Credit cards can be a wonderful thing if managed properly. They can spread the cost of expensive items, and give us chance to save up before paying for something we are enjoying immediately. But it is easy to get carried away, overspend and even forget how much we owe, especially during the busy Christmas season. If you had a nasty shock when your credit card bill arrived this month, don’t panic!
Most bills are paid off in monthly instalments or by a one-off payment, but if you find yourself unable to afford even the minimum monthly payment, there are options. The first is to urgently seek advice. Most banks and credit card providers have trained staff who will do their best to guide and advise what is best for you; and for store cards, see the card statement for the correct contact.
Another option may be to transfer your balance to a credit card offering interest free credit for a limited time. This would avoid the build up of interest, but be aware that it usually incurs a one-off transfer fee (very little is totally free!) and some might consider this option “robbing Peter to pay Paul”!
Money issues can be very stressful. If you, or someone you know, is in need of help, please call the National Debt Helpline on 0808 808 4000 or visit https://nationaldebtline.org. They offer free, confidential and impartial advice, which should show a pathway to mitigating the damage or hopefully resolving the problem.
For any further information, please contact me.
Norman Anderson, Todwick Neighbourhood Watch todwick.nhw621@btinternet.com
