Credit Card Debt Relief

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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.

Various Strategies that will Relieve your Credit Card Debt

One of the best decisions you will ever make in your life is to pay off all your credit card debts. If you delay this, you will continue to pay a huge amount in finance charges and interest rates. Also, you would be living a highly stressful life.

The easiest way to have credit card debt relief is to come up with a simple plan for total debt elimination. And the first step on how to do that is to immediately stop charging your purchases on your credit card.

How can you ever repay your entire card balance if you keep on adding more debt? If you don’t stop using your credit card, the compounding interest will climb higher and higher. Soon, it will be impossible for you to get rid of your debt.

Pay More

The most common strategy you can apply is paying more than the minimum payment required on each card. If you only settle the minimum payment, most of your money will just go to the interest of the cards. You will keep on paying for years whilst your creditor makes a fortune out of your monthly repayments.

But if you can’t pay more than the minimum in all your cards, then just pay off one card that has the highest interest rate. And to obtain credit card debt relief, you can just concentrate on closing your cards one at a time. As each card closes, redirect your excess funds to the next credit card.

Negotiate More

Another strategy is to snowball debt payments. This refers to transferring the balance of your high-interest credit card to a new credit card offering a lower interest rate. In fact, there are some cards that promote a zero interest transfer rate.

You could also contact your creditors and request them to reduce your interest rate. By having a lower interest rate, most of your monthly payments will apply to the outstanding balance of your debt and you will be able to pay off your credit cards quicker.

One final tip is, close your card accounts only when you have fully paid the final bill. This is because some creditors might penalize you (like increasing your interest) if you will close down an account that still has an outstanding balance.

So remember that credit card debt relief can be achieved if you will set a realistic budget and pay more than the minimum payment required. You could also gain control of your situation if you renegotiate with your creditors to request for a better deal. GP

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