Maxed Out Card

stevie2_2

[FONT=Comic Sans MS, cursive]Hi Folks,

Looking for a bit of advice.

We've got a maxed out Marks and Spencer mastercard. We currently owe £2,500 on it and the interest is 23%.

Unfortunatley we have only been paying the min payments in 2008 as we have been concentrating on clearing another debt which we have succesfully done.

I've tried applying for other credit cards with a 0% balance transfer rate but have been refused 4 different cards and I am reluctant to apply for more. I have had my credit report through, its not great and there's not a lot I can do about it apart from getting debt free and staying away from credit!

Is our only option to pay off as much as we can each month until the debt is cleared?

Thanks in advance,

Louise [/FONT]

YorkshireBoy

stevie2 wrote: »

[FONT=Comic Sans MS, cursive]I have had my credit report through, its not great..[/FONT]

More detail required:

Electoral Roll status
Financial associations
Total Available credit
Total used credit
No of active credit accounts
Defaults/CCJs
Late payments

TheEffect

As YorkshireBoy said, we need more information. Also, DO NOT APPLY FOR ANY MORE CREDIT CARDS/CREDIT! You'll damage your credit rating even more.

[Deleted User]

stevie2 wrote: »

[FONT=Comic Sans MS, cursive]Is our only option to pay off as much as we can each month until the debt is cleared?[/FONT]

If there's no way to shift the debt elsewhere, then yes, that is the only option.

Consider other "non-creditcard" places you could shift the debt to though.

Can you take out a loan at less than 23% APR that could pay it off with less interest?

Is there a credit union nearby that would lend you the money?

Do you have a friend or relative who would like to make, say, 10% APR by lending you the cash to pay M&S off?

Are you good at knitting? Balaclavas are useful when heisting banks...

stevie2_2

Thanks for the replies.

I will dig out my credit report and see what other information I can give you.

exel1966

billbennett wrote: »

Are you good at knitting? Balaclavas are useful when heisting banks...

But Stockings are far sexier