Credit card debt in the UK is a growing burden for many people, trapping them in a cycle of stress and worry. As living costs rise and wages stay the same, more individuals rely on credit cards to cover everyday expenses. Unfortunately, high-interest rates make it hard to pay off the balance, and many struggle just to make the minimum payments. This can leave people feeling isolated and powerless, with debt piling up month after month. Credit card debt can lead to sleepless nights, strained relationships, and constant anxiety, making life harder for those affected.
High-interest credit cards can have a devastating impact on the poorest in society. People with low incomes often rely on credit cards to cover essential expenses, like food, housing, or utility bills, because they don’t have the credit rating affordable loans. However, the high interest rates on these cards make it incredibly difficult to pay off the balance. As a result, debt quickly spirals out of control, with much of their income going toward interest payments rather than reducing the debt itself. This leaves them trapped in a vicious cycle, where they can’t get ahead financially and are forced to rely on credit even more. Over time, the debt can become unmanageable, leading to further poverty, increased stress, and a reduced ability to cover basic needs. The poorest are also the least likely to qualify for better financial products with lower interest rates, which deepens their financial hardship.
For those with good incomes and credit ratings, who can pay off the monthly balance, credit cards offer flexibility and rewards such as air miles. But for the vast majority, credit cards are an ever growing burden with exorbitant interest rates.
If you are in trouble with your credit cards and other debt, please contact The Debt Advisor and we can look at solutions that could freeze the interest or write off a substantial amount of debt. Solutions such as IVAs may not be suitable in all circumstances. Fees may apply and debt solutions will affect your credit rating. There is no charge for the initial advice, and you are under no obligation to proceed.
