Bin the credit card to reduce the pressure
Only lately have we seen the focus shift away from general banking to the credit card industry, with the UK government implementing a number of guidelines to assist those in financial trouble. In essence, credit card companies have promised not to chase customers in default until they have been given time, either by using the credit card company's advice line or a third-party advice line, to get their affairs in order. While this is all very useful, in many cases it can be a case of "closing the gate after the horse has bolted".
In the real world there is only one person who can help you reduce your credit card debt, and that person is you. Bin the credit card if you are over your limit or approaching a situation which will impact upon your monthly budget. Many people across the UK have been caught by the easy access to use their credit cards in situations where they would normally walk away if they had no money. While there's no doubt that credit cards are very useful in many cases of everyday life, they do offer the potential to shift from a fairly stable financial situation to one which could literally take years and years to pay off.
Share this..
Related stories
Should finance be taught at school?
This is a subject that we have covered on a number of occasions in the past and one which tends to attract significant interest. Youngsters at school are taught how to read, how to write, how to spell as well as an array of other vital elements needed for the future. However, while we teach people how to work and what they may be good at, there is no formal financial training to make people aware...
Read MoreIs deflation the next problem for the UK economy?
As the UK economy continues to struggle, despite an array of positive reports, the Bank of England statement today would indicate that deflation is still a potential problem for the UK. Mervyn King revealed that inflation is likely to miss the banks 2% target until possibly the end of 2012 and will stay below 1% for the foreseeable future. As a consequence, it looks as if deflation rather than inf...
Read MoreMore Promise Of Good Times For First Time Buyers
In a move which is more headline grabbing than practical, the government has announced a new scheme to ease the pressure on first time buyers. The scheme will involve those who qualify paying reduced rent on a property while they save up a deposit to buy in the future. Once they have saved for the deposit they will then be able to buy a share in the property, starting at 25% which can then be ad...
Read MoreMutual funds 'to become more popular'
Investors will prefer mutual funds over other strategies due to the current financial turmoil, a new report claims.According to Strategic Insight, the relative transparency of the instruments, as well as the diversity of their investments, will boost their popularity.This comes despite the recent falls on equities markets, caused by the ongoing credit crisis.In one week earlier this month, the fla...
Read MoreBanks 'met with chancellor over share sales'
Three major British banks would be amenable to the government buying large numbers of shares in the firms, the BBC reports.According to the broadcaster's business editor Robert Peston, executives from RBS, Barclays and Lloyds TSB met with chancellor of the exchequer Alistair Darling.Mervyn King, the governor of the Bank of England, was also in attendance.Writing in his blog, Mr Peston said that th...
Read More