Everyone knows how easy it is to build up large debts and outstanding balances on your credit cards. And as each balance is carried forward month on month, so too the debt repayments rise and can become unmanageable.
When this leads to serious debt of over £15,000 you may need to consider an IVA, Debt Management Plan or perhaps even another debt solution. But first why not try calling the Debt Advice Trust. As a registered charity we’re here just to help you and to give you expert, honest and impartial advice. We understand the difficulties people can get themselves into with credit cards and can offer advice about the debt solutions available to you.
Clearing or reducing the debt
We may be able to advise you on ways, such as with an IVA, in which you can clear your credit card debt completely. Or we can suggest other ways, for example a Consolidation Loan, to help reduce repayments and make them more manageable.
Protecting your credit record
It’s important not to fall behind in credit card or indeed other repayments as this can appear on your credit record, potentially prohibiting you from obtaining financial services in the future. So it’s best to act now and find the right debt solution for you. Call the Debt Advice Trust today for advice you can really trust.
Credit Card Debt FAQ's
- Q: Why don’t I just transfer all my credit cards onto one with a zero interest offer on transferred balances?
A: Be very careful, as you may be getting yourself into even deeper water. Read all the small print as these 0% offers are usually held for a period of a few months only, after which the interest rate shoots back up. Some cards also ask you to pay off a certain lump sum percentage of the balance upon transfer.
- Q: Will the credit card companies know I am speaking to the Debt Advice Trust?
A: Absolutely not. We offer a totally confidential service and do not share the information you give us with your creditors, or anybody else, in any way.
