It’s a common occurrence to spend money on a credit card with the intention of repaying the money over a longer period of time. Some of the interest rates for credit cards can be phenomenal, with the best interest free balance transfer credit card lasting almost 2 years. It can mean that you can avoid interest fees, for a short period, for thousands of pounds and help you to repay your credit card debt.
There are various ways to cut your credit card debt. For people who don’t have severe credit card debt and are able to afford to repay the debt over a 12 month, or shorter, period then the interest free offer will help repay the outstanding debt and clear the balance. As long as the interest free period is live and the balance is being reduced each month then you will be clearing your credit card debt. But, if you’re only making the minimum payment to your credit card debt, then whilst the interest free period will mean the debt isn’t getting larger, you won’t be clearing the balance in time. This means you may have to balance transfer multiple times.
An interest free balance transfer is an introductory offer to entice you to join the credit card company. Most people contact Debt Support Trust when they can no longer balance transfer their credit commitments and need a debt solution.
If you are unable to balance transfer your credit card debts then call Debt Support Trust on 0800 085 0226.
Consolidate Credit Card Debts
You can choose to consolidate multiple credit cards into one new account. This would mean one payment each month to one company and with one rate of interest. This can sometimes be the best option to deal with debts. The problems arise when the total amount of debt is too large and it’s still too difficult to repay the full amount of the debt by the end of the interest free period.
Other issues which can occur is that the new rate of interest is higher than previous amounts. This means it will be more costly to borrow the money and harder to become debt free.
Sometimes, when the debt is on different credit cards it can seem hard to manage so it’s best to consolidate credit card debts. If you’re balance transferring to simply “tread water” and by yourself time then seek professional debt advice to help you become debt free.
Can’t Balance Transfer Credit Cards
When you can no longer balance transfer you need to get debt help. Avoiding credit cards and letting the debts mount will only increase the total debt. A debt advice charity like Debt Support Trust can help you with a range of money management tools and even help organise debt solutions to have you out your debt problem in 6 years or less.
The first step is to call Debt Support Trust on 0800 085 0226 and speak to a friendly advisor. Once we know your financial situation we can advise you which debt solution would be best for you.