credit card interest :(

youngy1984

hi all little dit of help/advice needed please im struggling to pay off my credit cards because of the interest rates i have 2 cards both with £1700 on them i can only afford the minimum payment which is about £48 but the interest is 38 i have a poor credit rating and cannot get cards with 0% is there anything i can do so that i can cut the interest i pay :mad:

withnell

Have you tried ringing up the companies and asking if they'll cut the rate on the cards? They may do it in return for blocking any further purchases, enabling you to pay off the balance.

youngy1984

i have tried that they refuse to. i have not used my cards for over 8 months but the balance hardly goes down

Innocent_Guy

DO you have good enough credit for a loan?

jonesMUFCforever

Do you have anything you can sell say at a boot-sale or Ebay to raise money to throw at your debts.
Also make a statement of income and expenditure to see where your money goes on - cut down any unnecessary expenditure so again you have more available funds to put towards the cards.

Simon_Preston

Have you tried offers like 6.9% for life of balance from Citibank? I managed to get one of these with a £1500 limit even though I got turned down for 0% cards. If you can get one of those you can transfer most of one of the cards balance to that. Then work on getting the remainder of the first paid off card to £0. Once thats done you might be in a better position for the paid off card to offer you a deal to keep your custom... then you can shift the balance of the other card with the high interest over to that.

If you get what I mean?

jonesMUFCforever

Simon_Preston wrote: »

Have you tried offers like 6.9% for life of balance from Citibank? I managed to get one of these with a £1500 limit even though I got turned down for 0% cards. If you can get one of those you can transfer most of one of the cards balance to that. Then work on getting the remainder of the first paid off card to £0. Once thats done you might be in a better position for the paid off card to offer you a deal to keep your custom... then you can shift the balance of the other card with the high interest over to that.

If you get what I mean?

OP has said that they have a poor credit rating and have been turned down for some 0% cards - this might not be an option here.