Credit Card Debt Advice

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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.

How do you Plan to manage your Credit Card Debt?

Credit cards have become more of a necessity rather than a mere fashion statement. Its convenience is truly remarkable. Who would ever think that a time will come when you don’t have to bring cash around to shop for almost everything? You just need to flash your card anywhere for you to buy what you want, be it food, clothes, entertainment, etc.

Because of this, it’s very common to see people who are carrying multiple credit cards with them all the time. The problem with this kind of lifestyle is the temptation that it brings to those people who are not disciplined with their spending. If they are living the high life that they can’t afford, they will soon find themselves buried in credit card debt and borrowing more money every month to keep up with their lifestyle.

If you are one of them, it’s time to manage your credit card debt now. Don’t wait for the time when you are already on the brink of bankruptcy before you act. The first step is to seek for credit card debt advice from reputable companies.

Types of Debt Management

Most likely, these companies will advise you to take out a debt consolidation loan to settle all your credit card debts. You can either choose a secured loan which needs collateral (such as your home or any property) to be approved. The downside to this is the risk of having your collateral seized or foreclosed if you were not able to pay off the loan.

You can also choose an unsecured loan which does not need collateral but tends to have a higher interest than a secured loan. If you inquire, there might be other kinds of credit card debt advice out there. However, the most popular is debt consolidation.

Advantages of Debt Consolidation

Debt consolidation is taking out a separate loan to consolidate all your existing debts into a single payment with a single due date every month. As an alternative, you may apply for another credit card with 0% interest and transfer all your other credit card balances into that card.

One of the advantages of this method is the simplicity of use. Instead of juggling multiple due dates and amounts, you will only focus on one date and one number. Another advantage would be the low interest rate and the reduced monthly payment you have to make.

Remember that a history of bad credit can be recovered easily. If you want to take advantage of this option to successfully manage your debts, seek credit card debt advice today. GP

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