Credit Card Debt Reduction

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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.

6 Ways to Stop Digging Yourself into a Financial Grave

Since the 1960’s, credit card companies have made cash cows out of new card holders with attractive promises of low interest rates and easy payment schemes. Hypnotised by the spending power and convenience that come with the almighty plastic, card holders, particularly the new ones, go into a wholesale buying binge, charging everything from light meals to heavy machinery. It didn’t take long before bills came piling up. Sadly enough, the innocuous-looking card has spawned a whole generation of debt-laden citizens.

If you are one of the millions in the UK struggling with serious debt in the face of today’s economic crunch, then it’s time to consider these credit card debt reduction steps.

1. In debt reduction, less is best. Resist the need to borrow any more new loans to pile on top of your existing ones. To dig yourself out of your financial hole, never take out new debts to pay off the old debts.

2. Make a critical study of your financial situation. By setting up a feasible budget plan and staying on it, you can keep your daily, weekly and monthly outgoings in line. Avoid non-essential expenses like parties and holidays to speed up the entire credit debt reduction programme.

3. If possible, start building your nest egg. Take out a part of your earnings and open a bank or money market account that offers high interest rate. In time, you can use your savings plus the accumulated interest to pay off some of your debts.

4. Make debt payments your primary goal if you want your credit card debt reduction programme to succeed. Chart out a financial roadmap that will guide you to a debt-free future. Make a list of all the debt you owe plus the corresponding interest rates. You can pay either the ones with the smallest balance or the ones with highest interest rate first.

5. If you are out of a job, find one. If you are employed, you can accept a part-time job to get you out of your financial setback more quickly. If you are not willing to sacrifice a little, you will definitely stay in debt longer. If you want to pay off more of your debts, you have to earn some extra income.

6. Get rid of your credit cards and leave just one or two in case of emergency. Owning many credit cards can mix up your payment priorities and lead to late charges. Late charge payments could instead be employed to pay your debts. Cutting up your cards means cutting down your debt.

In essence, credit card debt reduction only requires a few realisable steps to nurse you back to financial health. But don’t just think about it. Act on it. GP

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