Credit card debt mounts up more quickly than any of us realise

Many people count on their credit cards in order to help meet the bills every month or to take care of large purchases that they need. However, while it may be nice to have a credit card to rely on, not everyone can pay off the balance every month which can make it easy for the amount of debt you owe to quickly add up.

This is due to the fact that a high interest rate can turn a medium balance into on e that is quickly overwhelming. If the balance continues to grow the situation gets even worse.

This is why if you are trying to get your debt and credit card spending under control the very first thing to do is see what interest rate you are being charged. The average annual percentage rate in the UK is 17.31% so it is likely that you are paying something close to this.

It is possible that you could be paying a 0% interest rate for a few months if you qualify; which is all you may need in order to get control over your balance. You may want to think about switching your balance from a card that has a high APR to one that has a zero balance to spend money every month in interest.

A simple three thousand pound debt from one card that is moved to a zero interest card can help you save as much as seven hundred pounds over 22 months.

Of course, you need to make sure that you pay off most of the debt before the free interest period is over, or at least get close, but the reward is going to be large. Make sure you do not miss a payment however as this is often cause for the credit card company to hike your rate right away.


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