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.
The group say that lenders are less likely to approve credit card applications in the credit crunch meaning balance transfers will be harder to come by. Many consumers rely on being able to move their credit card debt around in order to avoid paying high levels of interest.
In a report from the Thrifty Scot it was commented, "If you are one of these credit card addicts that is juggling an array of cards, all of which have balances in them, it is time to take stock and try to eliminate your credit card debt."