Credit Card Debt affects millions of citizens every year in the UK. With varying borrowing amounts and interest terms, Credit Cards are one of the most easily accessible forms of credit, with at least 60 million issued this year, with a total outstanding balance of 65.7 billion credit card debt (Aug 2016).
Some are able to manage their credit cards, taking advantage of the fact that they can make large purchases and ensuring that they pay the outstanding balance every month.
However with increasing living costs, job losses and a rise in unemployment, many people have found that they are unable to afford to make the minimum payment on their credit card, let alone pay the full balance each month. A report released in 2010 showed that 1 in 12 London Households had to use their credit card to pay their Mortgage or Rent, thus spiralling into more credit card debt.
If you have found yourself struggling with credit card debt, the advice is not to panic but to address the situation as soon as possible. There are many solutions to help you repay your credit card debt. Firstly we recommend you refer to your credit card provider to try and resolve the situation however, we at DFH can help you to determine the best solution for your circumstances and help you regain control of your finances.
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