How to Make Credit Card Repayments Easier to Manage

Credit cards are much more of the norm these days, with a huge majority of the population having at least one. And, whilst credit cards can really come in handy when it comes to having money to spend when you’re nearing the end of the month or if you need quick cash due to a financial emergency, they can also be a huge pain to pay off – especially if you have a few of them. If you’ve got credit card payments flying out of your account left right and centre, it can be a pretty stressful situation to be in. Thankfully, there are a few things that you can do today to help make it a bit easier to stay on track.

Consolidation Credit Card

Yes, you did read that right – take out another credit card! But, this one won’t be used for spending – you’ll use it to pay off the debt that you own on your other cards (or at least as many of them as possible). Once you’ve done this, you’ll be able to consolidate some or all of your monthly credit card payments into just one, single monthly payment which will probably be a lot less than the amount that you’re currently paying. Be careful when looking for credit cards, though – make sure that you choose one which offers free balance transfers.

Consolidation Loan

If you don’t want to take out another credit card or can’t get accepted for another one, you might want to consider taking out a consolidation loan. These loans are designed in much the same way as balance transfer credit cards, except for the fact that you have the money deposited directly into your bank, where you’ll use it to pay the balance on your credit cards. All you will then need to pay is the minimum monthly repayment that you agreed to when you took out the loan, making your debts instantly cheaper and easier to manage. Find debt consolidation loans for poor credit at themoneyhub.co.uk

Debt Management Plans

If you have been struggling with your debt for a while and have missed a number of payments, chances are that your credit score will be too low for you to be accepted for either a consolidation loan or credit card. But, there’s no need to worry – even if you can’t use a new line of credit to pay off your old ones, there are still plenty of options for you to choose from. An example of this would be a debt management plan, where you pay only the amount that you can comfortably afford on your debt repayment per month. These plans are usually set up through a third-party company who will negotiate with creditors on your behalf to get monthly repayment amounts lowered and in some cases, interest and charges frozen. Citizen’s Advice have a lot of helpful information about debt management plans.

How do you manage your credit card repayments? If you have any helpful tips to add, we’d love to hear from you in the comments.