Britons who rely on credit cards to pay their way may instead find that an individual voluntary arrangement (IVA) proves to be more beneficial.
New research from Sainsbury’s Finance has found that of the 224 credit cards in the UK, just 13 offer cash back on spending at a non-introductory rate - this has declined from 43 in 2005.
A number of people who rely on unsecured credit may have taken out more than one cash-back card in the hope of earning some financial rewards. But this could have simply topped up their debt, resulting in IVA help being needed.
While the financial firm suggests shopping around for the best reward cards, rather than relying on yet more credit, individuals may decide to seek IVA advice as to how such balances can begin to be cleared.
Up to 70 per cent of credit card debt can be reduced and interest rates will be frozen, allowing people to make more manageable repayments, reducing their plastic reliance in the future.
The average cash-back rate currently stands at 0.52 per cent.
New research from Sainsbury’s Finance has found that of the 224 credit cards in the UK, just 13 offer cash back on spending at a non-introductory rate - this has declined from 43 in 2005.
A number of people who rely on unsecured credit may have taken out more than one cash-back card in the hope of earning some financial rewards. But this could have simply topped up their debt, resulting in IVA help being needed.
While the financial firm suggests shopping around for the best reward cards, rather than relying on yet more credit, individuals may decide to seek IVA advice as to how such balances can begin to be cleared.
Up to 70 per cent of credit card debt can be reduced and interest rates will be frozen, allowing people to make more manageable repayments, reducing their plastic reliance in the future.
The average cash-back rate currently stands at 0.52 per cent.
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