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Is it time to ditch that credit card?

As credit card interest rates show very little sign of falling back many people are starting to wonder if it is time to ditch that credit card, convert into a loan and live within their means in the future. This is a quandary which many in the UK will face over the next few months as the credit card bills keep falling through the letterbox with little spare cash to make a marked dent in the figures. So is it time to convert them into a loan and bin them?

While for many people the sensible thing would be to bin the card and arrange a regular repayment strategy to pay off what is outstanding, the credit card companies seem to have a tight grip on customers at the moment. Loans are very hard to come by, credit card companies are not being too helpful and more people will actually be pushed into serious financial trouble by their plastic friends.

However, as and when the investment markets pick up and the loan markets loosen a little this would be the perfect time to convert high cost credit card debt into a manageable loan. But will people be so brave as to do it?

The problem is that when the good times roll again and the financial companies are falling over each other to give you credit, people will forget the bad times, until the situation is out of hand and then it will be too late!

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