Taking a proactive approach to tackling credit card debt could be one way in which Britons are able to ease their repossession fears.
Prime Minister David Cameron - who is also the Conservative MP for Witney - has called on all UK adults to work hard to pay off what they owe on their plastic and Jeremy Cryer, head of credit cards at Gocompare.com, has suggested individuals should look to switch their cards in order to get a better deal.
The industry figure noted credit card debt in the UK currently stands at around £60 billion - but claimed transferring these arrears to a product with an extended interest free period could be a great way for consumers to start chipping away at this.
Mr Cryer noted people will usually "have to pay a small balance transfer fee of around three per cent ... if you can get zero per cent interest for 22 months it's still well worth it".
Tackling credit card debt could reduce repossession risk
Fri, 07 Oct 2011
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