credit and store card debt

Britain has more credit card borrowers than any other European country.With the amount of credit and store card’s today,  it is easy to see how the credit card debt is affecting a greater number of people in the UK.  Britains credit card debt level is now totalling approximately £54 billion.  With the value of interest payment’s on credit card’s said to have now reached the £9 billion mark. The average consumer now has debt’s of over £3250 outstanding on credit card’s,  but there are a lot of people with debt’s in the ten’s of thousand’s.

Knowing that you are struggling with UK credit card debt’s is the first wake-up call that need’s to happen,  as this allow’s you to come up with a plan to seek debt advice or start to repay your debt.

The best way would be to cut your credit and store card’s in half and use cash,  this way you will not be getting into debt with your card’s, it might be hard to get used to but its something you must do.

Whilst many people want to try and get rid of their debt or stop getting into any more debt in the current financial climate,  with the lack of other credit option’s has led to people increasingly using their credit card’s to fund day to day purchase’s and even to pay bill’s.

Work out where you can cut back on frivolous spending.  Successfully learning how to cut back mean’s that you can prioritise repaying your UK credit card debt’s or other unsecured debt.  You may want to pay off the one with the highest interest rate first so you don’t build up unnecessary credit card debt.

There are a number of reason’s why it is easy to fall victim to mounting UK credit card debt’s :-  * having Multiple credit card’s. *  Missed payment’s lead to additional charge’s. *  High interest rate’s coupled with a low minimum repayment required.

The best option for people would be to join a credit union. Here can save and borrow at the same time and pay a very low interest rate.

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3 responses to “credit and store card debt

  1. My husband and I have eliminated our debt (except for a home mortgage on a house we rent to our son because we could not sell it). Our cars are paid for, as is our retirement home. We live frugally, not because we have to, but because we choose to. I am of the opinion that we don’t own things, they own us. As we near REAL retirement (we both retired then went to work again), we feel good knowing that we have financial peace. We followed Dave Ramsey’s Financial Peace debt elimination plan and it was the smartest thing we ever did.

  2. Some good advice. Thankfully, I’ve only had 1 credit card and it’s long gone. It was college, when students are bombarded with credit card offers at every turn. They always had booths set up in the Quad and Student Life Center. Vultures.

  3. 30 year’s ago we almost lost our home in the last recession and i had to re-mortage.
    Back then i made up my mind and cleared all our debt in one year, did away with ALL bank card’s and account’s, except saving account’s.
    And now for over 30 year’s we have paid for everything by cash including car’s, 4 year’s ago way paid out our mortage, and now live a life debt free.
    Which mean’s we are able to save a little bit out of our pension’s for thing’s we want for our-seleve’s.
    My latest spend was £250.00 to up-grade my PC to a high speak one.
    A debt free life, it’s great, it’s a pity young people would not learn from what i did.
    I think i will add this to the post 🙂

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