• Freeze Debt

Simple Ways To Tackle Your Credit Card Debt

Updated: Dec 2, 2020

Credit Cards are often seen as one of the easiest ways of getting credit. Whether it’s to pay for a holiday abroad, emergency vet bills, or a large one-off purchase such as a car or television, the faithful piece of plastic has long been one of the most favoured ways of making a purchase we would otherwise not be able to afford.

"Between August 2017 and July 2018, Brits made over 333million transactions on a credit card, which is a considerable amount, despite being some way short of the 1,216million debit card transactions."

However, because they’re so easy to access and spend on, credit cards are also one of the easiest ways to fall into debt. So when you’re in possession of a credit card, it’s essential that you don’t go over the top; to quote Uncle Ben from Spider-Man, “with great power, comes great responsibility”.

If you find yourself in the difficult situation of having run up a substantial credit card debt, then there are a number of ways in which you can address it.

Raise your minimum payments This may be a little obvious, but it is often overlooked! Put simply, the more you can pay off each month, the quicker you will be able to clear the debt. By clearing your debts quicker you will also reduce the amount of interest you will pay on your balance.

Consider 0% Balance Transfer offers

By transferring your debt to a new card with a 0% balance transfer deal, you will be able to avoid paying interest for a set amount of time, allowing you to make a dent in the balance you owe. There’s sometimes a fee to transfer a balance from one card to another, so you’ll need to find one with a low transfer fee, but the switch will be worth it in the long term.

Prioritise Prioritisation is particularly important if you find yourself having multiple credit cards. Of course it’s essential that you at least meet all of your minimum payments on every card, but prioritise making payment against the cards with the highest interest rates first. Don’t bury your head in the sand People ignore their credit card debt in a variety of ways. Perhaps you only pay the minimum balance each month, make late payments occasionally or have stopped paying altogether. These are some of the worst things you can do, as the problem will only get worse. It’s worth noting that late payments will hurt your credit score, making it difficult to get credit in the future.

These are just a few tips on how to clear your credit card, but if you have reached a point where you need help, support or a more formal method of arranging to pay off your credit card debt, then Freeze Debt are here to help. Download our App for iOS and Android devices, or, if you’re on a desktop device, try our Web App today and take the first steps on the path to credit card debt freedom.

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Freeze Debt provides insolvency solutions to individuals throughout the UK.