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Where can I find help paying off credit cards?
If youre looking for outside help to pay off your credit cards you might be looking for an awfully long time. Despite what you may have heard from your friends, seen on television, or read on the Internet, there are very few resources available to help you in this area. You might be better off seeking financial counsel that can teach how to get your finances in order.
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Unfortunately, the information age has given way to far too many unscrupulous entrepreneurs looking to prey on individuals with credit problems. Just do a standard Internet search on a phrase having to do with paying off excessive credit card debt and you find an almost unlimited number of websites promising assistance that doesnt exist. C
Types of Credit Cards Available
Before proceeding further, it is probably best to dispel one of the biggest misconceptions around regarding UK credit cards – that is, although all UK credit cards can be considered plastic payment cards, not all plastic payment cards can be considered UK credit cards.
To clarify this further, in general, in the UK today it possible to have one or more of the following plastic payment cards:
Debit Cards
Introduced into the UK in the late 1980s by Barclays Bank (and shortly thereafter by the remaining high street banks), the debit card works by ‘linking’ to the holder’s bank account and thus allows the cardholder to use the card to make payment for items purchased. Alternatively, the cardholder can use the card to make cash withdrawals from ATMs. In both cases, the amount charged or withdrawn is automatically deducted from the cardholder’s bank account balance. As such,
HMRC tells companies to ‘max out’ credit cards, say accountants
HMRC is taking a tougher line on tax deferrals
Struggling businesses applying to defer taxes under a Government scheme are being told they must “max out” their company credit cards before they can be considered, accountants claim.
It means firms needing to defer using the Time to Pay scheme face paying close to 20pc interest on their tax bills.
HM Revenue & Customs also charges them an additional 1.25pc credit card handling fee for the privilege.
Roy Maugham, tax partner at accountants UHY Hacker Young, said the “majority” of applications made by his firm were now being met with demands for credit card payments.
“We are finding in more cases than not they are suggesting the client needs to go back to their bank or pay on their credit card before they will afford them time to pay,” he said.
The average annual interest rate for credit cards is 18.8pc, according to Hacker Young.
The Time To Pay scheme has seen businesses defer £6.4bn in tax since it was established in November 2008 as a key initiative to help businesses with cash flow problems during the recession
Last month it emerged that the number of businesses deferring their taxes under the scheme had almost halved in the past year.
HMRC said there had been a fall in “underlying demand” for the scheme as companies got to grips with their finances and the economy has returned to growth.
However, the percentage of applications being rejected had risen from 2.6pc in 2009 to 5.2pc this year. In the last thre Read more…
Consumers Cut Back On Credit Cards Again
Consumer borrowing fell in June for a fifth straight month as households keep cutting back on credit card use.
Borrowing dropped at an annual rate of $1.3 billion in June, the Federal Reserve reported Friday. That marked the 16th drop in overall credit in the past 17 months.
Americans backed away from swiping their credit cards for the 21st straight month. That offset a rise in the number of auto loans.
Households are borrowing less and saving more, and that has dragged on the overall economy by lowering consumer spending.
The $1.3 billion June drop in borrowing was much smaller than the $5 billion decline that economists had expected. Read more…
The Pros and Cons of Using Credit Cards
Credit cards have certainly taken a big leap from just being a plastic card payment. Gone are days when these can only be used at diners or restaurants. Today, almost every other merchant and establishment accept credit card payments.
As the years passed, the features and provisions of credit cards have greatly been enhanced to meet the demands of many cardholders. Indeed, when properly managed, owning a card can be beneficial.
In this article, let’s talk about the pros and cons associated with what they call “plastic money”. Hopefully, this post can enlighten consumers, particularly young people who are thinking about getting their first credit- about the importance of responsibility and self-discipline in using credit cards.
The Pros
Build solid credit history. Using a credit card is an easy way to build good credit history. As you regularly use your card and pay your charges on time, you are also building up your credit rating.
The Best Way to take Advantage of Cash Back Credit Cards
Cash back credit cards are a great product that millions of Americans have taken advantage of over the years. However, like any other kind of credit card offer, you must understand the concept behind cash back credit cards if you expect to come out ahead.
Cash back credit cards, in general, are very good credit card products for individuals who charge consistently and also pay off their balances each month. Because it certainly doesn’t make much sense earning cash back on a purchase that you are likely paying more for in finance charges.
Cash back credit cards are essentially an opportunity to earn free money; you just have to know how to do it:
- Compare cash back credit cards to determine which one best suits your spending habits and which one offers the most competitive cash back terms. It is important to remember that all cash back credit cards are not created equal, so it will benefit you greatly to do your homework when it comes to choosing a cash back credit card.
- In order to really start earning cash back rewards, you must start charging your everyday purchases. T