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Credit Card Debt Help & Advice

Debt is often described in negative terms. But borrowing money, or ‘taking on debt’, isn’t necessarily a bad thing. Manageable debts, that you can comfortably pay back over an agreed period, are often necessary in order to take that next step in life.

It’s only when debt repayments become unmanageable or unaffordable that debt becomes a problem.

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Credit Card Help & Advice

Is your credit card debt out of control? Need help?

Credit cards are convenient for smaller purchases or for when you want to spread the cost of a slightly larger purchase. In a perfect world, you buy the item you need and pay it off over time without incurring too much interest. Using a credit card for everyday living costs can be risky, unless you pay the balance in full each month.

Credit cards are a form of unsecured borrowing, so it’s unlikely that your lender will be able to repossess any goods to recover credit card debts, but that doesn’t mean you shouldn’t take credit card debt seriously.

Credit card debts can be costly, often spiral quickly and can have a significant impact on your credit score, making it harder for you to borrow in future. In some cases, they can also impact on your ability to work in certain industries.

Even if you have a credit card that offers zero interest on purchases or balance transfers, there are always costs involved.

They’re not the same as debit cards, so unless it’s an emergency, it’s not smart to use your credit card for cash withdrawals. Withdrawing cash typically involves a fee, plus a higher interest rate, while any special interest rates or offers won’t typically apply.

Creditfix have provided an excellent service during a very stressful time. They were helpful, considerate and relieved all stress. Can't recommend them enough if you're struggling with debt.


Credit Card interest charges

In most cases, credit card companies make money by charging you interest on your balance. So it’s important to either try to pay off the full balance each month, or remember to account for interest payments if you don’t.

When money is tight, it’s tempting to pay off just the minimum balance, but doing this will cost more in the long run and it will take longer to clear your debt. Your balance will steadily grow and if you do this for long enough, you’ll end up owing a lot more than you spent.

If your circumstances suddenly change, or you make a mistake, you can quite quickly find yourself in trouble.

Common causes of credit card debt

A credit card is a relatively simple form of borrowing, but it can quickly become a costly source of problem debt. Common causes include:

  • Accidentally going over your credit limit and incurring fees
  • Forgetting to make the minimum repayment or paying it late
  • A change in circumstances meaning you can’t make the minimum payment

Ways to stay on top of your credit card bills

  • Set up a standing order so you always make the minimum payment
  • Make an additional payment on top of that if you can afford to
  • Set aside enough money each month to pay back what you spend
  • Use a comparison site to find a lower, or zero interest deal so you can pay off more of the balance each month.

What to do if you have credit card debt

If you are struggling to even make the minimum payment on a credit card, it’s time to contact Creditfix and talk to one of our trained advisors.

Call us now for immediate and confidential free credit card debt advice or complete the form

We can start to work through your debt problems as soon as you contact us. Our advisors are trained to provide the best advice for your situation.

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During 2016 CreditFix helped over 19,803 people with their debts

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Combined Experience

Our Insolvency Practitioners have over 70 years’ combined experience

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