Tips for avoiding credit card debt

Advantages: I hope helpful
Disadvantages: Boring (so much more fun to spend the money!)

...(enough for hotels/car hire/flights, say £1000) or simply destroy all your cards (get those scissors out!). IF IT?S TOO LATE: FORM A PLAN Six months ago, my friend, Lisa, came to me in floods of tears, despairing that she was hopelessly overwhelmed by how much she owed on her credit card. We sat down and with the help of Alvin Hall?s book (?Your Money or Your Life? - £10) made a plan of action, which has helped her reduce her debt. If like her, you feel that things have got out of control, maybe you?ll find the plan helpful. · List your cards. Write down next to each card the annual interest rate on each one (you can find this on your monthly statement, the Terms of Reference or on their website). · Order the cards from the highest to the lowest interest rates. · If two cards have the same interest rate, list the one...

Maia 17.05.2003 (18.05.2003) · Read review
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Review of Member Advice on Credit Cards & Loans

Does "Dropping the Debt" miss the point?

Advantages: Allows Nations to invest in basic infrastructure like medical and schools
Disadvantages: On its own, dropping the debt cannot solve World Poverty

..., literacy and standard of living. The North South divide is still apparent, although using this measure demonstrates that South America is developing better than GDP/GNP might otherwise suggest. Sub Saharan Africa, unsurprisingly is the area of biggest concern on both measures. The GDP/GNP of a country is important in the discussion of debt because many countries are in a situation where their annual debt repayments actually exceed their annual earnings. This leads to a cycle of borrowing and a money-go-round, meaning that money cannot be spent on health provision and education, a real poverty trap. Jubilee have stated that for every £10 of money loaned to poor countries, about £9 comes back in debt service payments for older debts, and many debts date back to the 1970s when the oil crisis was on and interest rates were very high...

Claiiiree 13.03.2008 (01.11.2009) · Read review
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Review of Should world debt be forgiven?

Vanquis Bank and Credit Card

Advantages: Gives credit to those who wouldn't otherwise get it.
Disadvantages: Very high interest, terrible customer service.

...debts and you pay them a fixed amount each month, and that gets divided up between your creditors, and they can either accept it, or reject the payment, if they reject it, then well they're not very nice people, and they can try to take you to court, but they'll end up getting paid less then monthly ANYWAY as the court see's you don't have the money to pay it. But, all our debts got passed onto them, there wasn't that much really, a £5k loan from when we moved home, a £1k loan from the wedding, and a couple of credit cards and an overdraft. Everything was great, we stopped getting letters, stopped all the phone calls...until... Ring ring ring, "hello", "hello this is vanquis bank"...they rejected the payment given to them by Express Debt and wanted the whole payment of £300 there and then...well we don;t have £300 lying round our bank...

stephbond89 14.06.2009 · Read review
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Review of Vanquis Credit Card

Reducing debt

Advantages: -
Disadvantages: -

...I'm not an expert, but for some reason, this is a subject I enjoy reading about. Having some debts of my own, I'm always curious as to how people perceive debt and how others propose ways to get out of debt. For most people, debt is an unavoidable part of life, even if it is just a mortgage payments. Everywhere you go, you're bombarded with credit. Need some new clothes? Why not pick up a storecard and get 10% off your purchases today, & pay them later? Need new electrical items? Why not buy now, & forget about the payments til next year? Even the supermarkets are picking up on this trend with their banking services, including credit cards. There are all the deals and trappings that make debt so inviting... When does debt become a problem? Debt can escalate and has the potential to tackle over you life. When I was younger...

fuzzibear 18.07.2004 · Read review
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Review of Member Advice on Debt Issues

THE DEBT

Advantages: We would be helping the poor.
Disadvantages: More taxes for us.

...I believe the Countries of the World should forget the debt that the 3rd World Countries owe the World Bank. The World Bank and the International Monetary Fund were the Institutions that decided to lend these Countries the Money. They didn't lend them the money for free and each year because of the interest charges the debt grows. There are 41 Counties that are 3rd World Countries. They cannot declare bankruptcy like a person can. They often default on their payments. Did you know we could feed all the people in the World if the "rich" Countries stopped dumping, (the products they couldn't sell), and give it away for free to the 3rd World Countries. I know that Canada has gotten rid of wheat, butter and eggs by dumping the extra supply into the Ocean. The poor always have been hurt the most. How can they learn to help them...

