Why Have U.K. Credit Card Companies Been Hiding This Secret From Their Customers?

I f you’re paying close to 19.99% interest rates on your credit card balance, you’re going to want to know about this secret that is saving people money all across the U.K. It can help you reduce your payments or payoff debt faster.

Credit card issuers are scrambling to keep people from transferring their balances, and their tactics are working. Don't fall for their tricks and become another victim—your finances could be at stake!

If you're failing to make full payments, you're likely overpaying insurmountable interest rates as high as 19.99% which can add up in the long run. If you are carrying a large balance on one of these high-interest cards, you’re in even more trouble!

Here's an example: if you have a balance of £10,000 on your card, and make monthly payments of £200 at 19.99% if will take 109 months (over 9 years) to pay off the debt. This figure doesn’t even include any late-payment fees, and when it’s all said and done, you will have paid £21,660.67 for that initial £10,000 which is a 116% increase from the original amount. Credit card debt can quickly spiral out of control if you don’t stay on top of it which is why being vigilant in your efforts to reduce it is vital to your financial success.

There are two helpful solutions. You could try to negotiate a lower interest rate with your current credit card company, but chances are they will reject you.

First, you could use a debt settlement company. They frequently use their proven track record to renegotiate debts with your bank or carrier using an IVA proposal. They work with clients that they believe can get the new sum paid off within 60 months. However, this comes at a cost and can cause harm to your credit in the short term. If your credit score doesn't matter currently and you just want to get out of debt, this can be an appealing option (especially for those going through financial hardship). You can check for these companies below.

Secondly, the easiest and most efficient way to reduce credit card debt is to apply for a debt consolidation loan! Not only can this be used for credit cards, but also to help pay off vehicle loans, appliances, and other monthly installment payments. Here's two reasons why transferring your debt should help your credit rating at a much greater rate.

First, when you transfer your entire credit card balance, your old credit card goes down to 0% utilisation. Now, your overall utilisation has lowered. This means you're using less of your available credit. The less of your available credit you use, the better for your credit score.

Second, if you transfer your balance to a low interest loan, you'll pay down your debt faster. This improves your utilisation because you no longer have to pay high interest rates on your remaining balance.

It's effortless to pay your credit card balance with a simple balance transfer. Simply transfer your existing balance over, and get a second chance at paying off the balance at a much lower rate!

These strategies can work to pay off your debts faster and for less.

Here’s what you need to do to get started:

Step 1: Confirm your region.

Step 2: Continue to the next page and view debt strategy categories. Then, instantly see offers and compare debt relieft options!