Keep track of credit card debts, consumers urged

Tuesday, June 22nd 2010

Britons who have settled on securing a credit card to solve their money worries may be interested in the advice of one consumer.

Mallory Megan, writing for Finance and Financial Services, says even if moving into debt is inevitable, putting just a small amount aside each day can help reduce the time a person stays in the red.

The author suggests a debt totalling several thousand pounds can be paid off in a relatively short time if this tactic is deployed.

And for those people who have been paying off their borrowings for several years, attempting to enter negotiations with a credit card provider could just work, the writer advises.

Finally, at the very least, people should know their cards and the exact terms and rates associated with each one - a ploy that may help to avoid any nasty surprises.

Credit Action estimates £186 million is paid by UK card holders in interest every day.