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Credit card debt UK

Submitted by Paolo on Thu, 2008-01-03 12:30.

UK credit card debt is astounding and you only have to look at the figures to see how much we spend on plastic in the UK.

Recent numbers showed that British consumers have amassed a whopping £54.8 billion of credit card debt. The UK also has the distinction of having more credit cards than people with 74.4 million credit cards compared with just 60 million people.

These figures give you an idea of how serious credit card debt in the UK actually is. However, if you're worried about how you're going to dig yourself out it can be reassuring. After all, you're by no means alone.

Fortunately, to meet the demand of credit card debt there are a number of companies offering a range of solutions. It's really just a matter of doing your research and finding the right one.

A balance transfer is a nifty tool so if you have built up debt on a credit card and the interest is getting on top of you, look for offers. There are normally 0% deals to be had on balance transfers meaning you don't have to pay a penny in interest over this period. Definitely look into this, because the savings you can make can be huge.

Debt consolidation loans are also a popular method for UK consumers looking to get out of credit card debt. People with multiple credit card balances to address should be particularly interested as you can save yourself a lot of money and stress with just one simple payment.

Of course you might not neccessarily need the help of one of these procedures to get you out of your credit card debt. By simply cutting back on a few luxury items or simply budgeting better, you can quickly repair the damage. Don't forget to phone up credit card companies and tell them your situation. They might just be able to help find a solution.

We have credit card debt UK information right here which could help you to overcome you credit card debts.

0% balance transfer deals disappear

Consumers looking to reduce their credit card debt are set to find it a much tougher task as the leading providers continue to withdraw their 0% balance transfer off

Disposable incomde vanishes under cloud of debt

The amount of disposable income the average UK consumer has to spend has dropped by 30% over the last two years according to research from Abbey.

Credit card rejection won't affect debt problems

The Consumer Credit Counselling Service (CCCS) have told consumers that if they're rejected when applying for a credit card or any other form of finance, it won't affect their credit rating

Credit card debt not as appealing

New figures from the Bank of England show that the number of people applying for a credit card is significantly lower than it has been for a long time.

Credit card debt means 0% offers still in demand

According to research from Abbey, nearly 25% of credit card customers will make use of a 0% interest offer in the next year, in a bid to reduce debt.

Credit card debt loophole found

There is a loophole in UK legislation that could allow consumers to write-off huge amounts of their credit card debt, according to a

St Albans worst for credit card debt

St Albans has been outed as one of the worst areas in the UK for credit card debt, according to Experian.

Student debt more likely in Scotland

Students are advised to use credit cards to help them efficiently manage their finances, but many fall into the trap of wracking up huge bills by spending excessively on clothes, drinks and sociali

Debt help advice from Barclaycard

Barclaycard are offering credit card debt advice to students ahead of the new term, in the form of a comprehensive guide to borrowing.

Credit card debt could skyrockets as 0% deals end

The number of people in the UK pushed to breaking point by their credit card debt could be about to significantly increase, as some 5 million consumers come to the e

Credit card debt increases in second quarter of 2008

The number of consumers experiencing credit card debt in the UK is increasing, as more people turn to plastic to pay off household bills and other outgoings.

Credit cards - a beginner's guide

Anyone thinking of applying for a credit card for the first time and looking to avoid slipping into credit card debt, should read the Independent's

Credit card debt on the rise

Credit card debt in the UK is on the up as more people are defaulting on their repayments.

Credit card debt from fraud increasing

The number of people slipping into credit card debt because of fraud is on the up according to research from 192Business.com.

Credit cards financing increased cost of living

Consumers struggling with the increased cost of living are getting into credit card debt by paying their bills with plastic instead of simply reducing their outgoing

Debt doesn't stop consumers ignoring loyalty points

Sainsburys have advised consumers struggling with debt problems, to ensure that they claim the points they've accrued on their loyalty cards.

Credit card debt from household problems

More UK consumers than ever are having to get into credit card debt to repair broken down household appliances according to research from Alliance & Leicester.

Store cards still charging unfair interest

IKEA and Marks & Spencer are just two of the stores named and shamed for increasing the interest rates on their store cards and plunging consumers into further

Wedding debt a growing concern

The number of couples getting into serious debt in order to have the wedding of their dreams is on the rise, with more people happy to tie the knot and ent

Saturday is debt day in the UK

UK consumers will spend an average of £549,000 on Saturdays alone making it the worst day of the week to build up significant debt problems.

More people lying to escape reality of debt

UK consumers are lying on applications in order to obtain credit according to a new report from CIFAS, the national fraud prevention service.

Saga credit card aims to bring down debt fast

Saga have released a new credit card which can reduce debt significantly quicker than most competitor products, according to the group.

Cardiff leading the way with status debt

Cardiff has been revealed as the leading city in the UK for people borrowing money and getting into debt in order to show their middle-class status.

Credit card companies cut limits

Nearly 2 million UK consumers have seen the limits on their credit cards reduced in the last sixth months, so providers can ensure they don't spend significantly beyond their means and are unab

Split views on Halifax credit card and debt

Halifax have announced a new credit card that offers 0% interest on balance transfers and purchases for 10 months.

Co-op credit card could reduce debt

A new fixed rate credit card from the Co-Operative Bank could offer some key features to help consumers reduce the risk of credit card debt.

Credit card debt not surprising

With considerably more people in the UK preferring to spend on plastic than pay by cash, it's hardly surprising that Britain has such huge credit card d

Understand credit cards to avoid debt

Credit Action have advised customers to ensure they fully understand everything about the credit card they're using to avoid piling up significant debt

Balance transfers get pricey

The cost of a balance transfer to reduce credit card debt is set to rise as the number of companies offering capped rate deals is dwindling.

Nationwide honoured for responsible lending

Building Society Nationwide, have been awarded the most responsible credit card provider gong at the annual Card Awards.

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