Credit Card debt Consolidation advice

Credit cards are a popular way to buy items in shops and online and pay the money back in installments later. Used wisely they can be useful, but if you’re not careful they can be an expensive way to borrow and can take a very long time to repay. If you don’t pay the minimum payment every month, your account will go into arrears. Your creditor will contact you to demand the missing payments are made, and if you don’t do this eventually the account will default and further action may be taken.

Best Ways To Reduce Credit Card Debt

Pay more than the minimum repayment
Paying the minimum amount each month makes it look like the debt is affordable. But depending on when you took out your card, the debt could actually increase if you only pay the minimum amount. This is because the interest is constantly adding up.
Pay The Most Expensive Cards First
Having multiple credit cards requires balancing them. Make sure your'e not paying more in interest than you need to be. Credit card interest rates are among the highest. They also charge different rates of interest. This will show on your credit card statement.
Get A Balance Transfer Card
If you have a good credit rating you might be able to move your current credit card balance to another credit card offering a low or 0% deal. There’s usually a fee to pay for this of between 1.5% and 3% of the balance but it can be worth it if the cards are balanced properly.

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Worried About Credit Card Debt?

Credit Card Minimum Payments

All credit cards have a minimum amount you must pay back each month. The minimum payment is usually just a bit more than the monthly interest charged. This means if you only pay the minimum payment on a card, it will take a very long time to repay.

Credit Card Arrears

If you don’t pay the minimum payment every month, your account will go into arrears. Charges will be added for each missed payment. Your creditor will contact you to demand the missing payments are made, and if you don’t do this eventually the account will default and further action may be taken.

Find Out If We Can Help Wipe Off Any Of The Balance

 There’re schemes that might help to get a percentage of the debt written if you qualify for government legislation. This scheme usually helps people who have got over £5,000 worth of unsecured debt.

Solutions To Deal With Debt

Free Debt Management Plans

Debt Management Plans are available across the UK. So regardless of where you live in the UK, if you’re struggling to keep up with payments to your debts. Also a DMP could help you to get your financial situation back on track.

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Debt Consolidation Advice

Consolidating debt usually involves taking out new credit to pay off existing credit. Most people do this to reduce the interest rate on their debt, and to bring down their monthly payments. Also people consolidate to reduce the number of companies they owe money to each month.

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Individual Voluntary Arrangement

An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You can agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors as well as clear any remaining debt at the end of IVA.

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Debt Relief Order Advice

A debt relief order can be a low cost alternative to bankruptcy, but is only available to certain people as a criteria. If you owe than £20,000 and live in England, Wales or Northern Ireland then there is a chance you qualify. You don’t pay anything towards your debts for 12 months and the debt is written off after this too.

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Protected Trust Deed

A trust deed is a legally binding arrangement in Scotland where you make reduced payments over 4 years. Also at the end of this your unsecured debts are usually written off, and your debt show as paid.

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