Is your credit card debt keeping you awake at night? Are you scared to even look at your credit card bills? Have your credit cards burned a hole in your pocket?
You are not alone! On average, an adult in the UK has over £30k of debt. If you include mortgages, the total amount of personal debt is £1.5 trillion. Last year, a record number of people asked for help, straggaling to pay even the minimum monthly payments.
FACT: If you owe £2,500 and pay only the minimum every month, it will take you over 30 years to clear your debt.
“How can I get help and become debt free as soon as possible?”. Simply tell us about your financial situation and let our team of financial professionals find the right debt management solution to help you with your credit card debt. Take the first step towards your financial freedom now and complete our 1-minute online form.
Credit Card Debt Solutions
When it comes to dealing with your credit card debt, depending on your personal circumstances, you may have different debt management options available to you. When you calculate the total amount you owe to creditors, always include all unsecured loans you may have, not only the amount owed on your credit cards. Number of creditors and being a home-owner are also important factors.
Bankruptcy – its often seen as a last resort by most people and there is a good reason for it. If you choose bankruptcy, its likely you will lose all your major assets. Getting credit in the future will be extremely difficult. Just dealing with bankruptcy phycologicaly is a complete nightmare.
Individual Voluntary Arrangement (IVA) – more people are choosing IVAs rather than bankruptcy in recent years. Its better for your credit history as well. An income based IVA can often last up to 5 years. Remember, you need a sound advice from financial professional before deciding on a IVA.
Debt management plans – if you qualify, getting a debt management plan will allow you to combine all your debts into one payment. In some cases interests may be lowered or even frozen. You can get in touch with all your creditors and try to negotiate a plan, but most of them may insist that you get help from a debt management company.
There is a lot of information on the internet regarding credit card debt. Some of it is useful, but some is simply misleading. Don’t make important decisions without receiving proper advice.
Complete our simple online form and let us help you with your credit card debt.