Credit card debt help pleaase

seanacy

Hi
I'm a little new to this but I was woundering if anybody could help with my little problem.
I have a VISA card with Natwest which I'm up to the limit of which is £4500 and paying the bare amount each month which is £25 but as you know just holds me at the limit with the interest I pay,but at the moment that's all I can afford.
Can anybody tell me, would I be better off going to another card? in that case which one? Or something else?

Thank You

Clariman

Hi seanacy

As you have said, making the minimum payment makes no dent in the debt itself. Do you know the APR interest rate on your card ? If it is at a fairly standard rate (say 15.9% or in that region) and if your credit record is good, you could consider applying for another card with a much lower rate and transfering the balance to the new card, which would means that less of your monthly payment goes to paying off interest and more of it goes towards paying off the debt itself. However, even if you never paid any interest on the card ever again, it would still take you 15 years to pay off the debt if you only pay £25 per month ! So, as well as considering moving the debt to a lower rate credit card, you also need to find a way to free up more money to throw at the debt. There is a discussion board here for those trying to pay off their debts. It might help and can be found here
http://forums.moneysavingexpert.com/forumdisplay.html?f=76

If you want to consider moving the debt to another card, read Martin's article here
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107182516,76509,

Clariman