Tips On How British Women Can Climb Out Of Their Growing Credit Card Debt
More women in the UK are spending money on credit cards than at any other time. In percentage terms, there are now more British women spending more each month than they earn. Savings among British women it at an all time low. Average credit card debt among British women is nearly £4,000! All of this means one thing: more and more British women are now faced with the prospect of having an un-payable credit card debt than at any time before. So, how can British women climb out of their growing credit card debt?
0% credit card consolidation
With the UK credit card industry at its most competitive ever, many UK credit card providers offer 0% interest rate credit cards for balance transfers. If you are faced with a mounting credit card bill, with high chargeable interest rates, now is the time to consider transferring your credit card balance to a promotional 0% credit card provider.
In addition, many of these UK credit card providers also offer 0% interest on any purchases made during the promotional period. As such, not only is this a very cost effective way to try and reduce your UK credit card debt, but it also a much cheaper way to fund any essential purchases you need to make on your credit card while you are trying to reduce your existing credit card debt.
Personal loan
If you cannot transfer your existing UK credit card debt to a 0% credit card provider, then likely the next cheapest way you’ll find to reduce your credit card debt is to apply for a personal loan from your bank and to use the money from your personal loan to repay your credit card debt. The reason why this is likely to be a cheaper way for you to repay your debt is because the interest rate on UK credit cards is more often lower than that applied to UK credit cards. You do, however, need to be careful that you do not run up another huge UK credit card debt once you have paid off the old debt with the personal loan.
Family
Over 50% of British women who have credit card debt have admitted that they have asked their families to help them in repaying their spiraling debt. Although this may not seem like a very attractive option to you, the high rates of interest and fees usually charged on UK credit cards means that if you have an out of control UK credit card debt, it is going to be extremely tough to repay this without some form of help. So, now is the time to turn your family and ask for help. You should keep in mind however that your family is only likely going to help you out of your UK credit card debt problems once!
Become more financially aware
The fact of the matter is that we all need to become more financially aware. If you have a credit card and like shopping then you should either leave your credit card at home or apply restraint when shopping. Using a UK credit card is not “free” money. You will have to repay the credit card provider – and it is very likely that you’ll be repaying a lot more than what it cost you to buy the item on your credit card in the first place. Although it may sound boring to say that you should save up before buying a new pair of shoes, clothes or jewelry, if you want to avoid becoming one of an increasing number of British women facing the prospect of not being able to repay their UK credit card provider, this is exactly what you need to be doing.
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