Yes it could is the answer!
Credit Cards can be a great tool in life to purchase/pay off something when you don’t quite have the funds & wish to pay back later but, they can also make your situation much worse.
If you have a good credit history there are always great offers out there from credit card companies such as 0% interest for so many months but, sometimes we get carried away and often run up the limit on these cards and try to swap from one 0% interest card to another until it can’t be done any longer and then the payments are too high to manage.
This is very common as we get a lot of enquiries where people in Scotland will take on the credit cards and can’t meet the repayments or have been paying the minimum payments for so long but can’t see the debt going down & can’t keep on paying the minimum payment for much longer.
If you take just the going rate for a good credit rating card, you are looking at a rate of 17.9% and the average credit card bill of £3000, making the minimum payment on that one card alone would look like;
One month – £71.50
Month two – £70.75
One year – £63
Five years – £39
Ten years – £21
Twenty years – £6
Twenty seven years – Debt cleared
This would happen as the longer it takes to be paid back the more interest builds up over time, paying back over £4000 of interest that is more than the debt itself.
Most people have in the back of their mind that they will somehow over time be able to increase their payments or find a lump sum to clear them however this isn’t always the case, especially when other debts need to be paid such as loans, mortgages/rent, car payments etc. & unexpected expenses don’t help either!
What can be done to clear the debt if you are finding it hard to keep up with all the repayments?
Here at www.scottishtrustdeed.info we help many Scottish individuals every day with a piece of Scottish legislation called a Scottish Protected Trust Deed that can write off all un-affordable debt & you only pay back what is affordable over 48 months. This can reduce the stress of dealing with your debts as you no longer have to speak to your creditors and you can have the peace of mind knowing you know when you are going to be debt free & you will no longer be hassled to pay more and more each month.
If you would like help with your credit cards get in touch;
01415821452
enquiries@solutionsscotland.co.uk
www.scottishtrustdeed.info
List of common credit card compnies
AA Credit Cards
Abbey Credit Cards
Alliance & Leicester Credit Cards
Amazon Credit Cards
American Express Credit Cards
AOL Credit Cards
ASDA Credit Cards
Bank of Ireland (NI) Credit Cards
Bank of Scotland Credit Cards
Barclaycard Credit Cards
Barnsley Credit Cards
Beneficial Credit Cards
BMI Credit Cards
Britannia Building Society Credit Cards
British Airways Credit Cards
Capital One Bank Credit Cards
Cheshire Building Society Credit Cards
Citibank Credit Cards
Clydesdale Bank Credit Cards
Co-operative Bank Credit Cards
Debenhams Credit Cards
Egg Credit Cards
First Direct Credit Cards
First Trust Bank (NI) Credit Cards
GE Money Credit Cards
GM Card Credit Cards
Goldfish Credit Cards
Halifax Credit Cards
Hilton HHonors Credit Cards
HSBC Credit Cards
Intelligent Finance Credit Cards
ipoints Credit Cards
John Lewis Credit Cards
Leeds Building Society Credit Cards
Lloyds TSB Credit Cards
Loughborough Credit Cards
Marbles Credit Cards
Marks & Spencer Money Credit Cards
MBNA Europe Credit Cards
Melton Mowbray Credit Cards
Mint Credit Cards
Morgan Stanley Credit Cards
Nationwide Building Society Credit Cards
NatWest Credit Cards
Northern Rock Credit Cards
Norwich & Peterborough Building Society Credit Cards
Post Office Ltd Credit Cards
Royal Bank of Scotland Credit Cards
Ryanair Credit Cards
Saga Credit Cards
Sainsbury’s Bank Credit Cards
SAV Credit Limited Credit Cards
Sky Credit Cards
Smile Credit Cards
Stroud & Swindon Building Society Credit Cards
Tesco Personal Finance Credit Cards
Thomas Cook Credit Cards
Ulster Bank (NI) Credit Cards
Vanquis Bank Ltd Credit Cards
Virgin Money Credit Cards
Yorkshire Bank Credit Cards
Yorkshire Building Society Credit Cards
