I am such an idiot....

Miffi_2

I've just checked my credit card balance with Egg - I must admit that up until a few weeks ago I wasn't very good with doing this. I think I liked the fact that it was all online so I could avoid it all together.

Anyway, I've just realised that I am paying something like £45 interest on my balance - which (however stupid this sounds) I didn't fully realise that before - no wonder I didn't feel I was ever making a dent on paying it off. :wall:

Have gone and had a look on the credit card section here on MSE and applied for an HSBC card with 0% transfer...and will not spend on it - if I get approved, I'll card up the card straight away!

Feel such a bloody idiot - why didn't I sort this out before! :wall:

dmb37

Well done for 'facing it'.........debt is so easy to amass. Unfortunately I stopped opening letters and I didn't have a clue what I was paying out (head in the sand for several years!!!).......that's why I am in the situation I am now!

You would be wise to cut the Egg Card up.

Don't be hard on yourself - you are doing something about it now.

Dawn xx

Miffi_2

dmb37 wrote:

Well done for 'facing it'.........debt is so easy to amass. Unfortunately I stopped opening letters and I didn't have a clue what I was paying out (head in the sand for several years!!!).......that's why I am in the situation I am now!

You would be wise to cut the Egg Card up.

Don't be hard on yourself - you are doing something about it now.

Dawn xx

Thanks - A while ago I did cut up my Egg card because I just didn't trust myself and I have been surprised how well I can cope without it. So even when the day comes and my credit card debt is clear, I don't think I'm going to rush out and get one - have learnt my lesson!

asharon

if you do get a hsbc card then transfer the balance, lower the limit close to the transferred balance and cancel the egg card so it is not a temptation at all.

Good luck !

Miffi_2

asharon wrote:

if you do get a hsbc card then transfer the balance, lower the limit close to the transferred balance and cancel the egg card so it is not a temptation at all.

Good luck !

Didn't think about lowering the limit....but will do.

Sleekit

While standard procedure is to close a credit card account once you've transferred the balance out of it, I always feel egg is slightly different.

They do an "anniversary" offer - on the anniversary of you taking out the card, you can balance transfer money from another card and get 0% for 5 months. Phone them and ask when your anniversary is, and then work out whether this might be useful to you further down the line. If it's not, then close the account, but if it is then keep the account open and ready!

bank_of_slate

Hi Miffi

I think we all need that lesson to learn from, yes hindsight is a great thing (if only we had it before!) and we ask ourselves 'why the hell did I.....etc.
Use it as a positive lesson that you can use to nip the situation in the bud.
What's done is done, just focus on paying it off as fast as possible.
Now you know to keep careful track.
...Linda xx

janb5

Following advice on this site, I applied for 0% card with Abbey and HSBC.

Abbey were fine but HSBC made it very difficult to check whether they had received their details and their ordinary phone line wouldnt let me access them which meant I spent ages on an 0870 number. I eventually cancelled them and stayed with the Abbey card.

I had an outstanding balnce on my egg card which is now cleared and have just contacted them to close it formally but have kept the newer Egg Money card because of the anniversary deals

scottishspendaholic

janb5 wrote:

which meant I spent ages on an 0870 number. I eventually cancelled them and stayed with the Abbey card.

Hi janb5,

In this instance, you can check out http://www.saynoto0870.com/ and find out the landline equivalent to this expensive 0870 number - this gets you through to the same people and is just the number they use to give out to those calling from abroad - just take away the +44 and add a 0 at the beginning of the number.

Apologies if you already knew this - it has saved me a fortune!

scottishspendaholic x

asharon

The main reason I siggested slosing it completely is if the op is even once going to use it and run that up as debt the anniversary offer is no longer worth it as getting rid of the debty is the main objective.

Lydia.42

Hi
Know what you mean about the interest.
Found out this month, that by only paying the minimum on one of his cards, after interest OH was only paying off approx. £1 off his outstanding balance each month!!! :eek: