As we continue to see UK base rates rise still further, the squeeze on income has never been tighter for many, with a larger and larger percentage of regular income going towards servicing debts.  For many people their credit card has become one of the main worries, with those unable to pay off their monthly spending beginning to suffer.  Are there any ways to alleviate the strain?

While the debt will need to be paid in full at some stage, there are ways in which the mounting interest charges can be reduced, and in many instances actually halted.  The process known as “credit card surfing” has been around for some time, although it is surprising the amount of people who have not heard of it, or do not use the process.  In deed the term “credit card surfing” does not really highlight the serious nature of the action, and the potential for great savings.

Even now with interest rates as high as they are, there is still massive competition in the credit card sector and while many offers have come and gone, there are still some very attractive promotions around.  It is still possible to transfer your balance to a new card, and take advantage of interest free periods up to a few months.  However, many credit card companies are now offering a fixed low rate on your transfer balance until the balance is paid off, leaving new spending on a “standard” interest rate.

As the credit card industry becomes ever more competitive the need to entice new customers with promotions has never been greater.  Many people seem to think that the savings will only equate to a “few pounds”, when in reality it can be much much more.  In this day and age every penny really does count, and you would be foolish not to look into the offers available.

Do not let the financial companies take you to the dry cleaners, and ensure that you are in full control at all times.