Following UK Finance’s latest lending update, Tashema Jackson, money expert at uSwitch.com, says: “The growth of outstanding credit card debt, at the highest rate since the financial crisis, could be a wake up call for millions of consumers who are ever more reliant on their credit cards to make up the shortfall on their essential household purchases. This is particularly true as the cost of running a home has increased by nearly £500 in a year, putting further pressure on household budgets.
“For many other consumers, managing your debt can prevent you from falling into that cycle. Where possible, consider moving your credit card debt onto a card with a 0% balance transfer offer, as that would ensure you pay no interest on your outstanding balance. Giving you some much needed breathing space to pay it off.
“Don’t forget, when it comes to repaying your credit card debt always try to make more than the minimum repayment. It can make a lot of difference in the long run.
“However, if you find yourself trapped in a cycle of debt, don’t despair, there are charities such as StepChange that can provide you with support to beat the downward debt spiral. Get in touch and find out how they can help.”