Credit Card Debt Management

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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.

Eliminate Credit Card Debt? It is Possible.

When you have a credit card, you can buy anything even if you don’t have any cash with you. This is exactly the lure of credit cards – the very reason why a lot of people are incurring huge debts with it. It’s very convenient to charge your purchases anytime, anywhere.

And so the debts will start to accumulate. What’s even worse is that, credit cards have one of the highest interest rates in the world of credit. Moreover, you will incur very high penalties if you missed to make your payment on time. The only way for you to eliminate credit card debt is to ask assistance from credit card debt management companies.

Debt Management Process

You can search for these types of companies in your local directory or through the internet. If you avail of their service, you should file your application form giving the details of your debts. Then, these companies will do the following:

1. Calculate the interest rate and debts that you need to pay.
2. Create a comprehensive plan for you to get rid of debts based on your repayment capacity and the amount of your debt.
3. After this, they will approach your lenders and request them to lower the interest rates for early and easy clearance of debts.
4. When your creditors grant the reduction of rate, you will have lower monthly payments.
5. Credit card debt management companies may also suggest that you take a new loan to immediately pay off your debts. They can even advise you how much you can borrow for the settlement of your credit card debts.

Debt Management Tips

You should also have your share of debt management action steps like the following:

1. Make on-time payments all the time. Credit cards earn a lot of money due to late payment fees charged to its cardholders – even if you’re late for only one day. So make sure that you pay on or before the due date.

2. If you want proper debt management, you’ve got to work with your creditors. If you don’t, your new debt management plan may not work. So instead of avoiding your creditors, talk to them frequently and let them help you. At the very least, your constant communication with them will relieve a little pressure on your debt.

3. Finally, you have to pay off your credit cards entirely. If you will leave a few thousand pounds in there, you will pay a very high amount of finance charges.

If you follow these simple tips, you will realize that a credit card debt management program is a very important tool for you to eliminate your debt. GP

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