Apart from having abnormally high interest rates, credit cards need us to be extra prudent with our money – and most of us are not! They allow us to spend big on purchases, without necessarily worrying about how we are going to afford it. We all know in the back of our minds, we only have to pay a small amount each month…..and this is where the real danger lurks. Credit cards allow us to pay only what we have to each month, with a high interest rate rolling on – they have us trapped paying high amounts of interest without getting anywhere.

That’s why when you first received your credit card, most of us are given a small limit. Then once you’ve maintained a few payments each month, suddenly, often without asking, your credit limit is raised to a new higher limit.

If you are in a situation where you have to use your credit card to make ends meet on a monthly basis, you will be caught in the debt cycle. The high interest rates on credit cards, means it is one of the most expensive ways to borrow money. Although the banks will be happy if you just carry on paying the minimum amount and the high interest rates, your financial situation will continue to worsen.

If you are struggling to pay off or maintain your credit cards, there is the option of doing a managed settlement. Our average client with £10,000 of debt, paying £200 per month will pay back £5,500 including our fees and be debt free in 2 years and 6 months.

Many of the credit card companies have been under close inspection of the Government recently. In fact, laws have recently been changed to the way they can charge their interest and more and more of the media’s attention is on the problem of Credit Card Debt.

Most borrowers are concerned about their credit rating and that’s why month after month they pay the minimum amount without questioning if there is another solution.

Most borrowers are concerned about their credit rating and that’s why month after month they pay the minimum amount without questioning if there is another solution.

The truth is, even if you have a good credit rating and you have a lot of borrowing - you may not be able to borrow any more money. Therefore your credit rating may as well be poor. UK lenders now have a responsibility NOT to lend to anyone who has an affordable amount of existing debt.

Call us or fill out our contact form, and our Debt Advisors will go through the options with you and provide you with the options of how to get debt free quickly.

‘I highly recommend Settle My Debt to anyone having financial difficulty. Now I am on the road to a debt free future, one where I will always be grateful for the help and advice your company has given.’ - Simon

‘...all my creditors have accepted lower money payments and frozen my interest and charges. This has been a big help and I’m now confident that I can become debt free in a short amount of time. Their service is fast and my creditors stopped hassling me immediately, resulting in the peace of mind I now have as a result.’ - Phil

‘It is a great weight off my mind to know that the financial situation has been finally resolved and I am extremely fortunate to have been the recipient of your professional expertise, advice and assistance.’ - Tom

‘THANK YOU! You ‘don't realise’ how much the ‘stress levels’ have gone down and the ‘weight’ that has been lifted, just by not getting those calls! Again thank you for your help. I am eternally grateful!!’ - Margaret