Are you struggling with credit card debts that are making your life a misery?

Not so long ago before the economy entered what is perhaps the deepest recession in history UK and global credit card companies were working overtime to tempt you to sign up for their card(s). The UK postal system was delivering thousands of letters every day offering people credit cards with significant credit limits hoping to win your custom from rivals or to sign you up for more low-cost credit.

Those who had grown up in an era before credit cards became an everyday normality were sceptical about how people with credit cards would be able to pay off their debts. A new generation regularly bought food, clothes, holidays and entertainment using their cards leaving their bank balances to service their mortgage/rent and household bills. The looming disaster was evident to many - how could people continue to increase their level of personal unsecured debt especially if the economy took a turn for the worse? 

The moment the economy entered recession the lending landscape changed. Gone were the endless direct mail offerings for cheap deals on credit card balance transfers and a new sense of urgency from the card providers swept over the economy as they focussed their attention on those with substantial discretionary spending budgets. As thousands around the UK lost their jobs the level of bad debts increased dramatically. By late October 2009, PricewaterhouseCoopers were predicting that bad credit card debts could reach as much as 9% of all outstanding balances by the end of 2010 as it already stands at 6%. This is in spite of the fact that "borrowing" on credit cards is down 3% in the past year to £64bn while the number of credit cards in circulation has already dropped by over 8% from its all-time high point.

In 2008 the credit card companies wrote off £3.2bn in bad debts and these losses are likely to increase even further as the recession continues to bite. Its also likely that the interest rates on the cards will continue to rise and fees for owning a card will become commonplace. The Government is now proposing to stop card companies putting up interest rates on existing debts and to stop them raising spending limits without agreement. It also wants them to ensure that monthly repayments are used to pay off the most expensive debts first, and it wants to raise the size of minimum monthly repayments to speed up debt repayment.

Although like most people in the UK you may well be borrowing less than when the recession began it is safe to say that hundreds of individuals are struggling on a daily, weekly and monthly basis with their own personal debt issues. If you are experiencing credit card debt problems why not call us for professional advice on 0800 157 7254 about which debt solution is the right solution for your particular needs and circumstances. Don't let your credit card and other debts spiral out of control - award winning help and solutions are just a phone call or mouse click away.

We've helped thousands of people who thought bankruptcy was their only option. Debt Advisory Line offer Professional Debt Management Help and Advice on debt solutions including:

• Debt Management Plans
• Individual Voluntary Arrangements
• Trust Deeds
• Bankruptcy Advice
• Debt Relief Order
• Mortgages
• Secured Loans

There are lots of benefits from our debt management solutions but almost of all of our clients state that they have "peace of mind" and can carry on with their everyday lives knowing that their debts are being dealt with by a professional debt management company.

With our multi award winning Debt Management Plans we aim to help you repay your debt in the shortest time possible, without unwanted hassle from creditors. Don't bury your head in the sand, we want you back on track so you can regain your financial freedom.

Debt Advisory Line was voted the Debt Management Provider of the Year in 2008, Debt Management Provider of the Year in 2009 and shortlisted for the Debt Management Counsellor of the Year in 2008. With years of knowledge and experience you can be rest assured that Debt Advisory Line is the right debt solution company to help you with your debt problems.