by : Aisha Cristal

It is not an exaggeration of fact that the recent decade has been witnessing an explosion in levels and numbers of credit card debt among the Britons. The relative ease of obtaining plastic money coupled with the anemic growth of wages has inspired more and more Britons to spend more than they make. Many of them are in a regular practice of living on borrowed money. It is easy to collapse under the pressure of crushing credit card debt. But smart people take some sensible steps to protect themselves and their credit worthiness.

It is a myth that getting into debt is easy and getting out of debt is difficult. The loan that took only days or weeks to accumulate can take years or even decades to get rid of. You may be aware of the statistics of the BoE that a small credit card balance can take 30 years to pay off if only the minimum payment is made each month. Such statistics evoke despair and wonder. But there are simple tools which makes the crushing credit card debt paid off.

The solution for this situation is debt management help. Even in the worst cases, the outstanding can be paid off and the individual involved can go on to a life of financial independence and stability by adopting these plans. Financial knowledge, patience and reduction of expenditure works as a magic for a debt loaded person. The plans offer a sound knowledge of how the credit card industry works. It also advices you to have the patience to stick to a strict payment and spending schedule.

When you are in close contact of an agency dealing with debt help, you will find that the banks that issue credit cards count heavily on their cardholders not being able to pay their balance in full each month. It is shocking but true. Credit card companies want you to spend more than your income. The dreadful secret of the credit card industry is that they make a large proportion of their income from the finance charges, late payment penalty and over limit charges. So it is always advised to make the rational use of plastic money.

The debt management agencies not only provide you expert financial help but also negotiate with the banks. Once the negotiation is over, you need the dedication and patience to stick to that schedule. In case you miss a payment, or if you are late, the bank may call off the repayment schedule and demand their money back at a time. This can be disastrous to your credit rating as well as your finances.