Do you have a problem with credit card debt? In that case, you are not the only one. Research carried out by a UK Company NowLoan indicates that credit card debt in the UK has reached more or less epidemic levels. Over £70 billion are owed by UK households and much of that relates to credit card debt.
The Problem With Credit Card Debt
Credit card debt is very much a vicious merry go round. Once you are on this ride, it is hard to find a way to get off. It is not only adults that are affected by credit card debt in the UK. Many students are forced to max out their credit cards to pay for day-to-day living costs. Students find it harder to deal with credit card debt than many other social groups in the UK. They have no income and often rely on their parents or drawdowns from student loans to pay off credit card debt.
Students often find that when they finish their college courses or graduate from university, it is not always easy to find immediate employment. An ongoing debt situation can affect your credit status and students in the UK often have problems with poor credit ratings. Facing the prospect of paying off a credit card as well as trying to find a well-paid job is not easy. In desperation, students often take low paid jobs just to meet minimum credit card payment requirements.
The main issue is that credit card debt can’t be deferred in the same way as student loan payments can.
The Best Alternative To Pay Off Credit Card Debt Quickly
When you have a poor credit rating for any reason, it is hard to transfer your current credit card debt to a new card. Some credit card companies do offer free transfers and no interest options, but meeting with their criteria is a different thing altogether. When you have a low credit score, you are not likely to find a credit card company that will take on your existing balance.
With credit card interest rates as high as 20.01%, it often becomes impossible to make a significant indentation in the balance that you owe. If you feel that you are hitting your head against a brick wall when it comes to personal debt, it is a good idea to take a look at the alternatives.
NowLoan has helped more than one person caught up in the UK debt trap to find a solution. For instance, you can borrow £1,000 from the company and use this amount to pay off your credit card. Borrow £1,000 for over 1-year and you only pay an interest rate of 8%. This allows you to clear your name with the credit card and not have to worry about penalty charges or interest rate increases from your credit card provider.
You can focus on paying off the loan, and once you have paid off the loan on time and in accordance with your terms, you should also notice an improvement in your credit status. In other words. NowLoan can help you to both clear your current credit card debt and improve your credit status. That is a lot better than having to carry on worrying about continued credit card debt.
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