Few people would deny that using credit cards can make day to day life more simple, reducing the need to carry cash and making it easy to shop online and by telephone.
However, spending with plastic can sometimes be a little too easy, as it doesn’t always feel like you’re actually parting with any cash. This means the temptation is to spend without thinking about the consequences too carefully, until you hear the ominous thud of a huge credit card bill hitting the doormat.
If you’ve been caught out like this, the size of your card debt may seem overwhelming, but don’t panic – there are a few simple steps you can take to start getting your debt back under control.
Try and make a little more than the minimum payments:
The minimum payments required by credit card companies have steadily fallen over the years. Where once it was typical to have to repay a minimum of 5% of your balance every month, it’s now common to only have to pay 2.5% or 3%. With repayments this small in proportion to your debt, a large chunk of each payment gets swallowed up in interest charges. Depending on the APR rate of your card, up to 75% of...
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