Reduce 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.

Reasons Why Credit Card Debts Will Persist in the UK

Most of the serious debts that plague people in the UK today are caused by the innocent-looking piece of plastic known as a credit card. In the face of the current economic crunch experienced today in Great Britain, more and more debt-burdened people are looking for ways to reduce credit card debt.

You can accumulate large debts on credit cards in a lot of different ways. Despite their outrageous interest rates that can plunge consumers into a world of debt, there are still a lot of people storming the stores with their credit cards in hand.

Because of the buying power and convenience that it offers to its customers, credit cards are used to pay for almost everything that is for sale these days from candy bars to exotic jewelry. This trend has spawned a whole generation of debtors, leaving many people in the UK with serious debt problems.

It is so convenient for card holders to just swipe their cards in stores for purchase than use the cash in their pockets or in their bank account. This creates an unrealistic impression that they possess more money than they actually have. A large number of consumers make a lot of large purchases that suck their bank accounts dry, ending up with no money to pay for the bills that are now beginning to pile up.

A practical step to reduce credit card debt is to have a positive attitude with regards to your finances. Cut up your credit cards particularly those that carry high interest rates. Use cash instead to pay for your purchase. Demand for your receipts so you can keep track of where your money goes.

Analyse your current financial situation by sitting down and making a list of all your creditors – your credit cards, personal loans, mortgages – and the amount that you owe them with the corresponding interest rates.

Card credit debt will continue to persist as a problem in the UK because major card companies will be coming up with more enticing promotions to get more people to spend virtual money on desirable merchandise. Don’t be fooled by this marketing trap if you want to reduce credit card debt.

There’s nothing wrong with owning cards as long as you know how to use them. Understand that you are using money that isn’t your own and that has to be paid back. If you think you won’t be able to manage your spending prudently and can never pass up the temptation to spend, then credit cards may not be right for you. GP

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