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Attacking Credit Card Debt in the UK

With strong indications that credit card debt in the UK is worsening, debt help experts are urging consumers to prioritise credit card debt elimination. Figures from a personal finance website suggest consumer spending on credit cards has increased sharply in recent months. The average balance transfer being sought by visitors to Moneyextra in July was ?2,933 - a 10.6% rise on the previous month and the highest figure for six months.

The Bank of England has also recorded a rise in credit card debt, with credit card lending going up by ?0.2 billion in July, compared with a ?0.1 billion rise the previous month. In response to these figures, The Debt Counsellors are recommending that consumers make credit card debt elimination their priority. John Porter, a senior debt counsellor, insists many people are letting their credit card debt rise to unmanageable levels, making them vulnerable to insolvency and bankruptcy.

Porter says "There is a `want now, pay later` culture in the UK and a lot of people overspend on their plastic and just pay the minimum amount every month. But this way interest keeps adding to the overall debt and they`re back where they started, or worse off. Anyone who owes money on credit cards should think seriously about credit card debt elimination and get advice on the best ways of reducing and, ultimately, clearing the debt."