need help with credit card

vickyfitz_2

I have a barcley card that i dont really need but im up to my limit, iv been paying just over minimum for 3 yrs but its just not going down, is there anyway to cancel card but pay off balance in instalments.

I cant get loan to pay it off as dont have good credit but some said balance transfer for 12 months then try pay it off in that time but dont think i would get balnce transfer.

by paying minimum each month i have paid off balance but with interest it just aint going down and my circumstance have changed so i cant really afford it.

What can i do i want to pay the balance off but cant afford it with interest ill be giving barcleys my money for years. and still owe them balance

McKneff

trouble is you owe it so you have to afford it. just cut the card up so you wont be tempted to use it as the balanc falls and just pay off as much as possible to eventually clear it.

The only other way is to ring barclaycard up and see what they say

tictax

Have you got payment protection on the card? If you do cancel this as it is rarely a good idea.
What interest rate are you being charged? It should say on your statement (it may have a monthly rate).
I agree you should cut the card up and don't spend any more on it.

latecomer

If you have a good credit rating then perhaps you could take out a card with someone else and get a balance transfer deal to shift the debt over to a more manageable rate.

jdavtz

Try calling Barclaycard to see if they are willing to reduce the interest rate a bit; you've lost nothing if they refuse and people have reported significant rate cuts just by asking.

You're going to have to afford the payments somehow, so, if you haven't already, I'd recommend reading thorough several of the other sections of the moneysavingexpert site - you'll probably find yourself a couple of hundred pounds richer for very little work, and hopefully can pick up some good ideas to deal with the debt and get youself into a better financial situation.

All the best.
Jonathan.

vickyfitz_2

hi, thanks everyone, yes i do have payment protection. but i can afford to pay bills each months but i cant afford to pay much over interest so im only ever paying them the interest each month not any for the balance.

I havent used the card for 3 yrs.

latecomer

How much is the payment protection a month? If you cancel that then you can put the extra to paying off the balance.
Of course if you are likely to need the protection then it might be best to keep it. Depends on how secure your job is I guess.