Debt Management - Credit Card Shock

It was predicted that debt management in the UK would be eased by the Bank of England's decision to cut the base rate of interest. Banks, however, have upped the APR on many credit cards making debt management tougher.

The stuttering economy in the UK is causing many debt management concerns for consumers and homeowners across the UK. The Bank of England aimed to alleviate some of these debt management worries by cutting the base rate of interest to 5%. Unfortunately, however, there is much evidence that many banks won't be passing these savings onto their customers with many actually increasing their annual percentage rate (APR). This additional financial burden is likely to stretch many people's debt management capabilities to breaking point and experts suggest that repossessions and bankruptcies will reach 12 year highs during 2008.

Debt Management - Bumps in the Financial Road

Debt management will be an issue that is never far from the lips of homeowners across the UK in 2008 as it becomes increasingly difficult for many to make ends meet. In order to try and kick-start the floundering economy, the Bank of England decided to take the step of reducing the base rate of interest by a quarter point. Other banks, however, were not willing to pass this saving on and many decided to increase the APR on their credit cards and outstanding debts.

Debt Management - Tackling Debt

It is of little surprise that debt management is becoming increasingly problematic for the UK population. For example, financial specialists MoneyExperts, the APR being charged on a British credit card has risen from 16.56% to approximately 17.12% in the last 6 months. In a period of increasing financial uncertainty, the additional monetary burden is making many re-evaluate their debt management plans. For example, many may apply for an individual voluntary arrangement (IVA) in order to get a handle on their runaway finances. Debt management expert, Sean Gardener, stated, "Be careful what you spend on the plastic because the interest will soon mount up."

Speak to Consolidate My Debt about Debt Consolidation

Consolidate My Debt are debt solution experts who offer a range of options to those in financial difficulty. Consolidate My Debt use fully trained debt advisors to ensure they find the right financial solution for you. Financial solutions from individual voluntary arrangements (IVA) to debt consolidation are offered and Consolidate My Debt can consolidate your debt into one affordable monthly payment. To find out more about the IVAs, debt consolidation and other financial solutions on offer from Consolidate My Debt just freephone 0800 158 3654 or email enquiries@consolidatemydebt.co.uk.

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