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Beating credit card debt

As UK credit card debt continues to spiral higher with more and more people in the UK unable to cover their interest and capital repayments there are concerns that the situation is running out of control. The fact that UK credit card companies have recently increased interest rates has also added to the substantial problems which many people are suffering. So how can you reduce your credit card debt?

The main problem with credit cards is the fact that they are too convenient when shopping and many people use their cards as opposed to debit cards, where the money is automatically debited from their bank accounts. Those who are in serious credit card debt need to cut their cards up as soon as possible and re-adjust their everyday budgets to pay off as much as possible. Many people seem to forget that the interest on interest as well as the capital, which needs to be paid, can soon add up if nothing, or even the minimum is paid off.

A number of surveys have shown that a serious number of consumers in the UK do not even know the total of their credit card debts at any one point in time. This is perhaps the most worrying aspect of the debt culture in the UK.

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