Credit card consolidation from WB Debtcare – helping you deal responsibly with your debt.
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Credit card Consolidation – information to consider
Making payments with a credit card is simple and convenient and, with touch payments, it’s even easier. However, credit card debt can easily become unmanageable.
Consolidating debts involves replacing several debts with one larger loan.
Credit card consolidation can be an option for many, helping to manage credit card debt more effectively. A debt management solution from WB Debtcare could reduce your monthly repayments
, making your financial life more straightforward.
How does credit card debt work?
Whenever a credit card is used for a purchase, you are borrowing from the credit card company. The company will expect a minimum repayment each month. Anything not paid off at the end of each month, will accrue an interest charge.
Should a consumer only pay back the minimum amount each month, the interest will build up, meaning it could take a very long time to pay off the full balance.
Overspending and late payments could also add to the financial burden.
Credit card Consolidation – the case against balance transfer
Some credit cards allow you to transfer the balance from one card to another. Transferring debt from a card with high interest to one with low or 0% interest can help you pay off the debt faster but an issue is, in order to get one of these credit cards, you must have a strong credit card rating.
When it comes to credit cards, paying off debts more effectively could involve transferring the balances of multiple credit cards to a new one. However, some credit card providers only offer low rates for a limited time. There is also a balance transfer fee, meaning the fees and interest could soon add up.
If you choose to consolidate credit card debt via this method, it’s important that you don’t spend any more on the card. The more you spend, the worse the situation will get! Somebody with financial difficulties could also face additional fees for late payments or overspending
If you only settle the minimum payment amount each month, the amount of interest to pay back will accumulate over time. This means the balance could take a long time to clear. This is compared to the 48 months
which is the maximum duration of a Debt Management Solution from WB Debtcare
How WB Debtcare can help with credit card consolidation
Credit card debt can also be consolidated by using a Debt Management Solution to help manage outstanding balances. WB Debtcare is able to advise
on credit card consolidation accordingly.
Credit card debt solutions
Keep in mind that if you are in a dire financial position, it’s unlikely that debt consolidation via credit cards or personal loans will help. Moving debt from one place to another is very rarely the answer, especially if you’re already struggling to pay off your debts.
We strongly recommend that you contact us
for debt advice and help before taking on any kind of credit card consolidation via loan or card. We can identify the best solution for you, your finances and your lifestyle. We’re happy to help every step of the way and we’re committed to ensuring all of our customers get the best possible service from us.
Credit card debt consolidation advice
If you’re struggling to cover payments on your credit card, even minimum payments, you may need credit card debt advice rather than a credit card consolidation. At WB Debtcare, we’re happy to provide help with any credit card debts you may have and can offer solutions that won’t leave you any further in debt but instead will help you get back to a financially happy position.
If you’d like to find out more about WB Debtcare, and how we can help you with your credit card debt, credit card consolidation or anything else, please get in touch
– we look forward to hearing from you.
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