Get out of credit card debt

One of the easiest ways of getting into debt is by using credit cards that you can’t afford to pay off. It’s an obvious trap that so many of us fall into. Putting something on the credit card means you can have it today, even if you can’t afford it, but the trouble comes when you don’t keep up with payments and your credit card debt and interest build up and spiral out of control.

If you have a number of credit cards that you’ve used to the full and you now feel like you’re going under with debt problems, then don’t despair, there is a way out of debt. The problem is that there isn’t an easy solution. Clearing debt is hard work and it is something that you’ll have to work at over a long period of time as you’ll have day to day living expenses to deal with while you pay off your debts.

However, there is help at hand from debt management companies like Debt Free Direct. Depending on how much you owe, there are different options available to you. For people with debt below £10,000, then the most popular solution is a debt management plan.

A debt management plan enables you to make one monthly repayment to the debt management company, which is then redistributed to your creditors; whether the debts are associated with credit cards, store cards, loans or other unsecured debts. Debt managers negotiate with your creditors to get you better terms of interest or to freeze the interest until you are in a better financial position. The debt management company’s fee for managing your debt is included in the single monthly payment that you make.

As well as setting up a debt management plan, you also need to commit to no further spending on credit cards; otherwise you will never work your way free of debt.