Credit Card Debt

Has your credit card debt spiralled out of control? You are not alone! Credit card debt is one of the UK’s largest (and growing) debt problems. Our trained advisers can help you consolidate your debts into just one monthly payment – this is not a loan, we believe in long-term solutions rather than short-term fixes.


Don’t Let Your Credit Card Debt Control You

Credit card debt should not be taken lightly under any circumstances, even though they are “unsecured borrowing” in a way and your lender is not at liberty to recover debts through repossessing any goods or assets. If you have credit card debts that remain unpaid for long enough, it can make it much harder to borrow in future because your credit score is impacted negatively. What’s more, this negative impact may carry over to your career as well. A trap many people fall into when using credit cards is that they believe there’s zero interest on balance transfers or purchases – this is not quite the case as there are always costs involved one way or another.

Common Causes of Credit Card Debt

Even though credit cards appear to be a simple instrument of borrowing, they can easily turn into a nagging debt problem. Common causes of credit card debt include using your credit card to withdraw cash. Withdrawing cash entails a fee and higher interest rate, as opposed to special offers and interest rates you get through a debit card.

Causes of credit card debt also include:

  • Exceeding your credit limit and incurring heavy fees as a result.
  • Paying late or entirely for forgetting to make minimum payments.
  • Changing financial circumstances or credit card company policy, preventing you from making the minimum payment.

Understanding Interest Charges on Your Credit Card

Credit-card companies make plenty of money by charging interest on your current balance. It is your responsibility to pay off the entire outstanding balance every month or at least account for the interest payments, in case you can’t or forget to make the monthly payments. We would not, under any circumstances, recommend simply paying off the minimum balance required, as this will cost you a lot over the long haul and may even lead to serious credit card problems – your balance will continue to grow over time and you will owe your credit card company way more than what you spend.

You may be struggling to make the minimum monthly payments on your credit card. Don’t wait for matters to get worse – Contact us immediately to get advice on your credit card debts. Our trained debt advisers will work through all of your debt problems and advise you according to your current circumstances.