UK Credit Card Debt Management

UK Credit card debt management is a problem for 4.8million people who have experienced increases in the amount of money they owe to their credit card debt, according to Tesco Compare.

The outstanding credit card debt balance has increased by an average of £412, meaning that more people are worried about getting their UK credit card debt management into check. However, it seems that the idea of being free from credit card debt is seeming more impossible for some, as 11% of those polled admitted that they would be incapable of handling their finances without the use of credit cards.

Credit Cards

However, it is not all doom and gloom when it comes to UK credit card debt management. The research also found that nearly half of credit card users are cutting their credit card spending by £100 a month. Many are cutting back on their credit card spending in a bid to reduce their debt levels and increase their savings.

Debra Williams, a spokesperson for Tesco Compare, commented: “In the current climate it’s encouraging to see so many consumers taking significant steps to reduce their reliance on credit. Even those who aren’t currently in a position to make cutbacks, could still save themselves some cash by shopping around for a better deal.”

UK Credit Card Debt Management Advice

The report discovered that 2.3 million (7%) believe they could not maintain their lifestyle without their UK credit card debt. Management of unsecured debt does not mean that you risk going without, perhaps you need your credit cards because you are spending too much on your monthly secured and unsecured debt repayment. The good news is that One Advice could reduce the monthly amount you need to make to your credit card debts and other unsecured debt…

If your credit card debt management seems to be spiralling out of control, getting professional debt advice could be able to help. The informal agreement between you and your unsecured creditors means that you only have to make one affordable payment which will be distributed between them.

If your debts are over £12,000 then a debt management plan may not be the best debt solution for you. Speak to our professional debt advisers today who can tell you more about Individual Voluntary Arrangements (IVA).  Am IVA could help with your UK credit card debt management by reducing the monthly amount that you need to make to your creditors and potentially allowing any unaffordable debt to be written off on completion of the IVA.