A recent study by uSwitch showed that on average, credit card holders owed £1,812.00 and with one in ten cardholders sticking to paying the minimum payment it estimates 3.5 million people will take almost 30 years to clear their credit cards.

If you owe money on your credit cards and don’t want to be in debt in 30 years time there are some simple ways to get your spending back under control. The first thing to do is find out exactly what you owe and write down a budget. Be honest with yourself, as budgeting helps you see clearly where your money is going, thus stopping your debts getting worse and ultimately puts you  in control of your credit.

It is undeniably important to pay more than the minimum payments; for doing so hardly makes a dent in what you actually owe and usually goes towards paying the interest charges alone. Another element to keep in mind about your credit card are the late payment charges. Something that is so easily avoided, by setting up a direct debit or standing order customers can easily avoid the additional costs incurred

If you want to get in control of the debt currently on your credit card, it is vital you stop using it! After all, the more you spend on your card the bigger the financial mountain you have created gets and the longer it takes to clear it!