Uncontrollable credit card debts?
Many people struggling with debt often find the source of their debt problems is their credit card debts. When compared to loans, credit cards can provide a relatively quick and easy source of credit, however debts on them can quickly spiral out of control and become unmanageable. One solution to unmanageable credit card debt is a debt management plan. On a debt management plan your monthly debt repayments are reduced to suit your financial circumstances, a debt management plan will take into account your income and essential expenditure each month and what you pay towards your debts will be what you can afford.
Rather than just struggling to make the minimum payment on your credit card and only ever paying off the interest not the actual debt, a debt management plan will reduce the payments of your other unsecured debts so you can pay more towards your credit card.
Often as part of a debt management plan, lenders will agree to freeze or reduce interest and other charges, this will mean more of your payment goes towards the debt itself rather than just paying off the interest.
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