Credit Card Shuffle Discussion area

Lozzieb1989

Hi,

My boyfriend has 4 credit cards all at their limit. He can't get another card to transfer balances to and he is declined. What can he do to reduce his interest?

Thank you.

grumbler

A loan?........

caveo

Hi guys , I'll cut to the chase, I have £15,000 on a Halifax Visa card. the payments are around £350 p/m and this brings the total bill down by pretty much nothing. I have been at this limit for over 2 years now and to make matters worse they put my % rate up to 28.95% !!

Where can I go with this ????

iwishidbeenmoresensible

Hi there. Looking to move my cc debt around and reduce the interest. I've not got a huge amount of space to ay with but if I post details, would you guys be able to help suggest my best option?

Thanks loads

Sy

Cat_girl_2

Hi ,
I have posted in debt free wannabe and been directed here by a kind perso.
I wonder if anyone can advise me further????
Here's the situation.
Due to being exceptionally stupid I am in a real mess with credit card debt.
I have £850 a month most months to pay these of:
MBNA - £7645 0% till June then20% min payment currently £76
Tesco - £7600 0% till May then 18% min payment currently £76
Barclaycard - £5700 11% minimum payment £128
First direct - £4564 0% till 2017 min payment £135
I am panicking about the interest that will start building up when the deals run out, Barclays have cut my limit from £12000 to £6000 so I doubt they will help me. I also have a loan but that is paid separately. I am up to date with all payments and have no arrears.
Can anyone advise me how to shuffle or what to do. I feel sick. I have been pathetic and stupid and feel rubbish about myself at the moment.
Thanks for any advice anyone can take the time to give x

grumbler

Cat_girl wrote: »

Can anyone advise me how to shuffle or what to do.

My understanding is that "shuffle" is shifting debts between the existing cards if they offer lower or promotional 0% interest rate on the new balance transfers. From what you posted it's not clear whether you have such opportunities.
You can try getting new 0% cards, but with £10K income and £20K debt you can find it difficult to get a sufficient credit limit, if any.

Cat_girl_2

I don't have an income of 10k, that's what I can afford to pay off.or£850 a month. I did have some room on my barclaycard but when they looked to give me a further increase on my card(it was at£12500) they decided to go the other way and cut my limit in half so that was that hence I now am stuck.

asparagus1968

iwishidbeenmoresensible wrote: »

Hi there. Looking to move my cc debt around and reduce the interest. I've not got a huge amount of space to ay with but if I post details, would you guys be able to help suggest my best option?

Thanks loads

Sy

have you seen the snowball calculator? should give you some ideas until someone comes along here

Cursed

Oh gosh - you need to be VERY careful with this shuffle stuff. I had no problems with regularly paying back my credit card - the debt is high but I was managing it - however, the percentage rate bugged me and, based on similar advice to this article, I rang up Lloyds to see about getting the rate reduced. Their response, despite my having been a good customer for years, was to CLOSE my credit card account WITHOUT telling me, which had a devastating effect on my Experian file and caused me months and months of appalling stress and arguments with Lloyds but they continued to lie to me and to this day refuse to open my account again. So, my efforts to take responsibility for my debt and better manage it by trying to bring down the percentage rate resulted in a) a closed account b) no reduction in the interest rate c) a terrible effect on my credit rating d) months of appalling stress and arguments with Lloyds. Please Martin, be more careful when you issue this kind of sweeping advice. Attempts to do this can be horribly counter-productive.

grumbler

How can closing a CC have " a devastating/terrible effect " on a credit file/rating?

Regardless, what you describe is a typical reaction of a CC company when informed about financial difficulties and/or asked to reduce monthly payments, not the rate.