You’ve been using that little plastic credit card more than you should have and now find yourself saddled with huge credit debt and no relief in sight. But don’t despair! The truth is that there IS relief for people who have a large amount of credit card debt. The average Briton carries £5,000 of credit card debt between two, three, and even four credit cards or more. That’s alarming when you think about it, and these people truly need some relief from the burden of credit card debt.
So many people in the UK are caught up in the swipe and spend culture that is leading us into more credit card debt year after year, some who have vowed never to be caught in the credit card trap, have been trapped with some owing more than £30,000. The average UK household has 4 credit cards, with some having up to 12 cards. The average debt in the UK has doubled from 2000 to 2007. In 2000 the average debt for all loans was £17,000 in 2007 it was £33,000. Many households have already stretched their borrowing capacity, which will lead to a large number of people being declared insolvent.With so many interest rate increase the last year in mortgages and rises in energy costs the future is bleak. The number of people filing for bankruptcy is also on the increase. This is definitely a situation you want to avoid and can do so by finding a credit card debt relief plan that suits your predicament.
If you are in this situation of seeking credit card debt relief you are not alone. Many banks have services for these people to help them out of their situation. It is in their interest to help as the number of people filing for IVA’s is rising year after year, bad debt left by them has to be recovered. This will normally lead to high interest rates for the people who do pay their credit card debt. Consumers tend to spend money that they don’t really have, leading them into their bad habits. Many of us have bought something we may not have needed and wouldn’t have bought if we had to pay cash. To me it’s like going to the casino and playing with chips, they don’t seem to have the same monetary value as cash in your hand. They’re just plastic, just like credit cards and it just doesn’t seem the same when spending up big. There are many other reasons for debt, like unplanned medical costs etc. But in the main it is bad spending habits that need to be addressed.
Whatever the issues are that have led to you seeking credit card debt relief, you must realise the need to take action early. Continuing on the way you have always gone won’t help. Instead it will only get you into further debt. Changing your habits and maintaining them are the only ways too debt relief. There are many good services available to people with a good credit history, which is something you will want to maintain.Where you would like to see yourself financially in future? Most want to be out of bad debts like credit cards, so you must do what you can to pay out your bad debt and only be left with good debt, like a mortgage. In time you can find yourself in a better position and a better credit rating which is something we all strive for. It can be hard to break the bad habits but if you want to erase your credit debt, you can’t bury your head your head in the sand and ignore it.
