Credit Cards Holders Given Breathing Space

To a great sigh of relief, credit card holders have been given 30 days to work out difficulties in paying off their debt. The grace period will give card holders a chance to work out a payment plan using one of the free debt advice agencies.

If a managent plan is not agreed after 30 days activity will be suspended for a further 30 days. The Government have implemented new industry standards which require card companies to give you at least 30 days warning that they are about to increase your interest rate. This will give those that are already struggling to manage their credit cards a chance to cancel their account or even transfer the balance to another credit card. You may also be given the chance to transfer your balance to a personal loan with the same or a more competitve rate.