Credit Card Holders Stuck In Debt Trap
As the UK debt mountain continues to rise we are seeing more and more credit card holders trapped in situations which are fast moving out of their control. Many in the UK had been using the credit card surfing phenomenon to reduce their monthly interest charges, allowing them to eat into the actual underlying debt position. However, the market for new credit cards and transfers has changed dramatically and many are struggling to cover their growing interest charges.
A recent report highlighted the lack of 0% balance transfer options in the market and the affect which this is having on many who have large credit card debts. As historic interest free periods draw to a close and underlying credit card interest rates continue to remain high, many are starting to feel the pressure.
While a recent report highlighted the fact that bankruptcies in the UK have been falling of late many feel this is just a short term position. As the difficulties in the financial markets continue to affect the UK public, and those with large debts, many will need to come forward for professional help. Transferring your credit card debt is becoming more and more difficult and event those who can transfer are finding that 0% balance transfer offers are very few and very far between.
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