Simon Duffy writes for the Financial Blog a UK Finance Blog talking about all aspects of personal finance including loans blogs, credit cards blogs, mortgages, insurance and more.
Yesterday I read some worrying news that credit card spending is still increasing dispite the past 12 months warning we've had in the form of the credit crunch.
UK consumers are using credit cards as means of day to day living, so using their credit cards every month just to 'get by' with the increased cost of living. Unfortunately the Bank of England has announced they expect inflation to continue rising in the UK and expect it to hit 5.5 per cent before the end of 2008. This level of inflation has not been experienced in the UK for well over 20 years.
Unfortunately people will continue to struggle to make their finances stretch and it looks as though people are already turning to credit cards as a means of survival.
If you already have credit card debt the best immediate action you can take is to transfer the balance onto a 0 per cent balance transfer deal. There are plenty of cards on offer and I've described 4 of the better cards on offer in the UK on my blog yesterday; thefinancialblog.co.uk One thing to consider is the balanace transfer fee the credit card provider will charge you. This is a set charge, usually a percentage of the total ammount you wish to transfer. For example, if you transfer £5,000 to another credit card the provider usually charges from 2.98 per cent to 3.5 per cent, so you will be charged from £149 to £175. The balance transfer fees vary from provider to provider so make sure you find out exactly how much you will be charged.
The benefit of transferring a balance to one of these credit cards is that the provider offers you 0 per cent interest for a specified time period. The longest 0 per cent deal in the UK today is 15 months. So you have well over a year of no interst, of course you still have to pay the monthly minimum ammount, but interest on a balance of around £5,000 can be as much as £20 or more.
If you are really struggling to clear your credit card debt and, as many people do, you're using one credit card to pay off another, then now is the time to seek professional debt management advice. If you are unsure where to start looking for good, free debt advice then contact your local citizens advice bureaux; details of which can be found online or in your Yellow Pages. Take action today.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Debt Management Services – Help to Relieve You of Your Debts
- Debt Management Advice: Helps you Move Out of Debt Trap
- Debt Management Advice: Help you in Reducing your Debt Burden
- Debt Management Advice: Help in Washing Away Worries of Debt
- Debt Management Advice: Help to Deal With Bad Debts
- Debt Management Services Help When You are in Massive Debts
- Debt management services helping you in managing your debts in a structured way
- Debt Management Counseling Helps in Debt Reduction
Shop According To Your Budget
By: Shailesh Smith | 27/11/2009Are you a kind of person who swipes credit card whenever you find something great? You use your credit card but at the end of month, you are not capable of paying the generated bill. Majority of people will nod their head while reading this statement, so you are not the only person facing this problem, you actually belong to the majority of those group.
Alternative Foreclosure Option – Tips to Avoid Foreclosure Without Affecting Your Credit Report
By: Yvonne Corilla | 27/11/2009Worried homeowners who are not able to make their monthly mortgage payments on time are facing foreclosure. It is a kind of legal process in which a borrower under a mortgage is deprived of his own interests in the mortgaged property. Millions of people wanted to avoid foreclosure and are looking for alternative foreclosure option that may save their dream home.
What If the Credit Bureau Cannot Verify Negative Information on My Credit Report?
By: Yvonne Corilla | 27/11/2009This is a very insightful question. Right information is power and what I will give you here is the right information on what you should do if the credit bureau cannot verify the correctness of negative information on your credit report within the stipulated time.
Upping Your Credit Score
By: Liane | 27/11/2009Your credit score is a quantified value based on statistical analysis of your credit files. This value is important because lenders use it to represent your creditworthiness as a loaner. It is based primarily on credit report information and is typically sourced from credit bureaus.
How to Get Your Credit Score – credit score
By: Elizabeth | 27/11/2009A credit score can be defined as a numerical expression that is based on the statistical analysis of the credit files of an individual. The credit bureaus source the score credit on the basis of the respective credit information. It is necessary to check the updates in the score regularly so that one can correct any issues in case any change arises.
To keep your snowball rolling!
By: Chintamani | 27/11/2009The snowball method of paying your credit card debt aims at your mind. You start targeting credit cards with small balances and gradually get financial strength to get rid of the larger balances. As your get initial success, you get encouragement to look forward to take bigger target. The system will certainly help 90 per cent of the people sinking in credit card debts. However, to be successful you will have to remember the following tips –
To keep your snowball rolling!
By: Chintamani | 27/11/2009The snowball method of paying your credit card debt aims at your mind. You start targeting credit cards with small balances and gradually get financial strength to get rid of the larger balances. As your get initial success, you get encouragement to look forward to take bigger target. The system will certainly help 90 per cent of the people sinking in credit card debts. However, to be successful you will have to remember the following tips –
Deflate your debt problems with snowballing!
By: Chintamani | 27/11/2009Many economists have suggested strategies to reduce your debt quickly and efficiently. Out of those, snowballing method is gathering plenty of ice these days. This method is very useful for getting control over your revolving debts – debts created due to spending on credit cards. The method is closely oriented towards your emotions.
Lampard Signs New 5 Year Chelsea Deal
By: SimonDuffy | 14/08/2008 | SoccerFrank Lampard has signed a new 5 year contract which keeps him at Chelsea until 2014. This is, at last, great news for the club and means Lampard will see out his career with us, when he will be 35 years old.
What Should You Do if You Have Credit Card Debt?
By: SimonDuffy | 14/08/2008 | CreditYesterday I read some worrying news that credit card spending is still increasing dispite the past 12 months warning we've had in the form of the credit crunch.
Debt Management
By: SimonDuffy | 12/08/2008 | Debt ConsolidationIf you owe money to a company it's known as a debt, and taking the help of a third party to get out of a situation of financial debt is debt management.
How to Talk to Men
By: SimonDuffy | 04/08/2008 | DatingMen like to think they are leading every conversation and most men love...
How to Deal With Debt Stress
By: SimonDuffy | 29/07/2008 | Debt ConsolidationIn the present fast sedentary lifestyle, debt stress is a very common phenomenon. It can affect almost anyone, from a college student, to any employed person; the advent of the credit card has brought its side effect; stress.
How Do You Spot the Debt Signs?
By: SimonDuffy | 29/07/2008 | Debt ConsolidationAny mature individual will always try to keep his or her finances in control. However there are some who cannot; and there are some very common tell tale signs...
Baccarat
By: SimonDuffy | 16/07/2008 | Card GamesBaccarat is a popular casino card game. It is said to have its origins in Italy and during...
Running for Weight Loss
By: SimonDuffy | 15/07/2008 | Weight LossLots of people, including myslef, start running because they want to loose weight...