Am stuffed - need to move credit card debt to lower rates but no lenders will take me

muffinchops

Have had a lightbulb moment and am moving through the process of doing budget etc. One urgent issue is that I have credit card debts across three cards with interest rates of 21% and 17%. I have tried to get a better rate from existing lender - they insisted I apply for the lower rate card I wanted and then I was rejected. Am now afraid to apply for more in case I muck up my credit rating. Have checked my credit and my rating is good - would they be rejecting me because of level of existing debt (@£25K)?

Any advice on what I should do?

Happytogetdebtfree

i think at the current climate unless you are in excellent credit youmay just be getting refused what i would do is try transfer more of the debt to the 17% card or just accept the intrest and keep paying untill you can move more of the higher intrest to the 17% well done on taking the first step post a statement of affairs we can see where you can cut back to get the debt down quicker x

milliemonster

I would imagine the problme is because of your level of debt, my personal debt level is £15k (the sig is joint) and I have an income of £32k but was told recently by Barclaycard the reason they refused me was due to high level of debt despite by credit rating being good

All I can suggest is that you try to get your highest APR debt down by paying as much as you can off it (which is what I am doing) and then apply again in 6 months or so

muffinchops

17% cards is at its limit so can't move any of the other balances there.
Am working on statement of affairs!

**Amy**

Hi and Welcome

As others have said I think it may be a case of bit the bullet at the moment.

As you say you are working out your statement of affairs it may be a good idea to also look into upping your income (there is a seperate board on the forum for this).

x

katie2407

like the others pay as much as you can on the higher interest ones first