Are You Trying to Cut Your Credit Card Debt?

Written by admin on December 6th, 2010

Over the past few weeks many people have given their credit cards a good bashing, using them to fund their Christmas purchases and take advantage of the early sales that were put on by many retailers. Whilst this may have proven convenient at the time it may also have left many of us with high balances on our credit cards, and with Christmas now over we are left to deal with the financial hangover resulting from our Christmas spending.

Most of us are aware that this coming year is going to be a difficult one, with the recession setting in and financial conditions still difficult. With this in mind many may be looking to reduce their credit card debt, and this means dealing effectively with the debt that you may have accrued on your credit card over the Christmas period.

According to reports the first two weeks of January are set to be amongst the busiest of the year when it comes to applications for instant decision credit cards, with many of us hoping to compare credit cards and get hold of a low interest or interest free credit card to help us to manage the debt that we have accrued. However, industry officials have warned that people thinking of doing this will need to act quickly, as the credit card industry is becoming increasingly constricted, which means that getting a suitable credit card later on may be even more difficult than it already is.

You may find that if you compare 0% balance transfer credit cards to switch to a promotional rate you could reduce the amount of interest that you pay and help you to save money. However, officials have warned that if you cannot do this and you have a high interest credit card with outstanding debt on it you need to try and repay the debt as quickly as possible to save money on interest and get rid of the debt altogether.

Those that are already dreading getting their statements and do not think that they will be able to handle their credit card debt need to speak to an industry professional for assistance. One official recently stated: “Many people will look for a new start in the New Year and getting finances in order will be top of the list. If you feel your borrowing is out of control or you are concerned about servicing debts or slipping in to arrears, seek advice.”

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