If you find yourself struggling with Credit Card Debt. We can recommend the best way to deal with this. Options are available.
Also, if you’re eligible, you may be able to get Breathing Space. This means your creditors won’t be able to add interest or fees to your debts or take enforcement action, for up to 60 days.
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Credit cards can be a useful way to make large and more secure purchases or even to help you get through that last week of the month before payday. However, it can be easy to fall into credit card debt as you are able to buy things that you don’t have to pay for (or worry about) at the time. Debt on the card can build up quickly and if you cannot clear it or miss your minimum monthly repayments, interest will start to accrue and you could be charged a fee for a missed payment.
If you don’t pay the minimum payment your account will go into arrears. If this happens:
If you are late making credit card debt repayments, it will usually have a negative effect on your credit rating. Your credit profile makes a record of every late payment you make, and lenders will look at this to decide how reliable you are for making repayments.
If you’re falling behind with payments, it’s often a good idea to contact your credit card provider to explain what’s happening and tell them how much you can afford to pay each month. Many creditors will agree to an affordable repayment plan or a payment holiday to help you get back on track, even if this is only for a few months
There are several useful tips you can do to avoid getting into credit card debt, things like;
If you are struggling to pay a credit card or have difficulty paying outstanding debts, please contact our expert debt advisors to discuss. Call 0800 121 48 63
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