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Credit Card Debt Solutions

Updated September 2016

Are you having problems and need help with credit card debt?

Are you only paying the minimum amount each month?

Are you behind, getting late fees, been defaulted or being called by debt collectors?

There are times when you feel like you’re drowning in debt woes, unpaid fees and debt collectors at your door, but that’s not a reason to lose all hope. Safe, carefully planned solutions to your credit card debt are very possible with the right research and professional support.

Credit card repayments can be doable if you follow a strategic plan.

Credit Card Debt

Credit card debt is a huge problem in Australia. Aussies currently owe almost $45 billion on credit cards, or $4335.52 per person with a credit card. The average person pays $700 on their credit cards per year, if their interest rate is between 15 – 20%. If you have credit card debt and savings, you can decide whether to use these to pay off your debt.

However, the number of people with a credit card has gone down, meaning that we have an increase in people owing more. The average client we help has $35,000 in credit card debt.

Credit card debt is particularly hard to clear because of the minimum payment. The minimum payment just clears the interest and a tiny fraction of the principal. If you only pay the minimum it could take you 11 years to pay off your credit card.

Credit card debt is also manageable with a doable process that you can stick to. You can easily develop a repayment plan that you can commit to with a stringent set of rules:

  • Limiting your spending to only purchasing essentials;
  • Reducing card interest rates through your creditor;
  • Pay off your balances with high interest rates first;
  • Freezing charges whilst you’re repaying.

Feel at ease by following a credit card repayment plan.

Consequences

If you’re falling behind your repayments, receiving fees for paying your repayments back late, or you’re failing to abide by the regulations set out in your contract, asking for support is always an option.

For some, it can just be a short term option that often results in a quick fix, but it’s not the same for everyone, which is why it’s important to understand the consequences that can arise when dealing with credit card debt.

Methods include:

  • Financial counselling;
  • Compare interest rates and charges with other services;
  • Liaising with your ombudsman.

These are just some of the options that you can consider when you’re dealing with repayment issues. While these are options you may want to consider, methods mentioned above are services we cannot provide, and it is your choice to take action.

The most important thing to take away from your credit card debt issues is that you’re not alone. With over $45 billion on the credit card bills in Australia alone there are many people that are eager to seek help with their credit woes.

Let us help you get out of credit card debt with our debt solutions.

Debt Mediators are experts in assisting Australians struggling with credit card debt. We’ve assisted over 11,000 people get out of credit card debt. Contact one of our debt experts to learn more about credit card balance transfer and credit card consolidation solutions and see if we can help you.