Can bank freeze.lower interest on credit card?

adben12

I have a 8,000 amount owing to my barclaycard, just wanted to know if there was a way of getting them to freeze or reduce the interest(currently pay 140.00 plus in interest alone each month, without the actual minimal payment). Although I now intend to pay off more than the minimal each month the interest on top is never ending, please help, any advice gratefully received. I have tried balance transfers, but best I could get was 1,000 shifted to virgin.

Moggles_2

I would avoid the term "freeze". It will be marked as "arrangement to pay" on your credit file and that would affect your ability to get credit for six years. While you're meeting the minimum payments, your credit rating remains unaffected.

Which other credit cards - besides Barclaycard and Virgin - do you have at the mo?

Have you tried asking each of your cc providers to reduce their interest rates? (You can do this over the phone.) You may be able to cut your costs considerably. For details, see Martin's *Credit Card Shuffle* article

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

sj123

I can not...

adben12

Thank you, will phone them today and try to get rate reduced, only have the two credit cards, will post how I get on. Many thanks again

adben12

well, I tried is all I can say, read the link on credit card shuffling which was good, tried step 1(phoning bank and asking for lower rate), no luck, advisor said stuff about current economic climate, said cannot change an interest rate,not something they can offer, etc etc. I tried to get crafty and have phoned them three times on different days and times, but got same response from all three advisors. Going to now plough money into it, having learnt my lesson. Again thanks for advice.