Reduce Credit Card Debt
Two No-Nonsense Ways To Reduce YOUR Credit Card Debt
Thank you for visiting the Reduce Credit Card Debt website. There are two main strategies for reducing your credit card debt. One is to apply for a debt management plan or IVA, and the other is to transfer your balance to another card. One of these is right for you, depending on your circumstances.
Arguably most effective and permanent method to reduce credit card debt (or indeed any kind of debt) is actually to take your whole debt and wrap it into some kind of debt management program. The best type of these is an IVA (Individual Voluntary Arrangement). The remainder is then paid off in manageable chunks over a period of 60 months, although this can vary according to circumstances. An IVA is a legal document and not to be undertaken lightly. Your IVA will be drawn up by a qualified and experienced Insolvency Practitioner and will be legally binding. To look into a debt management plan or an IVA click here.
Another good way to reduce credit card debt is a bit more conventional, and that is simply to transfer your balance to a credit card which offers 0% APR for a period of months. You may then transfer the balance to a different card altogether at the expiration of the interest-free period. There are plenty of cards that offer interest-free periods and you can see a good selection by clicking here. This site offers a valuable additional service which sends you a reminder email when the 0 APR period is about to end, so that you can transfer the balance to a new card again. Over the years you'll be saving thousands of pounds in interest charges by doing things this way.
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* In Scotland, a Protected Trust Deed (the long-standing equivalent of an IVA under Scottish law) can write off up to 90% of a person's unsecured debt.
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