£4000.00 credit card debt....help!!!!

Michelle_B_2

Hi
I've got a £4000.00 credit card debt that I want to pay off. At the moment I can pay around £150.00 per month off it, so what would be the best way of reducing this debt. Please help cos Ive really no idea what to do now, Help Michelle

Reubenscane

Who is the card with, how many payments have you missed, how helpfull with the bank have you been, and do you have any other depts, loans and morgage?

Caz3121

What is the rate of interest? What is the monthly interest rate? Best way would be to transfer it onto a 0% balance transfer card so all the £150 would come off the debt

liamcov

Try and apply for another credit card with 0% balance transfers so at least you won't be paying interest on the debt then.

mark55man

best way of reducing debt

* spend less - have a look through the Old Style thread especially the December Grocery Challenge
* earn more - have a look at the up your income board - especially the earn £10 a day thread
* do as the other posters say and make sure your debt is as cheap as possible

good luck. really you should post an SOA (statement of affairs) and put it up here for the wiser heads to help you cut spending. i think its http://www.makesenseofcards.co.uk/soacalc.html - fill it in and then copy and paste it in a thread. possibly start a new thread with SOA in the title that'll attract the interest you need

Reubenscane

Don't speand above your means basically, people shouldn't run away from the banks then cry foul when they catch up with you, saying that people are here to help you and so are the bank as they would rather get the money back rather than chase you through external agents.....

bengal-stripe

liamcov wrote: »

Try and apply for another credit card with 0% balance transfers so at least you won't be paying interest on the debt then.

It appears, OP is in financial difficulties.

It is pretty unlikely, that option is open to her (particular in the current economic climate).

woody01

Reubenscane wrote: »

Don't speand above your means basically, people shouldn't run away from the banks then cry foul when they catch up with you, saying that people are here to help you and so are the bank as they would rather get the money back rather than chase you through external agents.....

Wow.....have you always been this mentally astute and helpful.

PAH1

Reubenscane wrote: »

people are here to help you and so are the bank as they would rather get the money back rather than chase you through external agents.....

Yeah the banks will help you find the error of your ways by hammering you with penalty charges and all sorts of harassment as soon as you step out of line, even if you've been a good reliable paying customer for many years. :rolleyes:

Ideally the OP should convert the debt from credit card to traditional loan, so the same amount can be borrowed and paid back at a much more reasonable and managable interest rate.