How to pay off credit card debt before interest rises

Personal credit card debt is still a burning problem in the UK. Unfortunately people still do not realize that it is very hard to get out of credit card debt.
By: Laura F Wolf Solvemybadcredit
 
Jan. 23, 2011 - PRLog -- Personal credit card debt is still a burning problem in the UK. Unfortunately people still do not realize that it is very hard to get out of credit card debt. Credit card acceptance rate is declining, that means that there are less and less possibilities for consumers to get a zero percent balance transfer to reduce the interest on their debt and pay off credit faster.

It is said that many credit card companies are withdrawing some deals and are planning on increasing credit card interest rates. So there are less and less options for people with bad credit rating to consolidate bad credit. The same applies to consolidations loans, as the low interest home and secured loans are more than likely to get withdrawn by lenders once the Bank of England finally decides to increase the base rate.

The most worrying thing is that people do not realize they have bad credit debt problems until they reach the level of around £15.000 unsecured credit card debt, as it has been published lately in the press. But if the interest rate increases and their circumstances change people can find themselves trapped in bad credit. But what are the best tips to make the first step towards credit card debt consolidation?

Get a financial review
To evaluate how bad their credit card debt really is consumers are advised to obtain independent review from a certified financial adviser.  

Speak to the bank
The next thing consumers can do is to speak to their bank to see how they are able to help. There might be some special deals available for existing customers to get rid of credit card debt and better their finances.

Checking credit files
By determining one's credit rating it is possible to also find out how many deals and consolidation options are available for the customer. There might be a case that it can be solved quickly bu remortgaging or taking out a secured loan.

Signing up for an expert debt consolidation service
Solve my debt is a reputable company that offers no obligation debt reviews and also a free debt test on their website. Go ahead and fill out the forms to see what type of credit card debt consolidation program you do qualify.

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I have seen many people struggle with bad credit in the UK recently. We have to find a solution for eliminating debt and starting a new, debt-free life.
More information: http://www.solvemybadcredit.co.uk/01/are-secured-loans-st...
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Tags:Credit Card Debt, Bad Credit Debt, Credit Rating, Credit Card
Industry:Banking, Financial, Consumer
Location:Liverpool - Merseyside - England
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