Qualified advisers answering your
Financial Questions
call 0800 092 1245

Is it time to switch your credit card debt to a loan?

As more and more people across the UK continue to try and repay their credit card debts many are seeing a month by month increase in minimum payments as interest rates remain high. However, there is concern that many are not taking advantage of the options available to them. As we mentioned in one of our earlier post, the average credit card purchase interest rate now stands at a staggering 18.1% compared to a base rate of 0.5%. Surely now is the time to consider converting your credit card debt into a standard fixed term loan?

The problem that many people in the UK have at the moment is the fact they would rather bury their head in the sand and hope everything recovers in due course, but unfortunately this will not happen. Those stuck in the credit card debt spiral are unable to pay off their interest which then increases their credit card debt, increases interest payments and reduces the amount of capital they are able to pay off each month. In effect, many people across the UK are seeing their credit card debt increase on a month by month basis despite the fact they are paying off as much as they can with no new spending.

As always, professional advice should be taken before you switch any of your assets or convert any of your debts into loans.

Share this..

Related stories

81pc of over 50’s will stop seeing Financial Advisor

A survey carried out by the has revealed that an incredible 81pc of over 50’s say they will no longer be seeking financial advice, as the fee they have to pay upfront is too much. When looking at the total population of over 50’s in the UK, this equates to an astonishing 17 million people. Charges were introduced at the... Read More

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details