For many of us, it can be very easy to build up credit card debt, whether you have a large debt on one card or smaller debts spread over multiple cards. With any interest and charges added by your credit card provider, it sometimes feels as though you will never become Debt Free from credit card debt.
Getting your finances under control is the first step to take when you are on the road to becoming Debt Free from credit card debt. Below gives you a few tips on how you can start your debt free journey, but remember that there are debt solutions out there to help you.
If you qualify and follow the agreed terms, an IVA allows you to become debt free in 60 months. For further information about IVA, Debt Management, Trust Deeds or bankruptcy, please call our team of specialist advisors on today
1: Tackle High APR Credit Card Debt
By tackling the credit card with the highest APR, you should be paying less interest in the long run. The idea of this DebtFree Tip is to reduce your credit card debt as quickly as possible.
A high APR means that you will be paying back a higher level of interest to your creditors on a monthly basis and, chances are, if you have multiple credit cards, each one of these will have a different rate of interest.
2: Balance Transfers
It is important to note that balance transfers do not clear your debt, all you are doing is transferring this debt to another card, the debt is still there and needs to be repaid. However, if you can get your financial planning in order then you may want to consider balance transfers so that you can take advantage of 0% APR deals.
3: Prioritise the Debt
Becoming debt free from credit card debt is a great feeling, but you mustn’t let this goal come inbetween your other debt repayments. For example, priority debt repayments should always be paid first. If you fail to make these repayments then you are at risk of losing this service, for example if you do not pay your mortgage then you risk losing your home.
DebtFree.co.uk can offer you advice about your credit card debt. No matter how high your level of credit card debt is and how much you are struggling, it is never too late to seek professional help
