We are seeing increasing numbers of requests for consolidating high cost credit cards and store cards often carrying APR’s in excess of 30%. Credit card debt can be dangerous and often result in payments of hundreds of pounds per month and balances only ever reducing fractionally, with the temptation to reuse the credit facility when available.
Martin Lewis (Money Saving Expert) has some interesting facts on this – BEWARE, DANGER! Borrow £3,000 at 21 and you’ll be almost 50 before it clears! That’s what happens if you just make minimum credit card payments – their evil genius can lock you in perpetual debt, boosting banks’ profits.
Don’t suffer in silence, contact the Co-operative Credit Union to see if we can make your life easier by consolidating your debt with one affordable repayment. You may save thousand of £’s in the long term.