Credit cards and store cards can prove convenient and very handy for those that have willpower and determination – the type of people that control their spending and repay their card balances in full each month so as to avoid interest charged, late fees, and other charges. However, for those of us that get carried away with spending and those that only make minimum repayments on their cards both credit and store card can pose a serious problem.

Many people have found themselves experiencing spiralling debt problems as a result of credit and store cards, and indeed these cards have been highlighted as one of the main sources of the personal debt mountain in the UK. For some people the cycle of credit card debt just never ends, because as soon as they start to make a dent in the balance on the card or use a 0% balance transfer deal to clear the debt they go off and spend on it again, knocking the balance back to the original amount.

Credit cards, and in particular store cards, are well known for the high rates of interest that are charged on the outstanding balance, and for those that make only minimum repayments on the cards the amount of interest paid on the balance can be shocking. It can also take years, or even decades, for some cardholders to repay their balances. This is why credit cards are simply not suitable for those that have little willpower when it comes to spending and making repayments.

If you have credit and store cards on which you have balances, on which you are being charged high rates of interest, and on which you can only afford to make minimum repayments then it may be worth looking at an alternative to help you to get rid of your expensive cards and reduce the risk of further debt. Remember, although credit cards are convenient, enabling you to make cashless transactions, debit cards also offer the same convenience. The only difference is that you will be spending our own money when you use a debit card, so you won’t be accruing any debt.

Debt consolidation is a solution that can be effective for anyone that wants to get rid of costly credit and store cards, as you can use a low rate consolidation loan to pay off all of your cards. This means that you will no longer be paying the extortionate rate of interest charged on many of these cards, you will not have to worry about dealing with your credit card debt for decades, and best of all you will no longer have the means to spend money that you do not have via these cards. However, it is important that you bear a few things in mind when considering debt consolidation.

Firstly, you need to ensure that you find a low rate consolidation loan that is going to save you money in interest over the long term, is not taken out over too long a period (otherwise you will still face years of debt), and offers affordable monthly repayments. You must also make sure that once your cards have been paid off you contact the providers and have the accounts closed, as otherwise you will most likely end up spending on the cards again and ending up in an even worse financial situation than before.