Needing a balance transfer, due to high interest on credit cards

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misshappy2002
misshappy2002 Posts: 6 Forumite
in Credit cards
Hi there guys, desperately looking for some advice as I have two credit cards which both are high in interest. Am currently paying £400 a month to them and really only about £100 of that is coming of the actual credit and the rest is interest. It's just taking me so long to pay off and becoming very frustrating. I've previously tried for balance transfers but no one will give them to me but I've got good credit, maybe too much credit. Any advice would be greatly appreciated :-)
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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    What are your balances, limits, income and credit history like?
  • misshappy2002
    misshappy2002 Posts: 6 Forumite
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    Balances are £3,046 one capital one and £6,748 on barclaycard. Limits are £4,450 and £7,000. My income is good and am able to pay £400 a month to them. Credit history is pretty good :-)
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Would you say your income is more than twice your limits?

    Income could be one issue - the other is that you're using a very high percentage of your available credit.
  • misshappy2002
    misshappy2002 Posts: 6 Forumite
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    Income is nearly that. Would just love for some one to be able to give me a balance transfer so I can get these paid off. I think £400 a month is a fair amount to be putting towards it, don't you think? Thanks for your help
  • FluroFrancis
    FluroFrancis Posts: 32 Forumite
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    phone Barclaycard, if you are a good customer they will probably reduce the interest on your existing balance for a couple of years
  • TheShape
    TheShape Posts: 1,779 Forumite
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    Have you tried the Credit Card Eligibility Calculator on the main site? Maybe give it a try and come back and let us/the forum know if there are any balance transfer cards that suggest a high (70%+) chance of success.

    The problem you have is that even if you were paying 0% interest, at £400 p/m you'd take over 24 months to clear the balances.
  • misshappy2002
    misshappy2002 Posts: 6 Forumite
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    Will try with barclaycard but I'm not hopeful they'll help me. I haven't tried the calcutor, I will give that a go, if I can pay the majority of it off at 0% and still have some left I'm not bothered with that I just need to be paying chunks to it and the more coming off the actual balance the better. I just seem to be going around in circles with it the last couple of years and not getting anywhere with the high interest
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    Sorry Misshappy but if you have £400 per month available to repay why are you in debt at all.
    If your credit files is as good as you think you should have no problem getting credit either on cards or a loan but..............
  • bengal-stripe
    bengal-stripe Posts: 3,349 Forumite
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    misshappy2002 wrote: »
    Am currently paying £400 a month to them and really only about £100 of that is coming of the actual credit and the rest is interest.

    So you have a debt of about £10k and you pay £300 per month in interest alone. That makes an APR of approximately 36% which is astronomically high, at least for a main stream card like Barclaycard.

    Why are you charged those high interest rates? Was the rate raised during the lifetime of the cards? Do you regularly take out cash advances on the cards?

    Do check your statements and see if you really are charged those interest rates.
  • misshappy2002
    misshappy2002 Posts: 6 Forumite
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    Because the time of the debt I obviously didn't have the £400 a month...
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