Reducing Credit Card debt

bmckay

I have a Capital One credit card that ive had for 5 years, balance is £850 and I have been paying £50 a month to it for as long as I can remember.
I called them this morning to ask if they would reduce my interest rate from the 30% I am paying just now but they refused.
I have applied for 0% balance transfer cards in the past but have had no joy.
Is there anything else I can try to help get this debt down quicker?
I am saving for a 2nd round of IVF at the moment so unfortunately cant afford to pay any more to it per month.

Thanks

Coveredinbees!!!!

You should get rid off the debt then save up for your IVF once it's paid off. Then you can save more as you won't be paying all that interest.

normanmark

Try the debt-free wannabe part of this forum. I think you're looking at the wrong solution to your problem though, you need to be increasing the amount you can pay per month to your card to get the debt down quicker.

Going on that debt-free wannabe part, you'll have to post your incomings and outgoings and people will able to see where they can increase your payments to the card.

bmckay

ok cheers i'll post on there.
coveredinbees I realise that but paying cc off quicker doesnt get me a baby any sooner!

Coveredinbees!!!!

Well it would wouldn't it as you would be able to save up more money quicker if your not paying the interest on the credit card.

pre123

How about putting all/most the change you accumulate in a jar and pay it onto the card at the end of each month, i have been doing this for six months now n its amazing how you dont miss the money during the month as its just change but have an extra £50 - £100 to pay of debts

normanmark

bmckay wrote: »

ok cheers i'll post on there.
coveredinbees I realise that but paying cc off quicker doesnt get me a baby any sooner!

I think you need to prioritise what is more important, personally i would find it easier going down the child route if the debts were dealt with. It's your call, but if you try to go down both routes then expect to have the debt about.

jonesMUFCforever

Surely a baby will put huge stresses on your budget so paying the debt off would be more difficult?