The wage rate is not growing in line with rising debts so somewhere along line something has got to give. This may be in form of slightest interest rate rise which may be straw on proverbial camels back. One could associate it with a brick that is attached to an elastic band. You can gently pull and pull and nothing will happen, sooner or later brick will finally budge and most of use will be walking around with a black eye.

If you do find yourself in debt then don’t despair it’s not end of world. As long as you face up to fact that your financial position needs a makeover then you are on right path. The first thing to is gather all you credit statements and get an exact figure of what you owe in total and what those monthly payments add up to. You need to be clear in your mind what you earn and what you owe. This sounds simple but you can’t service your credit if your repayments are more than what you earn. If you find yourself in this position you need to consolidate all your loans into lowest rate you can find. This will bring down you monthly payments and hopefully be more manageable.

If you need help on doing this then contact National Debtline on (Freephone) 0808 808 4000 or Consumer Credit Counselling Service on (Freephone) 0800 138 1111. These numbers are for UK residents only.

Once you have established how to manage your credit card debt you will be in a much better position to choose right credit card. The UK is in grip of a huge debt epidemic and it’s important to ensure that you are paying least amount of interest on your debt. Also ensure that you are making your monthly payments. If you can afford it try and pay more than minimum required every month as longer it takes to pay off your card more credit card companies will make off you through interest charges.

Many people will transfer their credit card balances every time 0% introductory period runs out. A term used for this is a “Card Tart” and as far as I know it’s not illegal. The amount of times you apply for a credit card in a 12 month period may have an adverse effect on your credit rating so beware you are not damaging a perfectly good credit history by continuously applying for a 0% credit card.