advice on joint mortgages from qualified mortgage brokers

Credit Cards Debt

Credit card debt is easy to get into but can be difficult to get yourself out of. Help is available though and there are several options to consider, but the best option depends on personal circumstances which is why it is important to get advice from a credit card debt specialist.

The number of people unable to repay their credit cards debt has reached record highs, however there are several options available to rectify the situation.

Just complete the form below and a debt specialist will contact you for more details to advise on the best solution.

By submitting this form you are consenting to your information being passed to an associate of creditcardsdebt.co.uk who may contact you. This information may be used by us or selected partners to advise you of other useful products or services that we feel you would be interested in.


Struggling with credit card debt repayments?

One of the main advantages of a credit card is the easy access to credit. Used correctly they can be a great benefit. If the balance is paid off each month then there are usually no interest charges to pay. However it is all to easy to build up a large credit card debt that you can’t pay off in full, so you let it roll over to the next month and the next month and before you know it the repayments are more than we can afford.

The next stage is that you pay the minimum payment each month and then borrow more on the card during the month for essentials and the balance just keeps on growing.

Solutions to dealing with credit card debt

Interest free credit cards

A short term solution can be to move the balance to an interest free card but that will not last forever and at some point interest charges will once again be added to the debt. Credit card interest charges tend to be quite high compared to some other methods of borrowing.

Debt consolidation loans

Credit card debt consolidation loans can offer a cheaper interest rate than the credit cards that they replace, especially if they are a secured loan. However any loan secured on a property will put that property at risk if repayaments are not met.

Bankruptcy

Declaring bankruptcy for credit card debts is a major step and one that should not be taken without obtaining professional advice. It is often seen as a last resort as it is likely to mean the loss of many or all of your major assets. There may well be more suitable options to consider first.

Individual Voluntary Arrangement

An Individual Voluntary Arrangement is a legally binding debt solution between you and your creditors based on government legislation.

The popularity of IVAs have grown in popularity in recent years as they have less effect on a debtors credit rating compared to a bankruptcy which can make it easier to gain credit in the future.

An IVA is not suitable for everyone as it will affect your ability to get credit, however the benefit is that it is likley that you will not have to pay back all of your debt. As there are eligibilty conditions, the best way to find out if you are eligible and whether it is appropriate in your personal circumstances is to contact a debt specialist by completing the form above.

The information on this site is only intended as a simple guide to credit card debts. We recommend that you take the appropriate professional advice (which will take into account your own personal circumstances) before agreeing to taking out any debt solution.