Where Do I Find Credit Card Debt Advice ?
All manor of credit facilities have been marketed very aggressively in recent years, with the majority of people now having some level of what's known as ‘unsecured debt', typically either credit cards, store cards or personal loans – or, in many cases, all of the above. ‘Unsecured' debt means it's not secured against an asset, such as your house.
Credit card debt is what is known as expensive credit. The typical Annual Percentage Rate (APR), the figure we use to compare financial products, is usually 3 to 4 times that of a personal loan.This is because traditionally, credit cards had more risk attached to them as far as the lenders were concerned and were supposed to be for smaller amounts of money to be paid back over a relatively short period of time. They were never intended to be for the much larger amounts, often equivalent to a personal loan, that we see today. Because the rate of interest is so high and because borrowers often don't exercise the same judgement when spending on credit cards as they do with other forms of credit, credit card debt often spirals out of control and is the root cause of a serious debt problem.
Credit card debt advice from an impartial debt specialist will be no different to the advice given about any unsecured debt that is founded on a simple legal agreement. Legally, your options in terms of dealing with the debt are exactly the same. Unfortunately, I have heard terrible stories of debt companies advising clients to 'use up' the remaining balance on a credit card to enjoy themselves and pay its fees, which is not only unethical but also runs the risk of the Official Receiver placing a Bankruptcy Restrictions Order on the debtor, which can extend the imposition of Bankruptcy for up to 15 years.
However overwhelming your situation may seem, you should remember that you're not the first person to fall into the debt trap and that help is at hand. So where do you turn for advice and support? Whilst you may come across a large number of organisations advertising 'too good to be true' solutions on TV and on the internet, the only way you can be sure you're getting impartial advice is to talk to one of the specialist debt charities listed below.
Their trained advisors will assess your financial situation, take you through all of the options that are available to you and then recommend the solution that is most appropriate for your circumstances. Best of all, their advice is free. These charities include National Debt Helpline, Debt Advice Foundation and CCCS.
Questions and Answers
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