Compare Debt Solutions

Compare Debt Solutions

Many people in the United Kingdom today are struggling with debt, with credit cards oftentimes being the culprit. The accessibility of credit cards can make them seem like a natural way of coping with unexpected expenses, but the high interest rates and fees they carry often end up causing problems.

Fortunately, there are good options for just about anyone who is fighting to get credit card debt back under control. Clear Debt from the cards a person holds in the most suitable way, and problems can easily become a thing of the past.

A Range of Suitable Solutions for Credit Card Debt and Other Financial Problems

There are, in fact, a number of different ways to clear credit cards of debts that have become overly burdensome and unrealistic to service. Some of the most commonly employed in the United Kingdom today include:

  • Making different arrangements with individual creditors: In some cases, simply calling a creditor and explaining the situation will yield concessions that can make it easier to get back on track. Because it will generally take very little effort to explore this possibility, it often makes for a good place to start.
  • Consolidating debts into a loan with better terms: Most credit card debts carry fairly high interest rates, and this can make it more difficult to keep up with them. Once debts have grown to a certain size, it can therefore make sense to take out a loan of another kind to pay off these expensive debts more quickly and at once.
  • Entering into a Debt Management Plan: Another option is to work out an informal plan coordinated with all of an individual’s creditors. Although not legally binding or enforceable, this more involved approach to renegotiating debts is typically more likely to extract helpful concessions from creditors than the individually arranged alternative.
  • Agreeing to an Individual Voluntary Arrangement: Debtors have a legally binding form of support in the Individual Voluntary Arrangement. Under this system, legally enforceable agreements can be established that will allow a debtor up to five years to pay back debts under terms that are normally more generous.

Getting Help and Advice with Moving Forward

With a number of other options also being available, debtors rarely need to feel as though continuing to struggle were their only choice. Getting the right kind of debt advice from someone who understands the options and the advantages and disadvantages typical of each can make it much easier to get back in control and on a path toward financial success and security.