depressed

shelovestobuystuff

Feel really stupid now as I posted earlier saying the credit crunch hadn,t really affected us at all.Big problem has just come to light re hubbys credit card debts.His 0% rates have just ended and they were to revert back to his standard rate which was 6.9% on one and 14.9 on the other but he was going to move the expensive one onto the cheaper one.1st statements and the rate has gone up to over 30% on both!!!Thats now his new standard rate.He has been frantically trying to get lower rates,do balance transfers or get a loan but he cant get anything.Cant do a balance transfer as the card he had 10k available credit on has just been reduced by 10k to his current balance.He is now stuck with 19k at 34.9% and we cant even afford the extra interest!!!Dont know what to do now.Our household bills are now going up by over £400 a month in credit card interest which we just dont have.
Cant understand why he cant get credit as we got his credit report and its really good,credit score too.No late payments ever,no defaults ever and a really good job.He thinks it may be that his type of job is affecting his ability to get credit as he is an engineer in the construction industry.Do they take job security in the industry as a factor in these things?
Have no clue what to do now as even his bank wont give him a loan,even a secured one and we only owe £65k on a £180k house!!!Please advise me.
Just wanted to add that he always has paid at least double the minimum payment and aften an odd £100 here an dthere too just to get the balance down quicker.

CLAPTON

what are his total debts and what is his salary?

johnllew

If you can't get credit then you're going to have to bite the bullet and pay off the debt asap. Try to cut your expenditure and increase your income. You can also put the £3700 you've saved for your wedding against the amount owed.

stebiz

These Credit Card companies really have got a lot to answer for - in more ways than one. Best is to pay up ASAP. Overtime/Extra Jobs/Ebay and leave the Credit Card Companies to live in their own sh*t!!

Mine is paid in full each month now - after a previous experience!!

Stebiz

Cat695

stebiz wrote: »

These Credit Card companies really have got a lot to answer for - in more ways than one. Best is to pay up ASAP. Overtime/Extra Jobs/Ebay and leave the Credit Card Companies to live in their own sh*t!!

Mine is paid in full each month now - after a previous experience!!

Stebiz

How have CC companies got alot to answer for?? the OP knew that the 0% would end and that they would be paying interest...whether 2% or 100%..they still knew the 0% was coming to an end...how can you blame the CC company for that??


If people don't like or don't agree with the CC T&C or can't manage their money then the simple answer is don't get into debt

It really is that simple

I would have thought most people realize by now you don't get anything for nothing

stebiz

Cat695 wrote: »

How have CC companies got alot to answer for?? the OP knew that the 0% would end and that they would be paying interest...whether 2% or 100%..they still knew the 0% was coming to an end...how can you blame the CC company for that??


If people don't like or don't agree with the CC T&C or can't manage their money then the simple answer is don't get into debt

It really is that simple

I would have thought most people realize by now you don't get anything for nothing

Okay you have a credit card with 0% interest - normal interest rate say 12%. Then when the period finishes it shoots up to 30%. You think this is okay when during the 12 months the interest rate has been going down???

How is your job in the banking industry at the mo??

Stebiz

Cat695

so what your saying is you want free credit then even when you KNOW when that FREE period is going to finish you also want a good rate AFTER that free credit

and people wonder why banks have no money......mmmmm

You do realize that the whole reason the country is in this mess is because people aren't/can't pay back their debts don't you....

And i'm about as far away from the bank industry as you can get thank you....I just don't spend above my means...sorry for being aware of the T&C of credit sorry for being pretty damn good with my money

NickX

Cat695 wrote: »

so what your saying is you want free credit then you also want a good rate AFTER that free credit

Yeah but its a dirty trick to advertise a card with a Standard Variable Rate of 15.9%, then as soon as the promotional period expires impose a rate of 34.9%. Very sneaky IMO :mad:

Cat695

NickX wrote: »

Yeah but its a dirty trick to advertise a card with a Standard Variable Rate of 15.9%, then as soon as the promotional period expires impose a rate of 34.9%. Very sneaky IMO :mad:

But its quite clear in the T&C......or do you not read them???

Yes it is....but people are foolish to think you get something for nothing

IcklePickle_2

This is how the credit crunch will impact most people. Banks are no longer going to offer credit freely and easily - they are reviewing customer accounts and if you look risky for any reason they'll reduce credit limits to minimise the risk to them, hoping you either pay it off or balance transfer elsewhere taking the risk with you.

Do you think it could be that the total amount of debt he has is too high compared to his salary? This is now seen as risky when it wasn't before.

You might want to do a Statement of Affairs on the Debt Free Wannabe forum and see what advice people can give there.

This might mean you need to make some major lifestyle changes for a while, but it's worth it to get out of debt and not be in this vulnerable position again. We are doing this - planning to live spending the absolute minimum for the next 12mths at least, in order to pay off entire credit card debt.

Any type of debt makes you a sitting duck in times like these. Martin has a good article about Recession Proofing.

NickX

Cat695 wrote: »

But its quite clear in the T&C......or do you not read them???

Yes it is....but people are foolish to think you get something for nothing

Yes I do read Terms and Conditions.

And I have got something for nothing from Credit Cards for 10 years thankyou