Bad Credit Card Debt

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A Real Life example of how our services changed
one customer's life for the better...

Mr A. of Guildford contacted us in October 2006. He was at his wit's end. Having purchased his home earlier that year, he had no equity to borrow against, and the mounting costs of his new home and supporting his wife and two young children had quickly put him £50,000 into debt.

His monthly minimum payments were over £900, and even at this level he was only repaying the interest each month - the original debt was not even reducing. After his mortgage and these payments, there was barely enough left for his family to live on.

Gradually things got worse. Mr. A. started to miss payments on his credit cards and mortgage - his wife was concerned that they were going to have their beautiful new home repossessed by the building society. She saw one of our adverts and begged him to take action before it was too late.

Our professional qualified advisors arranged an Individual Voluntary Arrangement (IVA) for Mr.A which meant that his debts could be repaid at £325.83 per month, payable over 5 years. Now he will repay a total of £19,549.80, instead of the £50,000 plus interest that he owed. Over the 5 years, that's a saving of over £84,000! Yes, just by talking to us, Mr. A saved over eighty four thousand pounds.

Mr. A and his family are now more relaxed and confident that they have enough money to pay their mortgage and enjoy the good things in life. And best of all, in 5 years, they will be 100% debt free.

Having High Credit Card Debt is Bad for You

There are billions of dollars of credit card debt around the world. And aside from their ultimate convenience, there are other risks involved in using credit cards that you might not immediately see.

Maybe this is the reason why many people say that a bad credit card debt can control your entire life. Your creditors can change your agreement terms whenever they like. All they need to do is send you a notice 14 days before the said changes.

For example, the penalty for going over the credit limit or late repayments can be increased even if it’s against your wishes. You can’t do anything about it. The only way to gain your financial freedom back is to pay off all your credit card debts.

Variable Interest Rates

If your creditors can change your agreement terms, they could also change your interest rates. For example, even when you are paying for a 10% annual payment rate, missing one repayment date can make you pay for a 25% rate or higher. Increases such as these could be bad. Credit card debt could take a lot of years before you can finish paying it off.

And you only have two options:

1. Accept the increase while devoting your entire life to pay for your debts
2. Spend effort and time to look for new credit cards with lower interest rates. However, there’s no guarantee of a fixed rate. Your creditor can increase your interest rate anytime in the future.

Too Convenient

Indeed, credit cards can be a big threat to your finances. They are simply too convenient to use. Almost every store accepts them so you don’t have to risk carrying big amounts of cash.

However, it also makes it easy to spend more than you want to because it feels like you always have money when you have a credit card. Therefore, unplanned or impulse buying remains a huge temptation.

This threat becomes even bigger if you really don’t have the money to buy. So when the statement comes, the only thing that you could do is repay the minimum payment required.

Before you realize it, you are already stuck in a never-ending cycle of large repayments, finance charges, or even late fees. So unless you have the greatest will power, you’ve got to stop incurring bad credit card debt unless it’s an emergency purchase.

Why not wait until you have the money to buy those things that you want, rather than borrow money to keep up with a high lifestyle that you can’t afford? Ultimately, the choice is up to you. GP

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