Credit card problems

minstrel4

Hi

We're on a low income, self-employed but not making a great deal. We have a credit card which is near it's limit of £16000 and have to make monthly payments of just under £300. This is causing us to get in to more debt because we are spending what little we have for shopping on credit card interest. So far we have managed to pay the mortgage and the credit card every month, but we are having to use the credit card to live on which is making it worse and we're nearly at the limit.

We've just tried to apply for a card to do a transfer to 0% for 6 months with marbles.com but the online application was refused. They say they only need an income of £5,500 and ours is higher than that and we have not been applied for credit since we got our mortgage 18 months ago, and have not missed a payment on that at all.

Is there some way we can reduce the monthly credit card payment as the money we need to live on is going on interest to the CC company.

Please help

Thankyou

mountainofdebt

but I think the reason you may have been refused further credit is due to your income/already available credit ratio. This was the reason given to me for a recent refusal.

Rather than asking how you can get more credit, perhaps it would be an idea to look at how you can start reducing your day to day expenditure so that you can stop tredding water and start paying off that debt.....post details of your expenditure and ideas on how you can do this will come thick and fast - ideas may even come to you as you post them!

This is a wonderful site - stick around and you'll be amazed as to how you can cut your expenditure!

[Deleted User]

You are heading into deep water if you are spending money on your credit card just to live, but not clearing it each month.

I know you say you are self employed - but the fact is you are not making enough to sustain yourselves and one of you needs to secure a regular income elsewhere through other employment - even if it is only a temporary measure until you are straight again.

If you continue as you are then your debt WILL grow and your situation may become dire. Simply maths will show you that you must change how you obtain your income until your debt is under control.

If you are not paying your credit card off each month and are now finding it difficult to meet the payments - what else are you not paying or finding it hard to pay?

Living off your card is a very slippery slope. Phone the card company and explain your predicament and ask them if they will reschedule the minimum payments and freeze interest. Donlt get into a dispute or argment with them and don;t promise anything. If they get 'funny' make an excuse to terminate the call and get yourself down to CAB with all your paperwork.

If you have other debts building - your credit card may be the least of your worries and you need to prioritise.

You cannot go to jail for not paying your credit card. You can for not paying certain other debt.