CREDIT CARD DEBT UK
Credit card debt With an Experienced Professional, given the rising expenses that people face nowadays, it’s far to easy to become overwhelmed and out of your depth with credit card debt Though credit cards provide the convenience of shopping for the moment and paying later, interest rates will overwhelm even the savviest and accountable recipient, meaning it’s not possible to pay off what’s owed. People who find themselves in this situation need a clearly defined strategy to pay off credit card debt, where they’re unable to identify this strategy the professional intervention may be required.
When filing for bankruptcy all credit card debts are written off and this can be a viable possibility for people who don’t have any alternative approach to paying off their debt, however, it must always be absolutely the last resort when all other options aren’t viable. The consequences of declaring bankruptcy is fairly extensive and can be long-lasting as it will remain permanently on your credit file meaning it could be a decision you never recover from and all alternative options will then cease to exist.
The IVA alternative
Individual voluntary arrangements are the great alternative to bankruptcy if you’re struggling to make monthly repayments to two or more creditors on debts totaling over £7000. A licensed insolvency practitioner will make a legally binding agreement which is ratified by a court to ensure that you only make one manageable payment to cover all of your unsecured debts over a period of 5 years. During this period any interest and charges are frozen and remaining debt at the conclusion of the agreement will be written potentially saving you up to 70% of the amount you owe. The effect IVA’s may have on your credit rating following the 5 year period is less severe as bankruptcy and is something that can be managed and repaired over time.
Consolidate Credit Card Debt With an Experienced Professional
When considering how to pay off credit card debt, one way to free yourself from the burden of owing money to creditors is to pursue debt consolidation. An experienced debt consolidator will combine all your debts into one affordable payment freezing a; interest and charges. Furthermore, you may also want to consider other debt relief options such as debt settlement if you have more debt than you can handle. These options can reduce the actual amount of debt that you owe allowing you to get out of debt sooner.
Eliminating your credit card debts will help your budget and let you breathe easier. To get started, you can fill out our contact form and a trained debt consultant will provide you a free debt consultation to clearly explain options available to you.