Debt Management and Credit Card Debt

Nearly everybody has a credit card or two in their wallet. There has been a massive explosion in the amount of available credit on cards as the American banks entered the UK market. As the number of credit card providers has risen, so have the number of people in credit card debt.

If you have debt problems it is likely to be as a result of taking out too much credit on cards. The problem lies in part with the card companies who have made it too easy to get credit by not making checks on applicant’s existing borrowings. Many of the people who take free debt advice from Help With Debt, tell us that they were able to take out card after card and run up a balance and then switch that balance to a new card, on interest only, only then to run up a big debit again on the cleared card.

This just means that the credit card debt gets bigger as the balances are not being cleared. If you have a credit card debt problem, it is not the end of the world. It is very easy to deal with the debts in such a manner that you only pay what you can afford off of your debts. You may even be able to stop charges accruing and interest being placed on the accounts, thereby giving you a real chance to pay the cards down.

The debt management option can be set up and in place in a matter of days. The process starts with a quick telephone interview to ascertain the income and expenditure and assets and liabilities. This will determine how much you can afford to pay each month and how much each of your creditors will get.

The benefits of doing a debt management plan are that the creditors will deal with the debt management company and not you, you will make one payment only a month, interest may stop accruing meaning you pay down the debt.

The costs of doing debt management are pretty standard. You will expect to pay your first monthly payment to the Debt management company for setting up the plan and then 15{bcb10712eadb32c7e50a15bcbfb14ed4d7108a9fa2a5dcafffbff4bd1d9a4f28} plus vat each month for the work that they do in making payments and taking calls from your creditors.

If you have credit card debt and need help to settle a debt management plan feel free to call for expert and free advice.

Brittney Herbert

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