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money.co.uk comment: Banks set to cancel the credit cards of persistent debt customers

As banks announce that they will look to cancel credit cards for customers in persistent debt, following new guidelines from the FCA, money.co.uk suggests steps to help borrowers get themselves out of debt

Salman Haqqi, personal finance expert at money.co.uk, said: "It is a worry that so many people are having to rely on credit just to get by; this simply isn't sustainable. With the price of everyday essentials on the rise it's sad many feel they have little option but to live in the red. People are turning to high cost lending to cover everyday costs and ultimately paying a high price for it.

"If you're in persistent debt, it is crucial that you talk to your lenders to set up a payment plan that you can afford.

"Where possible, always try and pay more than the minimum payment on your credit card. Always try and pay off the highest interest debt first and then move the debt onto a 0% balance transfer card, if possible, which will mean you can avoid paying any interest at all.

"Some realistic figures make things easier to deal with, so try to make a budget and find ways to reduce your outgoings. But, If you're really struggling with debt, you can reach out to groups and services like Citizens Advice and National Debtline who can help negotiate with your creditors."

If you are struggling to take control of your money, check out our how to write a budget guide

Press@money.co.uk

Our spokespeople

Salman Haqqi

Salman Haqqi, Senior Personal Finance Writer

Salman Haqqi spent 10 years as a journalist reporting in several countries around the world. He left the world of journalism to pursue his passion for personal finance.

Read Salman Haqqi's articles and guides
Joel Kempson

Joel Kempson, Personal Finance Writer

Joel Kempson devotes his time to helping people navigate the world of personal finance and make informed decisions about their money. He spent his early career writing about TV, movies, comic books and rock music.

Read Joel Kempson's articles and guides