Credit Card companies reducing the time and offers of 0% interest

Credit Card companies reducing the time and offers of 0% interest

credit-card-introductory-offers-reducing

According to a recent article lenders are slashing the amount of time on their 0% interest deals and increasing the payments after the introductory periods are over.

When it comes to credit cards (the number one type of unsecured debt in the UK) a lot of credit card owners are looking to extend the amount of time they have to repay their credit card debt through moving the debt from an interest paying card to one with introductory 0% special offers.  The longest periods of 0% are now 29 months (majority are only 3 – 6 months) compared to 43 months in 2017, the balance transfer fees have increased and the interest charged after the introductory periods are averaging at 30%+.

With growing uncertainty (consumer confidence remains as -8 points) and with British consumers owing a total of £72.6 billion in credit card debt alone (source) the problem is that the number of those who are on the introductory offers that quickly expire could cause issues for millions of families across the UK.

The Executive Chairman Dr Roger Gewolb of FairMoney said “We are in a whirlwind of debt and consumers are juggling what they own onto credit cards. This can be a dangerous game to play in the medium and long term, with introductory rates quickly becoming high-interest, making them difficult to pay off’.

Can Credit Card debt be written off?

As a FCA (Financial Conduct Authority) authorised and regulated company our team of experienced debt advisers have helped over 30,000 clients throughout the UK move on from their debt problems. 

At Get Help With Debt (part of the CD Fairfield Capital group) we offer free, confidential advice based on your individual circumstances.  Find out the answers to the most commonly asked questions regarding our debt services here.

What options may be available to me?

It is important that you know the options that are available to you, you can discuss any of these options with one of our specialist debt advisors on 028 90 393 626:

  • IVA – There is no minimum amount or maximum amount to qualify for an IVA. However, it is normally not the best option to deal with your debts if they are below £8,000.
  • Debt management plan – There is no minimum amount or maximum amount to qualify for an IVA. However, it is normally not the best option to deal with your debts if you are unable to clear them within 10 years.
  • Self-petition bankruptcy – There is no maximum or minimum amount of debt that can be included in a bankruptcy. However, a creditor can only issue a bankruptcy petition against you if you owe them £5,000 or more.
  • Debt relief order – You can only owe a maximum of £20,000 to qualify for a DRO. There is no minimum amount.
  • Re-organisation / consolidation loan – Multiple Creditors looking for settlement, or struggling to continue with unaffordable repayments? There are options for an agreement with your creditors so your debts continue to be paid over a set period of time.  This results in a reduced single monthly payment when compared to the current unaffordable monthly payments being made.

What Can I do if I am struggling to pay of credit card debt?

Get Help With Debt are authorised and regulated by the Financial Conduct Authority and only ever follow strict advice guidelines. If another solution is better for you, we’ll advise you of it during your free consultation If you are worried about the cost and affordability of repaying all of your debts then call to arrange a no obligation chat with one of our experienced advisors today on 02890 393626.

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See If You Qualify For One Of Our Debt Options:
Total Sum Of Your Debt:
How Many Creditors do you have?
What Types of Debt Do You Have?
Your Residential Status:
You Qualify for a few different debt options.
Fill in the confidential form below and we will be in touch with you