New Government proposals could have an impact on those who overspend on their credit cards it has been revealed. One of the proposals is a ban on lenders having the ability to raise the interest rates on debts they have already incurred. The raising of minimum payments could already be banned along with unauthorised extensions of credit.

While any of the above may help those who need debt help there are also other ways of being able to pay off debts that you are struggling to maintain. If you have a debts problem, you may want to consider a debt management plan or an IVA to become debt free. With either of these, you can arrange to pay a fixed amount each month through a debt management team and when the term of the agreement has been reached you will have paid off the money you owe.

The new proposals along with good money management could ensure that the amount of debt in the UK drops as citizens begin to benefit from a more responsible credit card industry. For now if you want help and advice on any debt problems contact a debt management team and see if you can work out a solution to your debt problem.