![]() ![]() If you’ve repaid all of your debts and want to avoid spending on plastic, you can also cancel your credit card. ![]() It’s important to be aware that these cards can sometimes come with fees.Įverything you need to know about debt Cancel your credit card This will mean you can repay your debt without the burden of interest while the promotion is in place. You can use this type of card to transfer your balance to the new card with a 0% interest rate on balance transfers for a promotional period. If you’re having trouble paying down your debt because of high interest rates, you can also consider a 0% balance transfer credit card. Not only will this help get you out of debt, it’ll also help improve your credit score as your debt-to-income ratio starts to decrease. Once the account is frozen, you can spend time making repayments to pay down your debt without the temptation to keep spending. You might need to provide some information about your account, including how long you’d like your account frozen for it will not allow you to unfreeze the account until that date. If you’re struggling to repay a growing debt or want to curb your temptation to spend on plastic to get your finances under control, you can contact your card issuer to freeze your access to your funds. Pros and cons of credit cards For getting out of debt Some providers may waive these fee so it’s worth checking the terms and conditions of your card. However, you could be liable for the first £50 of any sum spent in transactions before you reported your card was stolen. If you didn’t realise your card was stolen for a number of days, you still should be able to get your money back. ![]() If your card has been used fraudulently, your provider should refund you for any transactions that take place after your card is reported missing. Be prepared to give as much information about your account as possible and to answer a list of questions to verify your identity. If your card has been lost or stolen, or you suspect it has been used to make a fraudulent transaction, you should contact your credit card issuer immediately. How to freeze a credit card For lost or stolen cards Another reason you might want to freeze your card is if you’re trying to curb your spending if you’re in debt. If your credit card is lost or stolen or used for a fraudulent transaction, freezing your card could help protect your finances. There are a few reasons why you might want to freeze your credit card. ![]()
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