Adverse Mortgages UK

Showing restraint and planning finances will see people wipe away their credit card debt, a consumer finance company has claimed.

Switching to a card offering a period of zero per cent interest may also benefit those looking to reduce their bill - with Moneyextra suggesting that simply stopping spending on it will also cut down outgoings.

According to the organisation, a common mistake made by people looking to pay off their debts is to suffer large bills while maintaining savings.

This money could used to help pay off more than the minimum amount each month, it added.

Furthermore, budgeting will see consumers draw up and maintain a reasonable spending amount, keeping them on track to clear the debt.

Recent research from uSwitch.com has found that credit card users withdrawing cash on their accounts may be unaware of the true cost of the exercise.

The company found rates to be as high as 27.06 per cent.

© Adfero Ltd

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