Credit Card Debt Harder to Repay

Are you struggling with your credit card debt? If so, then you are not the only one. More people are finding that their credit card debt is harder to repay, and recent figures from the International Monetary Fund predict that 7% of all personal debt in Europe (totalling $2,467 billion) will be defaulted on.

Many of these defaults will be in the UK, as it is the largest nation of credit card debt borrowers besides the U.S. Coupled with a fluctuating house market, rise in unemployment and banks becoming more strict about who they offer secured lending to, many people are turning to credit cards and unsecured loans.

Author of the report,  Charles Geisst, who has investigated American credit card debt, says the average American has 13 credit cards and each. “Unemployment is the straw that will break the camel’s back. The default rates already are twice what they used to be. I think it’ll get worse.”

If your credit card debt is harder to repay, there could be a solution for you. A Debt Management Plan makes your credit card debt easier to repay by reducing the monthly credit card debt repayment that you need to make. Contact us now for further help with your credit card debt.