Call our debt helpline:
0800 157 7254
Existing customers helpline:
0800 093 5322
We are members of DEMSA - The Debt Managers Standards Association. This means that we adhere to the code of conduct as set out by DEMSA. The DEMSA code of practice is approved under the OFT (Office of Fair Trading) Consumer Codes Approval Scheme (CCAS).
Latest Debt Management News and updates from Debt Advisory Line
Click here for Media Contact Details.
Credit Card Debt Set To Soar
Mon 9th Nov 09 - 13:00
Nearly 9% of outstanding balances may be considered as bad debts by the end of 2010 according to a report today from PricewaterhouseCoopers (PwC). At present the figure is already hovering around the 6% mark despite the reduction in our reliance on Credit Cards and a 3% drop in borrowing on them to £64bn over the past year.
The 8% drop in the number of credit cards in circulation in the UK over the past 12 months has had little impact on reducing the amount of debt outstanding to credit card issuers. Many of the issuers are now looking to acquire new customers in these difficult economic times and are rather concentrating on those who also have current accounts with them.
In 2008 credit card companies were forced to write off a massive £3.2bn in bad debts and PwC are now predicting dramatic rises to levels never seen before as the result of continuing rises in unemployment, pay freezes / pay cuts for those in work and more job losses predicted before the economic turnaround gathers pace.
Paul Rodford of Card Payments (the UK Card Association) is sure that easy availability of credit cards will disappear. "Consumers are going to be faced with the unhappy prospect of a marked reduction in the availability of credit, a reduction in choice of products and an overall increase in charges with both increased interest rates and an expansion of annual and other fees," he said.
In October 2009 the Government published proposals to ban unfair terms in credit card agreements and it is keen to stop lenders raising spending limits without customer agreement. It is also keen to see repayments used to pay off the most expensive debts first and for there to be an increase in minimum monthly payments to ensure debts are cleared faster.
Debt Advisory Line is continually helping individuals to reduce and eradicate personal debts. It offers advice and a range of solutions to those looking for an answer to their own particular debt problem.
If you are experiencing credit card debt problems why not take a look at our web site at www.debtadvisoryline.co.uk or alternatively call for free advice on 0800 157 7254 about which debt solution is the best solution for your particular needs and circumstances. Don't let your debts spiral out of control - award winning help and solutions are just a phone call or a mouse click away.
Designed by
Harper James and Hosted by
