Many people struggle with bad debt in the UK, and most of that is because of credit cards. They are not evil as such, however dangerous, and bad debt can build up very fast. Banks used to give out high credit limits to people years ago, and then they suddenly changed the criteria, making many customers end up with bad credit. If your credit limit on your credit card has been withdrawn or lowered, you need to know that you are not alone. And you have to find a solution to eliminate bad debt. There are some easy ways to do that if your credit rating is OK, but if you have bad credit debt, you will need to look for a product which is designed for your credit rating.
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There are many bad credit products available on the market at the moment; however the APR is much higher on them than on normal credit accounts. That is why you should take extra care before you make a decision regarding to consolidation products for bad credit. If you have credit card debt, you will need to either look for a simple consolidation loan, or have a zero percent balance transfer credit card to lower the repayments. You need to know that many companies offer these cards, even with poor rating, but the conditions are different.
Some companies offer you guaranteed acceptance, but charge you for the application. You have to consider the benefits you get from the product, before you would sign up. Other firms give you incentives on your shopping, but the interest rate and monthly fees are high. You have to make sure that by applying for the product you will get rid of your commitments faster, and build up your credit score gradually as well. Otherwise you cannot improve your financial situation.
You need to look for the lowest APR bad credit loan, and also the lowest overall cost bad credit card. There is nothing worse than consolidating your existing debt at a highest interest and longer term. That only means that you are going to be stuck in bad debt for another couple of years. You would only want to do it, if you can build up your credit score gradually in the meantime. That way you will be able to later consolidate your debt at a lower APR and get accepted for a normal credit product.
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