Many people experiencing credit debt problems, might imagine their first port of call being debt consolidation via non-profit debt counseling agencies. And rightly so, these credit debt management services have provided 'life-lines' to many distressed debtors, enabling them to consolidate their debts with affordable monthly payments at reduced rates of interest. In some instances, debt solution services have even been able to negotiate as little as 0% with credit card companies.



But at a time when the prevailing credit crunch is seeing a knee-jerk reaction from some credit card companies, credit card credit debts seem poised to worsen. It would seem that some lenders' fears over further credit debt losses in the current climate, has led to previous concessions being stripped away and there appears to be a general clamping down on credit card credit borrowing. These include:

- Drastically slashed credit limits

- Increased rate of rejection for new credit card applications

- Increased interest rate charges

- Refusal by some credit card companies to lower rates for those needing to consolidate credit debts

What The Experts Are Saying About Credit Card Debts

The picture for credit card debt - uk or elsewhere, couldn't look any more bleak, especially in light of the findings that nearly one in eight Britons have at least four credit cards, with 28% of people applying for a new card over the past 12 months (http://guardian.co.uk).

MoneyExpert.com report that 'around 13% of people have four or more credit cards, with 3% having five cards and 4% having more than five'. This suggests that credit card consumers are juggling with credit debts by transferring balances from card to card. While this strategy is perfectly fine if people are making full use of 0% transfer deals for credit debts reduction, it is most certainly not a good position to be in if they are struggling to make ends meet.

Yet, at a time when a number of research and surveys shows the true picture of the spiraling credit debt problem from credit cards and mortgage equity release, it becomes all the more worrying where over-reliance on credit for every-day essentials such as food, bills etc., has become the reality for some people.

Those who have addressed the issue of credit debt by releasing equity from their homes to pay off debts, might well have earned much needed credit debt relief. However, for those individuals who have not only released equity to reduce credit card debt, only to find they are still holding substantial credit debts, there may be very little options open to them.

At a time when nearly every expert seem to be predicting the credit crunch and ensuing credit debt crisis is going to escalate, what possible salvation can there be for people who need serious debt advice as well as more practical debt help? Given the clampdown by some credit card companies, what other workable credit debt solutions are there to effectively reduce credit debts?

There is hope! This hope comes by way of....

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