subject: Sensible Credit Card Debt Solution Services [print this page] Despite the fact interest rates are at an all time low lately, it would appear that The Bank of England failed to tell the banks and building societies about this, as they are still insisting on charging interest rates on credit cards that can only be described as criminal. There is less money around nowadays but lenders are still insisting on squeezing every last pound from us to pay back what we owe. It is at times like this when a record number of people are seriously contemplating credit card debt solution services that will help them to save in the longer term.
0% APR Credit Cards
Firstly, you may well like to mull over the idea of transferring your existing credit card balance to an alternative provider that is offering a 0% APR rate for a significant period of time. It is very rare that you will be able to negotiate a better interest rate deal through your existing card provider, trust me, they are usually very stubborn; therefore this may work out as being one of the most sensible credit card debt solutions.
Once the balance has been transferred to an alternative provider, it is vital that you destroy the old card straight away. If you start dipping into this balance later on as well, you are only going to escalate the problem and this would lead to an even larger debt settlement problem.
Also, do try to transfer the balance to an alternative card that has a sufficient 0% APR rate period. Dont be fooled by deals that only last a couple of months as you will not really derive the most benefit from such credit card debt solution services. Longer and more worthwhile deals are out there, so do your homework first.
Alternative Debt Settlement Programs
If things have become somewhat more of a problem for you and other credit card debt solution services would not really seem sufficient, you may well wish to approach the best debt consolidation companies to help you to get your finances back on track.
This is an ideal course of action for you when you are struggling to pay off debts that have mounted on credit and store cards that charge exorbitant interest rates. A debt consolidation loan may well be able to offer you a far more favorable interest rate and over a sufficient amount of time. In turn, this could culminate into a monthly repayment figure that is far more affordable to you. These types of credit card debt solution services are ideal for many people but should not be used as a way to free up credit on the accounts.
In more extreme circumstances, you can also approach debt consolidation companies to ask them about IVAs (Individual Voluntary Arrangements). These plans were mainly conceived as an alternative to bankruptcy and although they are not a quick and simple debt reduction fix, they can be exceptionally viable lights at the end of very dark tunnels.
