Online Debt Advice
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Credit card debt can easily spiral out of control.

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What is credit card debt?

If you use your credit cards wisely, they can be helpful but they can also be an expensive way to borrow – and it can take a long time to settle the debt if you can’t pay the balance.

If you don’t settle the full amount by the due date each month, you’ll accumulate debt, with balances charged interest over time.

If you don’t meet the minimum payments, you will fall into arrears. Your lender will get in touch to demand payment and, if you’re unable to make this, your account will default. If you fail to settle the debt, it’s possible that enforcement action may be taken, including the use of debt collection agents and bailiffs.  Failing to repay your debts may have an adverse impact on your credit score.

Credit card debt is unsecured and isn’t backed up by assets, such as your home or car.

Key facts about credit cards
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If falling behind on payments, contact your provider to explain your situation and advise them of how much you’re able to afford per month

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Affordable repayment plans and/or payment holidays are provided by many different creditors

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A debt management plan can help you make affordable monthly payments

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Credit card debt can affect your credit score

Managing credit card debt

Signs you may have too much debt
  • You’ve used one credit card to settle another balance
  • You’re missing or making late payments
  • You spend more than you earn
  • You rely on credit cards for everyday purchases
  • You’ve considered filing for bankruptcy
How to control debt
  • Establish spending rules and stick to them
  • Try and make at least the minimum payment each month
  • Consider seeking advice before opening new card accounts
  • Set up alerts or automatic payments
  • Avoid late fees and interest charges by paying on time
How to pay off credit card debt
  • Know what you can afford to pay each month and work out a budget
  • Set an amount aside to repay credit cards
  • Consider stopping using credit cards, so as to make it easier to pay off debt
  • Stay up to date with other priority bills/fines
  • Consider seeking free and impartial debt advice
Consider a debt management plan
  • Debt management plans may be able to reduce interest rates and give you affordable monthly payments based on your budget
  • Consolidate all your credit card debt payments into one single affordable payment each month
  • No loans are involved and your credit history is not a factor
  • Providing interest and charges are frozen, you may be able to clear your debts in a shorter time frame
  • Negotiations with creditors are handled by your debt management plan provider

What Bailiffs...

  • You’ve used one credit card to settle another balance
  • You’re missing or making late payments
  • You spend more than you earn
  • You rely on credit cards for everyday purchases
  • You’ve considered filing for bankruptcy
  • Establish spending rules and stick to them
  • Try and make at least the minimum payment each month
  • Consider seeking advice before opening new card accounts
  • Set up alerts or automatic payments
  • Avoid late fees and interest charges by paying on time
What Bailiffs...
  • Know what you can afford to pay each month and work out a budget
  • Set an amount aside to repay credit cards
  • Consider stopping using credit cards, so as to make it easier to pay off debt
  • Stay up to date with other priority bills/fines
  • Consider seeking free and impartial debt advice
  • Debt management plans may be able to reduce interest rates and give you affordable monthly payments based on your budget
  • Consolidate all your credit card debt payments into one single affordable payment each month
  • No loans are involved and your credit history is not a factor
  • Providing interest and charges are frozen, you may be able to clear your debts in a shorter time frame
  • Negotiations with creditors are handled by your debt management plan provider
How can I manage credit card debt?

Managing your regular expenditure each month can help you budget for any sudden or unexpected purchases or bills, restricting the need to use a credit card. If possible, try to keep money aside in savings for these eventualities.

If you do find yourself in need of using a credit card, ensure you have enough disposable income to pay your minimum payments on time, each month. If you find that you are struggling to meet the minimum required payments, and have taken on too much credit card debt, there are debt solutions available that may assist in the repayment of what is owed. Speak to one of our friendly, professional advisors today who will be happy to discuss your circumstances.

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Why choose Fresh Start UK?

Fresh Start UK has helped more than 12,000 people gain control of their finances and become debt-free. If you’re struggling with debt and finding it tough to keep up with your bills, speak to an advisor today.

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Final points to consider

It’s never pleasant dealing with unaffordable debt, particularly if you want to take control of your finances but don’t know how.

As a leading Debt Management Company, Fresh Start UK is perfectly placed to help.  We have years of experience in dealing with creditors and helping customers manage their finances.  If you’d like to find out more, get in touch with the experienced and professional team today.

Ready to get started on the path to financial freedom?
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Money Helper has replaced the Money Advice Service and brings together the support and services of three government-backed financial guidance providers: the Money Advice Service, the Pensions Advisory Service and Pension Wise.

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