hand back credit cards

keithj050

Hi, am thinking of handing back my credit cards, and wondering what are the implications in doin this, ie will l get black marks on my credit rating? also will they freeze the interest from when l destroy the cards so l can pay off the amount quicker and are the liable to only accept a certain amount in montly payments and is there a time scale as to when they will expect card bill to be paid off, any comments would be appreciated. thanks

Moggles_2

If you asked a lender to freeze your interest, your credit rating would take a hammering and that would affect your finances for years. While you're meeting the minimum payments, your credit rating remains unaffected.

Have you tried asking your providers to reduce the interest rate?
For more tips, see Martin's *Credit Card Shuffle*article

http://www.moneysavingexpert.com/car...-card-interest

keithj050

Thanks Moggles, will try asking them to reduce it but wont that have the same effect on my credit rating as freezing? am also thinking of getting them to remove the insurance premiums as well to get the monthly payments down. once again many thanks

Moggles_2

keithj050 wrote: »

Will try asking them to reduce it, but won't that have the same effect on my credit rating as freezing?

No. Sometimes simply ringing and asking for an interest rate reduction cuts your costs and has no effect on your credit rating

I am also thinking of getting them to remove the insurance premiums as well to get the monthly payments down.

This would save money at a stroke.