and building societies at some point offering us a personal loan, and they can be useful as long as you are sure that you can meet the loan repayments. However, taking out any kind of loan so that you can service existing debt payments is classed by debt organisations as one of the five debt danger signs and sure indication that you are in need of personal loan debt relief.
If considering a personal loan, you should make a plan as to how you can realistically pay it back
A personal loan is the borrowing of a fixed sum of money, which you will then pay back over time in fixed instalments. Unlike other kinds of loan where the amount you pay back can fluctuate month by month according to things like spending habits, you know the amount you need to pay back each month and the duration of the loan tells you how long you need to make the payments for. As with most loans, interest is charged, and the rate of interest that applies will depend on a number of different factors, including the amount you are borrowing, the terms of the loan and your credit rating. Expanding on this last factor, someone with a poor credit rating will be deemed high risk to the lender due to the increased likelihood that they will default on the loan, and is therefore likely to pay a higher rate of interest on their loan than someone with a good credit rating.
Staying with the risk factor, this can also be used to explain the difference between a secured and an unsecured loan. Most personal loans are the latter, which is good news for the borrower in one sense because it means the loan is not secured against an asset like a house or car, but at the same time, in this instance the borrower is considered high risk and will again have a higher interest rate as opposed to someone taking out a secured loan, which uses an asset as collateral in the event that the borrower defaults on the loan.
Personal loans can be a great source of financial help to consumers if they fully understand their purpose and the terms and conditions of the specific loan they are taking out. However as with credit cards, there are a wide variety available and ominously for the consumer it is now very easy to be accepted for one, even if your credit history suggests you will struggle to repay it.
For helpful advice, credit card debt assistance and personal loan debt relief, contact Carrington Dean.
If you are struggling to make regular credit card repayments, or have taken out a personal loan to help pay existing debts, then you are not alone. The debt statistics in this country are alarming but indicative of the number of people that are in financial arrears, so there is no shame in admitting that you have a debt problem and seeking help from professional debt experts. Our partners Carrington Dean are on hand to provide credit card debt assistance or guidance on how to deal with any other kind of debt, ensuring that you get instant personal loan debt relief.
Carrington Dean have a dedicated team of experts who specialise in helping people resolve their credit card debt or personal loan debt issues by offering a range of services on how to tackle the problem.
You may feel that the credit cards or the personal loan that you felt were going to be your debt saviour have merely exacerbated the problem and left you feeling as if you are in a downward spiral of debt. However, by getting our credit card debt assistance, you will soon discover that there is light at the end of the tunnel and we have a solution that will give you personal loan debt relief. Not only can we offer the best possible advice, but we can work with you on identifying your priority and non-priority debts, establishing your budget and creating a structured repayment plan that will allow you to affordably begin paying off your arrears and start out on the road to becoming debt-free. Seeking our credit card debt assistance will demonstrate to your creditors that you are working to resolve your debt problem and make the threat of enforcement action much less likely.
As with all debts, the absolute worst thing you can do is ignore the problem
Your situation will not improve unless drastic action is taken, but when you do you will find that your situation can improve quickly. By contacting Carrington Dean early for credit card debt assistance, they can help provide personal loan debt relief before your problem escalates to the enforcement stage. However, should your creditors employ the use of bailiffs to recover debt owed to them, Council Tax Advisors mediatory service enables us to act on your behalf and liaise with your creditor and the bailiff involved until a solution is reached that is agreeable to all parties.
It is important to bear in mind that help is at hand, however severe your debt problem becomes. For professional, free and independent advice on a whole range of debt problems, contact Carrington Dean today.