Credit Card Debt Solutions
By John Porter
Credit card debt is one of the main causes of personal debt problems in the UK.
There is a wide spectrum of solutions available to help service credit card debt, with a market saturated with various schemes and programs.
However, the first step that needs to be taken is straightforward: Stop spending. Once this matter has been resolved then repairing your credit card debt can begin.
You can contact your creditors yourself and tell them you are having trouble making payment, but are working on a solution. Creditors are often more merciful with penalties and interest fees in cases where debtors are more honest.
As important as it is to face up to your problem, rushing into an agreement is equally not the answer. Often, hidden expenses and costs can go unaccounted for so you must be careful to do all of the necessary working out beforehand.
You can easily take advantage of a free consultation with a skilled debt counsellor, who can outline the help available and go through the benefits of each possible way out of your credit card debt.
For example, if your debts are £15,000 or over, you can set up an IVA to write off a large sum of your debt in one swoop. This is an increasingly popular and effective method for those with large amounts of unsecured debts.
Debt Consolidation agreements which roll all of your existing debts into one monthly payment are also widely advertised. However, these often have hidden costs.
Another option is a debt management programme where a company will take control of your debt for a set monthly cost. Like debt consolidation though, you should check everything carefully before entering into agreement.
If you have credit card debt and want more information and guidance on how to fix the problem there are many online resources you can use.
For more information see http://www.debtcounsellors.co.uk
About the Author
John Porter is a senior debt counsellor at The Debt Counsellors, who provide free advice on IVA and all personal and business debt problems. See their website at: http://www.debtcounsellors.co.uk
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| Some other articles by John Porter | The Lowdown on Debt Consolidation
Debt consolidation loans are a widely marketed solution for people with multiple creditors. Examining the facts clearly outlines why more people are turning to these kinds of agreement.
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Debt Management is not Always the Answer
With personal debt rising to record levels in the UK, many people are turning to debt management programmes as they look to address and organise their serious debts. ...
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