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The "cold snap" is beginning to feel like a new ice age with temperatures well below zero for yet another day. For most of us however the cold weather is simply an inconvenience which requires another couple of layers of clothing, in many case it’s another form of chill which is bothering us, that of credit card debt!

A frosty reception

If you are a credit card holder then there’s a sure fire way to keep your lender, and for that matter, the credit agencies happy and that’s to pay off your debt every month. Clearing your balance on time every month means that not only do you avoid having a debt hanging over you, but that the credit agencies that keep track of all debt repayments will pick up on your good behaviour making you more likely to be accepted for other forms of credit, such as a mortgage, in the future.

Putting the freeze a credit card debt

If you’ve found it difficult to clear your credit card debts each month then there are ways to ensure you don’t pay more than you have to when it comes to interest. Freezing your card debt is a relatively simple process. After an initial introductory offer, cards will charge you as much as fifteen per cent interest or more on your debt. This can be avoided however by opting for a balance transfer.

Feel the glow

By paying a small fee, normally around three per cent of your outstanding balance, you’ll be able to move your existing debt on to another card with a zero per cent introductory offer. There are cards out there offering up to twelve months interest free on balance transfers meaning that you’ll be able to start clearing your debt at zero per cent.

A chilly reception for rate tarts

This credit card shuffle used to be the staple form of debt consolidation for many indebted consumers but as lenders have begun to tighten their belts this year those planning on shifting their debts have to be aware that this could become more difficult if you have a very sizeable balance to shift or if your credit record contains a few black marks.

Falling through the ice

Credit card debt can get out of hand if it’s not managed properly. If you’ve had trouble being accepted for new credit or your overall level of debt has started to get out of hand then it’s best to seek advice. There are a number of charities like the Consumer Credit Counselling Service out there designed to help people in this situation.

For the vast majority of people, however, credit cards are a useful tool to help spread the cost of big purchases it’s just a case of knowing how they work and managing your finances accordingly.