Credit Card Crisis! How many cards do YOU have? Write Them Off!
Credit Card Crisis
How many credit cards are too many? Remember when you got your first credit card? There was probably a feeling of excitement or appreciation fo
r the fact that this little piece of plastic somehow meant that you were maturing into the responsible adult you always thought you’d be.
Then came the next one and the next one after that. Eventually, after you got a decent job and starting accumulating bills and other loans, you began to get more than a few credit cards in the mail every month. Many of those said you were preapproved and all you had to do was call a phone number and you’d have yet another credit card in no time. That’s where the problem started. Most people have at least three or four credit cards. In some cases, people have accumulated more than nine or ten credit cards. It comes to the point where you have to ask yourself ‘how many credit cards do I really need?’ To speak the truth, all those easily attained credit cards were just a trap trying to get you to spend money on them so that yet another company would be able to hold you accountable for an unpaid debt.
And if you’re one of those people who just kept spending money on all the credit cards you had, you’re probably feeling the tight squeeze of owing so much money to so many different credit card companies. This is where it stops. Realistically, a person doesn’t need that many credit cards. One good method of maintaining a good financial record is to limit the number of credit cards you have. You should have one main card that you use. This card should be the one with the lowest interest rate, and the one that gives you the most benefits in terms of reward plans and credit limit. Every 12 months or so, you can request an increase in your credit limit. If you are a good customer then they will likely grant that request.
It is a good idea to have another credit card with a reasonable interest rate and relatively high credit limit as well. But this should be a card that is rarely used (a good tip is to only have one or two minimal charges on this card simply to keep it active and open) and is mainly kept as a means of a “back-up” plan should you need a larger amount of money for an emergency or an unexpected and necessary purchase. It’s up to you whether or not you would have a third one, but if you do, stick with the same plan you have for the second card and do not use it often. There is absolutely no need to keep acquiring credit cards and piling up a large list of debts owed.
Consolidate on one card and keep another as a “just in case” credit card. Any additional credit cards will only give you headaches and leave you with empty pockets.
If you have credit agreements taken out before April 2007 there is a new unenforceable credit agreement claim which is becoming more and more known about here in the UK. It is possible to have your credit finance agreements –agreements such as credit cards, store cards, secured and unsecured loans, car finance agreements, and those with payment protection insurance ( PPI) ‘audited’. They may not comply with the terms of the 1974 Consumer Credit Act and if they do not they are unenforceable credit agreements. This means you can claim to have them written off. That is the balance completely cleared. For NO FEES at ALL a solicitor with handle your claim. This is on a no-win-no-fee basis so it is risk free. Many people like me, have found this to be the perfect solution to their debt problems.
Call 0845 475 5435 NOW to make a claim.