What can I do with my card debt - Help!

1u1u

I have an MBNA credit card with a balance of £12,000 which is mounting up a huge amount of interest each month meaning the debt is ever increasing. I have looked into moving the debt to a 0% card and on application have been accepted for one but the initial balance offered is only £2k which is of no real use to me. How can I move this balance to a better rate card (even a low rate would be better) when the initial credit limit offered is so low.......I would have to apply for 6 cards to cover the current debt and that doesnt seem very wise what with fees and the impact on my credit score!!

So, does anyone have any ideas or advice. I dont really want to get tied into a loan but if thats the only option I guess I have to go with that......if I can find a good rate!

TheEffect

Get a loan. It's unlikely a card is going to give you a starting limit of 12k or more unless you're earning a lot of money.

CLAPTON

2k at 0% is better than 2k at a lot more.

if you can't even pay sufficient to meet the interest payments then go over to the the debt free wannabe boards and post up your full debt details.

thriftymomma

CLAPTON wrote: »

2k at 0% is better than 2k at a lot more.

Very true, every little helps!