Help!! Catch 22 - CC repayments being cancelled out by interest!

hcf502

I have been trying to pay off my Credit Card but my payments are being swallowed up by the interest charges, so in short i am getting nowhere with it!

I tried to switch to a 0% balance transfer Virgin card but have been declined because I stupidly went over my o/draft limit on my current account in the past 12 months!

I think I am stuck - with my only option being to up my monthly payment so that I get somewhere with paying it off but I just can't afford to pay any more than I already am!!

Does anybody have any suggestions/advice as to what I can do to get out of this catch 22???

Thanks

HCF

ILW

Spend less on other things and up your payments to CCs.

YorkshireBoy

hcf502 wrote: »

...have been declined because I stupidly went over my o/draft limit on my current account in the past 12 months!

Supposition or did they tell you this?

Does anybody have any suggestions/advice as to what I can do to get out of this catch 22???

Generally speaking...earn more, spend less, restructure your debt.

As you seem to have discounted the latter, any options on the former?

Moggles_2

You don't mention which credit card(s) you have at the mo.

Have you tried asking your cc provider to reduce the interest rate? (You can do this over the phone.) You may be able to reduce your costs considerably without applying for new credit. For further suggestions, see Martin's *Credit Card Shuffle* article

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

Alternatively, is it possible to move the balance to a new card in your partner's name, if there is one?

thriftymomma

Get a loan to pay off the card?