How to deal with credit card debts

October 10, 2014

Credit card debts are among the main contributors to the overall scale of personal debts in Scotland and around the rest of the UK. It’s no surprise, perhaps, when you consider that there are more credit cards and charge cards in use around the country than there are people, according to the UK Payments Council.

Using a credit card is by no means a one-way ticket to an unmanageable debt situation and millions of people in Scotland benefit from the flexibility of using credit cards from the likes of Barclaycard, American Express, MBNA, NatWest, Capital One and the Bank of Scotland.

There is, however, always a danger that your credit card debts will end up running out of control and for thousands of Scottish consumers every year they become a source of major concern that can easily turn into financial distress.

What matters most is how individuals respond to the onset of credit card debt difficulties and whether they seek the right advice in time to make a difference.

What to do when you can’t pay off your credit card debts

A majority of the credit cards in use around the UK accumulate interest on a monthly basis and it is not necessarily a problem as long as the situation remains manageable. Spending on credit cards though can become troublesome and a source of real difficulty when a user finds themselves with large amounts of debt left outstanding and gathering interest at a rapid rate as weeks, months and even years go by.

Action points if you’re worried about credit card debt:

–          Pay off your outstanding credit card balance every month

–          If you can’t pay all your balance then pay as much as you can

–          Try to pay off at least a little more than the minimum allowable each month

–          Stop spending money on your credit cards immediately

And if you reach a point whereby you simply cannot afford your credit card repayments:

–          Inform your credit card provider of the situation you’re in

–          Call an expert for debt advice

–          Seek help in creating a Debt Management Plan

–          Consider entering a Debt Arrangement Scheme, a Trust Deed or Sequestration

Help is available

It’s important to realise that however bad your credit card debts might seem to be that you are not alone and there are options and specialist support available to help you overcome the difficulties you’re facing.

In many cases, when credit card problems become a serious source of stress and concern, reaching out for help can bring a great sense of relief. Thousands of people in Scotland struggle to pay their credit card debts every month but with the right guidance these issues needn’t become financially disastrous.

Support from Scotland Debt Solutions

We at Scotland Debt Solutions work with indebted individuals every day and we’ve learned that everyone’s situation is different. There are a million different reasons and scenarios that might lead a person to face a battle with credit card debts but whatever the circumstances we can find a solution that works.

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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