What might happen?

Lazerium1

Well following my first post last week I've now worked out my cashflow for the next 10 years and reckon I will be OK, which is good :-)

However, this could come unstuck if my credit card companies start to mess me about.

So heres the question...

Based on the fact that I will be making at least the min payment every month, from your guys experience, how likely is it that my credit card lenders will start reducing my credit limit (below what I owe), or hiking the interest rate up? I'm currently with Barclaycard (15-20%) and Virgin/MBNA (20% when 0% promo ends).

hypno06

MBNA are notorious for both reducing credit limits and increasing rates.

There is a new "opt out" thing that has been brought in, but because I no longer have credit cards (wooooo!!) I don't know much about it.

It might be worth doing some serious research on this - MBNA will charge up to 34.9% APR - even if you are on top of everything without going over limit or missing payments......they really are sharks, and a jump to that rate can make your budgets look very different.

Hope that helps

Tixy

If you keep paying more than the minimums I thinks its unlikely they will reduce your limit below your balance - they are more likely to reduce it every so often to £10 above your balance.

As to hiking interest rates - fairly likely, quite a few are hiking them at the moment and certainly after a 0% a lot are jumping really high at the mo.

Glad to hear you think you will be okay cashflow wise though (10years is very good to predict if a little difficult)

Numpty_Monkey

Glad you are getting things sorted
I don't know if you saw this in Martins E-Mail:money:
http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases

Not sure if it will put you at ease
:A