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Credit card debt advice

Submitted by Paolo on Thu, 2008-01-03 12:26.

Truly impartial credit card debt advice can be difficult to find, with so many debt management companies looking to benefit themselves and not the consumer.

These days, credit card debt is incredibly common and it's so easy to let a small amount of debt from a few impulse purchases grow into significant arrears. No matter how big this debt becomes, it's always useful to seek advice before trying to eliminate it, as picking the right course of action can save you a lot of money.

Fortunately, there are a number of options available to you that experts will advise depending on your circumstances. If you have multiple credit card debts, then a good option is a consolidation loan. This is simply a loan that you take out to pay off all your credit card debts, leaving you just one repayment at a better rate of interest. This is a popular choice and for good reason as you can save hundreds or even thousands of pounds depending the level of your debt.

You can also switch your debt over to another credit card. This might not sound like a particularly help bit of advice, but many providers offer 0% on balance transfers over a fixed period. This means that you transfer your debt to their credit card and you don't have to pay any interest on it for however long the offer runs for. This can be particularly useful as it means every repayment goes a hundred per cent towards reducing your debt.

One solution, that is often overlooked but is an excellent bit of advice is to simply pick up the phone and call your provider. You might well be surprised at the solutions that they can offer you including freezing repayments or allowing you to switch to a more beneficial agreement. If you have a credit card with your bank then remember, you're their customer so it's their responsability to help you.

If you've managed to accrue massive credit card debt then you may have to consider a more serious course of action. A debt management company will often advise you to consider an IVA if you have unsecured debts of over £15,000 but make sure you understand all of the consequences of an agreement like this.

If you need further online credit card debt advice then we have listed many sites which can offer you some excellent solutions.

 

Credit cards - a beginner's guide

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Avoid credit card debt with help from the Scot

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Credit cards financing increased cost of living

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Student debt help from MoneyFacts

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Debt doesn't stop consumers ignoring loyalty points

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Student debt forced on young people

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Credit card debt from household problems

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Store cards still charging unfair interest

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Hidden away gadgets could reduce debt

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Students succomb to credit fraud

Students are the most likely to become victims of credit fraud which could potentially push them further into debt, according to a report from Saga.

Cutting costs to avoid debt

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£3000 of debt wiped out in an instant

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Go to Spain to avoid holiday debt

As the school holidays approach many travel agents and other holiday providers will hike up their prices, meaning its easier than ever to spend beyond your means and get into

Avoid debt when spending abroad

Money Saving Expert, the website that helps consumers save money on all aspects of their financial planning and debt problems has launched a guide on the c

Loans more expensive than credit cards

Many UK consumers will pay a higher interest rate and take on more debt with a personal loan than if they just spent on credit cards, according to research

Credit card companies slammed for unfair interest

UK consumers struggling with credit card debt aren't being given a fair chance to eliminate their arrears according to Nationwide.

Warning over high interest finance products

With the credit crunch making loans and credit cards harder to get hold of, experts are warning consumers to stay clear of companies that offer quick loans with huge interest rates.

Split views on Halifax credit card and debt

Halifax have announced a new credit card that offers 0% interest on balance transfers and purchases for 10 months.

Credit card debt needs attention now

The Thrifty Scot has warned consumers experiencing credit card debt to act quickly to pay off their arrears or risk slipping into serious financial problems.

Halifax speak out over debt

Halifax have stated that consumers should contact their banks and building societies as soon as they begin to experience debt problems and not let their pr

Use a credit card abroad to avoid problems

Apacs are advising consumers to use a credit card abroad to give them protection on purchases that they otherwise wouldn't have when paying by cash or using a debit card.

Lifetime balance transfer cards great for debt

According to research from Fool.co.uk, lifetime balance transfer credit cards are an excellent method for eliminating debt over a period of time.<

Balance transfers get pricey

The cost of a balance transfer to reduce credit card debt is set to rise as the number of companies offering capped rate deals is dwindling.

Stores cards worst form of credit

Financial experts Thomas Charles have commented that store cards are probably the most expensive and worst form of credit anyone can get and a quick-route into

Londoners always at risk of credit card fraud

People living in London are the most likely to fall victim to debt through credit card fraud according to APACS.

Sainsbury's increases 0% credit period

Those looking to reduce debt with a balance transfer will be interested to know that Sainsburys has extended its 0% rate fromten to twelves months.

Credit card shuffling becoming a part of everyday life

5.9 million consumers in the UK have switched their credit cards in the last 6 months alone, many of whom are looking to significantly reduce their debt.

Credit card debt lower in December

The amount of credit card debt built up in the UK over the Christmas period was at its lowest for some time according to Apacs.

Using credit cards on the slopes a problem

When you're using your credit card whilst on holiday, you could be wracking up more debt than you ever imagined.

Nationwide clever debt credit card

The Gold Card from Nationwide has been recognised by Defaqto as a top quality credit card for its groundbreaking features, including the positive payment system that will pay off debt f

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