Credit card debt - best way out?
Discussion
Not sure if this is the right section to put this in but hey, give it a go!!
Got some credit card debt that I'm paying but need to get things sorted sooner. Can I asked them to freeze the interest so I can actually pay some of the debt off? The monthly payments aren't taking the debt down quickly enough, paying more off is a struggle at the moment also.
Thanks in advance.
Got some credit card debt that I'm paying but need to get things sorted sooner. Can I asked them to freeze the interest so I can actually pay some of the debt off? The monthly payments aren't taking the debt down quickly enough, paying more off is a struggle at the moment also.
Thanks in advance.
Can you consolodate all of the card debts onto either another c/card with a lower interest rate or a loan
Look at www.moneysavingexpert.com for tips
Ted
Look at www.moneysavingexpert.com for tips
Ted
Edited by gti-ted on Tuesday 20th January 14:06
I'd speak to one of the debt counselling charities and see what they say. I think if you are having trouble paying the credit card co's are heavily encouraged to freeze interest etc.
Try moneysavingexper.co.uk for folks who have been in the same position and http://www.cccs.co.uk/ or one of the other charities for advice.
Try moneysavingexper.co.uk for folks who have been in the same position and http://www.cccs.co.uk/ or one of the other charities for advice.
It all depends on your circumstances. If you have genuine circumstances causing hardship then the credit card co may help by reducing or freezing interest, on the basis that they'd rather have the money back with little or no interest than write if off completely because you've been forced into a formal financial arrangement.
As others have said, there are organisations set up to help and moneysavingexpert.com is a good source of advice.
If is a case that you've overspent and simply want to pay back your debts sooner, then the only options are to stick with it, or as others suggested, refinance the debt to a lower rate card or loan.
I used to be a debt adviser for CAB years and years ago, feel free to drop me a PM if you need help with anything - other than making the payments! :
As others have said, there are organisations set up to help and moneysavingexpert.com is a good source of advice.
If is a case that you've overspent and simply want to pay back your debts sooner, then the only options are to stick with it, or as others suggested, refinance the debt to a lower rate card or loan.
I used to be a debt adviser for CAB years and years ago, feel free to drop me a PM if you need help with anything - other than making the payments! :
Edited by Chim Girl on Tuesday 20th January 16:03
Soovy said:
okgo said:
Virgin are offering it for 16 months at 0%.
For a pecentage fee up front, which doesn't help our friend...!!(Went to send a parcel and got asked if I wanted Insurance / Credit Card / Loan / Savings Account / etc )
Edited by Podie on Tuesday 20th January 16:27
0% is good but often by the time people get to this stage their problems are greater than just CC debt and they struggle to get 0% deals with sufficient credit limits.
Better to get good debt advice to deal with all issues involved not just to take on what often turns into more debt with a new 0% card.
Better to get good debt advice to deal with all issues involved not just to take on what often turns into more debt with a new 0% card.
This is a good place to start:
http://forums.moneysavingexpert.com/showthread.htm...
Work out your statement of affairs. Get down on paper EVERYTHING that you owe along with interest rates, etc and EVERYTHING you spend money on.
That might take a while but gives a much clearer picture of what's going on.
Then you should:
- see what you can reduce spending on. Even small stuff like buying lunch rather than making it adds up. Cancel things like Sky subscriptions. Doing this across your whole budget should free up a decent amount.
- start throwing as much of your surplus money at the debts, starting with the highest interest.
- research possible ways to reduce the interest you're paying, such as credit card balance transfer deals - just make sure you understand how they work (things like not making _any_ spending on a card you've transferred to).
- keep going until they're gone.
http://forums.moneysavingexpert.com/showthread.htm...
Work out your statement of affairs. Get down on paper EVERYTHING that you owe along with interest rates, etc and EVERYTHING you spend money on.
That might take a while but gives a much clearer picture of what's going on.
Then you should:
- see what you can reduce spending on. Even small stuff like buying lunch rather than making it adds up. Cancel things like Sky subscriptions. Doing this across your whole budget should free up a decent amount.
- start throwing as much of your surplus money at the debts, starting with the highest interest.
- research possible ways to reduce the interest you're paying, such as credit card balance transfer deals - just make sure you understand how they work (things like not making _any_ spending on a card you've transferred to).
- keep going until they're gone.
sjg said:
This is a good place to start:
http://forums.moneysavingexpert.com/showthread.htm...
Work out your statement of affairs. Get down on paper EVERYTHING that you owe along with interest rates, etc and EVERYTHING you spend money on.
That might take a while but gives a much clearer picture of what's going on.
Then you should:
- see what you can reduce spending on. Even small stuff like buying lunch rather than making it adds up. Cancel things like Sky subscriptions. Doing this across your whole budget should free up a decent amount.
- start throwing as much of your surplus money at the debts, starting with the highest interest.
- research possible ways to reduce the interest you're paying, such as credit card balance transfer deals - just make sure you understand how they work (things like not making _any_ spending on a card you've transferred to).
- keep going until they're gone.
...and the final one.http://forums.moneysavingexpert.com/showthread.htm...
Work out your statement of affairs. Get down on paper EVERYTHING that you owe along with interest rates, etc and EVERYTHING you spend money on.
That might take a while but gives a much clearer picture of what's going on.
Then you should:
- see what you can reduce spending on. Even small stuff like buying lunch rather than making it adds up. Cancel things like Sky subscriptions. Doing this across your whole budget should free up a decent amount.
- start throwing as much of your surplus money at the debts, starting with the highest interest.
- research possible ways to reduce the interest you're paying, such as credit card balance transfer deals - just make sure you understand how they work (things like not making _any_ spending on a card you've transferred to).
- keep going until they're gone.
- don't do it again.
bishbash said:
Barclaycard have been known to improve your rate for the life of balance if you ask them nicely/threaten to move your balance to another card. Doubt they'd freeze it completely though. Who's your card with?
I did exactly this with Barclaycard (threatened to pay it off) and they dropped the rate from the usual 18+ per cent down to 6 point something. It worked for them though - I spunked the money instead of paying off the card - and am now left carrying the balance!Edited by theboss on Tuesday 20th January 21:41
Try my loans firm if you think a consolidation loan might help. www.keyloans.biz ask for James or Carlos.
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