Credit card debt problems
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If there is one financial instrument in the UK, aside from property, which has pushed more people to the edge than any other it has to be the credit card. The ability to use your flexible friend in 99% of shops in the UK has seen many people build up significant credit card debt at a time when the UK economy is struggling. Credit card debt problems are more commonplace than many people would have you believe and with UK credit card companies pushing their new purchase rate up to 18%, compared to base rates of 0.5%, the situation is certain to get worse before it gets better.

The UK government recently stepped in and allowed an extended period of reflection for credit card companies in the event that their customers were in serious financial difficulties. However, many people believe this is just delaying the inevitable as the UK economy shows no signs of recovery in the short to medium term. If you are struggling to repay credit card debts, your mortgage may be behind or your loans are not up-to-date then you need to consider looking towards a trust deed or similar financial arrangement.

Trust deeds are the Scottish version of IVAs and have become a vital tool for those falling into financial difficulty. Speaking to a trust deed provider is very simple and they will talk you through the process of putting together a trust deed and repayment plan which will then be presented to your creditors. They will hold your hand from day one and will be there for the duration of your trust deed to ensure everything is above board and payments are made on time.

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