MRS.CANADA 14.11.2002 (15.11.2002) · Read review
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Review of Should world debt be forgiven?

Deal with debt

Advantages: No debt to worry about
Disadvantages: You need to be strict with yourself sometimes

...The first piece of advice I would give to anyone finding themselves in debt is don’t ignore it. It will only get worse. It may be difficult or embarrassing to deal with, but the sooner you start the better. First things first – get some advice. Your local Citizens Advice Bureau can put you in touch with someone qualified to help. Don’t be afraid of talking to a professional about your problem, credit is far too easily available these days and many people get themselves in too deep, so you’re not alone. Get in touch with your creditors and explain that you are unable to pay in full at the moment but offer to pay an amount monthly, however small. Most firms would find this acceptable and are more likely to be accommodating than if you were to let the debt build up out of control. Write to your credit card...

SusanLesley 03.04.2001 (09.04.2001) · Read review
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Review of Member Advice on Debt Issues

Virgin Credit Card : 'Plastic Fantastic'

Advantages: Lower interest rates than other credit cards, stylish choice of card designs, widely used
Disadvantages: Minimum payment of £25 is quite high. Additional charges can be costly, alot of additional post.

...The Virgin Credit Card from Virgin was launched in the UK in 2002. Since that time it has grown into one of the most well known and recognizable credit cards on the market today. Offering low APR, interest, and a range of other features such as money off other virgin products this card do have many rewards. Signing up to a Virgin card is easy and can be done either on the phone or the Internet. I chose to use the internet because I felt that it was the quicker option and less hassle. I went to, www.virginmoney.co.uk, clicked on the virgin credit card option and this loaded up the details and benefits of the card along with how to sign up. Through the online credit card application you simply fill in your details, income earned per year, address and phone number. You have the option to choose a card design, at the moment there are 3...

f1insidetrack 01.12.2009 · Read review
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Review of Virgin Credit Card

HMO Debt Collectors gave me 48 hours of HELL

Advantages: none at all
Disadvantages: these people should be closed down and shame on 3 for using them.Get a law for it please

...Because of the Credit Crunch a lot of firms are looking up old debts and getting debt collectors to get the money. This has happened to me and it has been a really really really bad 48 hours. It began when I had a card sent to me saying that there was a parcel waiting my collection as it could not be delivered. Would I please telephone them so they could deliver it. I thought that this although not the post office but some kind of delivery firm and to be honest got quite excited as I thought that having done a few competitions that I had won something. I rang the number. Before they could tell me anything they wanted my home and mobile telephone and my full address. Like a fool I told them. I was to bitterly regret this. I then asked them what the parcel was and when would it be delivered. "It is a pack" where from...

MAllen400 28.03.2009 · Read review
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Review of Member Advice on Debt Issues

Egg Money - Cracking Card?

Advantages: Pre loading, 1% cashback, Earn Interest
Disadvantages: Interest still only 4%, Internet only

...Maybe I am just old fashioned but I have never really liked the idea of buying on credit, if I want something I will always wait until I can afford it, but when I started using the internet I knew I would need the added security that comes with a credit card and Egg Money really appealed to me for the following reasons. 1) Pre-loading. This simply means that you do not actually have to use it as a credit card but like a normal bank account. You can set up a regular monthly payment from your current account and top up any time you like. As it is an internet only account you can keep an eye on your balance and make sure you never go into the red. 2) 1% cash-back on all purchases (more for some selected retailers such as 5% at Dixons and CDWow. - check website for latest offers) 3) 4% interest received on positive balances...

bazh66 13.07.2007 · Read review
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Review of Egg Money (Credit and Debit card in one)

Dont Let Debt Take Over Your Life Do Something!

Advantages: Get help now and you can work towards being debt free
Disadvantages: It takes determination, motivation and strength!

...that basically explained that you are experiencing problems and requesting they freeze your account and any further interest charges to it. You can also offer to make a payment plan to them. At first because I had such a high level of debt and a minimal amount of money coming in they allowed me to make a token payment on my accounts of £1 per month to enable me to assess my situation and try and work towards sorting it out. I entered into payment arrangements with all my creditors agreeing that each would be reviewed after a certain amount of time (usually 3 or 6 monthly). Each time it was reviewed I was asked to increase my payment by a small amount. This does mean that you will not be able to use your cards and you will receive a mark on your credit record to say that you are undertaking a payment arrangement but then to be honest my...

shazzaspannered 13.09.2006 · Read review
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Review of Member Advice on Debt Issues