Stuck with High Interes C/C HELP!

Cathjo_2

Hi

Could someone please help me. I have two credit cards one with approx 4,500 and another with 4,000, both cards are up to the max limit. One card has interest thats reasonable but the other I took out before credit crunch at 0%nterest which has now shot up to 34% interest, which means I pay 90 per month payment and the same in interest so I am never paying it off. The problem is I have been refused other credit cards, I think because i have applied for a lot recently and it has affected my credit, so I seem to be stuck with this high interest. I have tried getting a loan and other credit cards etc I am maxed out on my overdraft too, so have no alternative that I can think of. I really want to pay my debt off but cannot do so with such high interest. I have contacted the C/card co. who will not change the interest. Does anyone have any ideas? I'm sinking fast...Thanks

talana

Hi there!

OK, so reducing the apr is out, and moving the debt seems out too.
This might sound obvious, but I think the best way you can tackle it is to give yourself a full financial healthcheck, free up some cash from somewhere and throw as much cash as you can at the 34% card. That's the only way to get on top of it.

Go over to the debt-free wannabe board, read the sticky at the top of the board about filling in an soa and posting it. Then when you're ready, try to include as much detail as you can, post it so people can see your full situation and you'll get plenty of useful advice and suggestions. You may be surprised what you can do.

I'm sure we can help. Maybe I'll see you over there later!

KonkyWonky

£8.5k on credit cards is a pretty high sum. It depends on what you earn of course but it could be that lenders don't want to give you more credit as they can see you would struggle to repay them, which seems a feasible assumption given your explanation.

The problem is not that you have been refused other cards as you state. The problem is you have not managed your finances properly and you now owe more than you are able to repay.

The debt free wannabe board is prob a better place to post than here, or at least you are more likely to get a solution to your over borrowing over there.

Cathjo_2

How judgemental of you - this board is for help not for judging people. People like you should not give advice and you should not judge others!!!

Davewils

Even though you cant get another card or a better interest deal, it might be a good idea to ring the card company which has the LOWER interest of the two (which you described as reasonable) and ask them to suspend the account.

This would then stop you a: using the card but more importantly it would stop the card company from increasing the APR further, which they WILL do if you are just making minimum payments.

talana

Cathjo wrote: »

How judgemental of you - this board is for help not for judging people. People like you should not give advice and you should not judge others!!!

Sigh........ oh don't be so pathetic!
You've been given perfectly good advice. If you don't wish to act on it fine, we couldn't care less. Stick your head in the sand then.

Dabooka

Cathjo wrote: »

How judgemental of you - this board is for help not for judging people. People like you should not give advice and you should not judge others!!!

Truth bites. I'm sure no-one means to be judgemental, it's just a case of going from the facts you've given; two maxed out cards and a sizeable O/D? The advice given is pretty sound, I agree about getting over to the Debt Free Wannabe forum.

For what it's worth, most people on here either are or have been in a similar situatution (sure the numebrs may be different from one person to the next, but the essence of the problem is repeated throughout the forums) and you will get practical help and advice. You just need to start with a SOA on the Debt Free Wannabe board and a willingness to listen to some hard truths.