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Credit card debt advice

Submitted by Paolo on Thu, 2008-01-03 12:26.

Truly impartial credit card debt advice can be difficult to find, with so many debt management companies looking to benefit themselves and not the consumer.

These days, credit card debt is incredibly common and it's so easy to let a small amount of debt from a few impulse purchases grow into significant arrears. No matter how big this debt becomes, it's always useful to seek advice before trying to eliminate it, as picking the right course of action can save you a lot of money.

Fortunately, there are a number of options available to you that experts will advise depending on your circumstances. If you have multiple credit card debts, then a good option is a consolidation loan. This is simply a loan that you take out to pay off all your credit card debts, leaving you just one repayment at a better rate of interest. This is a popular choice and for good reason as you can save hundreds or even thousands of pounds depending the level of your debt.

You can also switch your debt over to another credit card. This might not sound like a particularly help bit of advice, but many providers offer 0% on balance transfers over a fixed period. This means that you transfer your debt to their credit card and you don't have to pay any interest on it for however long the offer runs for. This can be particularly useful as it means every repayment goes a hundred per cent towards reducing your debt.

One solution, that is often overlooked but is an excellent bit of advice is to simply pick up the phone and call your provider. You might well be surprised at the solutions that they can offer you including freezing repayments or allowing you to switch to a more beneficial agreement. If you have a credit card with your bank then remember, you're their customer so it's their responsability to help you.

If you've managed to accrue massive credit card debt then you may have to consider a more serious course of action. A debt management company will often advise you to consider an IVA if you have unsecured debts of over £15,000 but make sure you understand all of the consequences of an agreement like this.

If you need further online credit card debt advice then we have listed many sites which can offer you some excellent solutions.

 

Credit card debt needs attention now

The Thrifty Scot has warned consumers experiencing credit card debt to act quickly to pay off their arrears or risk slipping into serious financial problems.

Halifax speak out over debt

Halifax have stated that consumers should contact their banks and building societies as soon as they begin to experience debt problems and not let their pr

Use a credit card abroad to avoid problems

Apacs are advising consumers to use a credit card abroad to give them protection on purchases that they otherwise wouldn't have when paying by cash or using a debit card.

Lifetime balance transfer cards great for debt

According to research from Fool.co.uk, lifetime balance transfer credit cards are an excellent method for eliminating debt over a period of time.<

Balance transfers get pricey

The cost of a balance transfer to reduce credit card debt is set to rise as the number of companies offering capped rate deals is dwindling.

Stores cards worst form of credit

Financial experts Thomas Charles have commented that store cards are probably the most expensive and worst form of credit anyone can get and a quick-route into

Londoners always at risk of credit card fraud

People living in London are the most likely to fall victim to debt through credit card fraud according to APACS.

Sainsbury's increases 0% credit period

Those looking to reduce debt with a balance transfer will be interested to know that Sainsburys has extended its 0% rate fromten to twelves months.

Credit card shuffling becoming a part of everyday life

5.9 million consumers in the UK have switched their credit cards in the last 6 months alone, many of whom are looking to significantly reduce their debt.

Credit card debt lower in December

The amount of credit card debt built up in the UK over the Christmas period was at its lowest for some time according to Apacs.

Using credit cards on the slopes a problem

When you're using your credit card whilst on holiday, you could be wracking up more debt than you ever imagined.

Nationwide clever debt credit card

The Gold Card from Nationwide has been recognised by Defaqto as a top quality credit card for its groundbreaking features, including the positive payment system that will pay off debt f

Egg cuts off supply of credit card debt

Credit card provider Egg have cut off customers who have debt problems or are considered to have a 'higher than acceptable risk profile'.

Balance transfer don't consolidate

Some experts are saying that 0% balance transfers are a better way of servicing your debt than a consolidation loan as the latter are becoming more expensive.

Hiding debt a serious problem

People up and down the UK are taking out secret loans in order to service their debt problems according to new research from Abbey Loans.

Always borrow interest free to cure debts

With so many 0% finance offers on the market, many experts are baffled that consumers still choose to pay off their debts with providers charging up to 15% in interest.

Don't pile debt on debt

UK consumers thinking of moving their money around instead of simply paying off debts are being urged to reconsider their actions.

The truth about price comparison sites

If you don't already know, a price comparison site is a website that you go onto to compare the cheapest prices on a range of financial products.

Beware the threat of novelty credit cards

There will be a number of credit cards introduced in 2008 that all have exciting benefits but all carry the threat of serious debt probl

Credit card debt help site that really helps

A new website has been launched to help UK consumers who want to avoid getting into massive credit card debt.<

A third of people unaware of interest-rates

New research from the Motley Fool website has shown that as much as a third of people are unaware of the interest they will be paying on a

Many Unaware of Credit Card Debt

As many as 46% of people do not know what interest rates they receive on their savings or are paying on their accounts and de

Credit card debt growing with careless choices

Careless choices are causing credit card debt in the UK to spiral further out of control according to financial supervisors Which?

Credit card debt advice essential

The Leeds Citizens Advice Bureau has told people who have credit card debt to seek advice urgently.

Credit card debt advice you can use

A financial website has published a useful report, comparing various credit card deals that can help aid personal debt.

Capital One fined by FSA

Credit card provider Capital One have been fined £175,000 and warned about their future conduct for not treating British consumers fairly.

Credit card charges proving costly

Brits abroad are paying massive amounts of credit card fees while away on holiday in foreign countries.

Credit card scams

A leading debt management website has accused credit card companies in the UK of pulling scams in a bid to get consumers to spend more than they can afford.

Student credit card debt

A new report on credit card debt for students in the UK has offered a different spin on how the young can take advantage of companies to build their credit rating.

Modern ways to clear your credit card debt

A leading money website have come up with a list of tips and advice to help people struggling with credit card debt solve their financial headache.

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