Is there ANYTHING I can do?

Pete_Pocket

Hey,

I have had a Virgin Credit Card since November 2005. I currently owe £7000 and have a limit of £8000 on the card. After recently hearing about PPL I was shocked to see that I was paying for this and stopped it. I bought my card on the internet.

I am self employed with a family and find the repayments never get any lower even though I do not spend on the card anymore. I have never missed or been late with a repayment.

I tried to apply for other Cards so that I could make a 0% transfer and make some inroads into paying this off. However I have been turned down for the other cards and dare not keep applying...

This morning I called my bank and asked if they would reduce my interest rate and thery said no as most of the spending on the card was in the cash area and they advised a balance transfer!

Can anyone please help with some advice? The interest on this card is over 30%!!!! I really want to pay this debt off. It is not crippling me but it is stopping me and my young family from doing things that we would like to do like holiday or save.

I have probablly been an idiot getting in this mess but want to make it right.

Thank you,

Pete

Moggles_2

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article, to make certain there's nothing obvious working against you
http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

To help you further, we would need to know which cards - besides Virgin - you have at the mo, also the ones you've applied for unsuccessfully.

Typhoon2000

At 30% APR, you dont want to be putting any money aside as 'savings', as you wont be earning enough interest to make up. I would suggest cutting up the Virgin card and mabe the family holiday and put as much money toward payng it of as you can. If you can get a 0% or better still a low life of balance CC to balance transfer, then go for it. but remember to cut up your new card to prevent accidently spening on it,