The UK cards association, which is the credit card industry in the UKs umbrella organisation, has said that proposals have been submitted that would give consumers much better debt management options. Over 30 million of us hold credit cards in the UK and around 60% pay off their bill in full each month. Many of the other 40% only pay the minimum amount each month, which of course means that the debt takes longer to pay off. It can be so easy to keep adding onto the credit card, only to find that when the bill pops through the letterbox that you cannot afford to pay it off. If you continue to add to the debt using your card then of course debt accumulates and before you know it you may be over your head and unable to repay even the minimum repayment.

If you have fallen into debt with credit cards or other forms of unsecured loan then you can look for help paying off your debts with a debt management team, online. They may suggest you enter into a debt management plan, which allows you to pay off your debts over time. Depending on how much you owe in unsecured debts and IVA may be a more suitable choice. If you are considering entering into an IVA then seek iva advice so that you know what you are getting yourself into. Both solutions can help you to become debt free in a period and if you take money management advice you may be able to avoid the debt trap again.