Credit Card Help

sophalaval

Hi all,

I currently have about 20k on 2 separate credit cards - 1 with 21% interest and the other with 19% interest. I am paying about £450 a month combined which is the mim payment on both and I can't really afford to pay any more! How can I get these down quicker? I don't seem to be getting anywhere with paying them off and I don't spend on them... Even though I have a good credit rating I can't get a 0% interest card as I have applied and they have said that I have too much credit at the moment to get anymore!!

Please help!

thriftymomma

Who are your cards with? Have you given them a ring to see if they could perhaps look at reviewing your apr? worth a shot.
Other than that, the only way to do it is to plough as much money into your monthly payments as possible. Try and pay whatever you can over the minimum. Every little bit helps. Also there is a credit card calculator on here somewhere. if you put your balances and what you can afford to pay, it will give you an idea of how long they will take to pay off. good luck xx

mum2one

What about looking at the cards that do life of balance, think you can get them around 6%apr, which will help out in the long run. x

sophalaval

Thanks for your replies!

1 is with egg and I phoned them to reduce the rate and they said that I am already at the lowest rate!! The other is with Virgin and they did reduce my rate from 27% to 21% which was really good!

I suppose I will just have to try and pay some more off each month but its very hard at the moment!

I have tried the life of the balance cards and got refused because of the amount of credit that I have already - I don't want to keep applying for stuff too!

Thanks again xx

enook77

Thats alot of debt to have on credit cards...what are the limits you have on the cards? You must have a good income to obtain over 10k limits on cards.

You need to switch to Life of balance credit cards to give you some breathing space...but will be hard to get accepted with your level of current debt and the lending climate at the moment.

sophalaval

enook77 wrote: »

Thats alot of debt to have on credit cards...what are the limits you have on the cards? You must have a good income to obtain over 10k limits on cards.

You need to switch to Life of balance credit cards to give you some breathing space...but will be hard to get accepted with your level of current debt and the lending climate at the moment.

The egg card I have a 12k limit on and the virgin card I have a 14k limit on....

This is the thing - I can't switch to the life of the balance cards as I can't get any more credit!

enook77

Rock and a hard place...Can't believe your credit card companies wont move on the APR seeing as though they are making a mint from you.

Most credit card companies are putting rates up at the moment too....to reclaim more money from people in bad situations.

Have you spoken to C.A.B? Or one of the free debt agencies?

sophalaval

enook77 wrote: »

Rock and a hard place...Can't believe your credit card companies wont move on the APR seeing as though they are making a mint from you.

Most credit card companies are putting rates up at the moment too....to reclaim more money from people in bad situations.

Have you spoken to C.A.B? Or one of the free debt agencies?

I have been thinking about speaking to one of those agencies, but I don't want to because I am scared that it will effect my credit rating?

enook77

Theres no harm in just seeing what your options are.

Or for a reality check try this

http://www.whatsthecost.com/creditcard.aspx

sophalaval

enook77 wrote: »

Theres no harm in just seeing what your options are.

Or for a reality check try this

http://www.whatsthecost.com/creditcard.aspx

oh that just makes me feel sick!!!

enook77

I am sorry