If you have found that you can no longer jump about from one credit card to the next it might be time to begin managing your debts with a mind to scrapping them later.

Traditionally, many cardholders transfer balance to a new 0% balance transfer card. However in the current market, many people are finding it increasingly difficult to access new deals, with only four out of ten applications being accepted, according to moneysupermarket.com.

So if you can't move the debt it's time to handle the debt. The first thing to do is to check your credit rating – make sure you have a good credit rating before doing anything. If you have a bad rating you will be limited in what you can access, credit-wise, and you may have to come up with another plan to clear your debts.

Realistically plan your budget for repaying your debts – If you are looking to switch a debt to a zero per cent deal, then aim to pay off this debt before the balance transfer period ends. First make sure you can afford the monthly repayments to clear the debt and then come up with a sensible plan of action over the year.

If you are unable to find a new card deal, consider a secured loan. A loan will allow you to move all your debts onto your mortgage, giving you a smaller repayment over a longer period. This is a perfect option for those looking for room to save and to move back into the black over the long term.

If you are unable to move your debt, then aim to pay off the balance as quickly as possible. Paying off £150 a month on a £3,000 balance on a card with an average rate of 18.31% would take just two years.

Peter Harrison, credit card expert at moneysupermarket.com, says: "It is extremely difficult to switch cards at the moment so you need to be savvy about tackling your existing debts. The best approach largely depends on your credit rating and how much you are able to repay every month. Careful planning is required to ensure credit card debts are cleared in the most efficient way possible."

SOURCE: Moneysupermarket.com, 12/01/10

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