Credit Card Hell!

creativesource

Hello!

Happy New Year everyone!

I'm wondering if anyone can help with my new years resolution - to be able to dump my credit card once and for all!

I currently have £4,500 on a HSBC credit card & £2000 on a HSBC graduate loan. The CC is costing me £200 a month & the grad loan £70 a month. I'm desperate to consolidate this debt and get away from the extortionate interest rates so I can start to pay this off at a more affordable monthly rate.

I have applied for a HSBC loan but was rejected & the attendant informed me that if I applied elsewhere my rejection would be on my credit history and would go against me.

I feel quite trapped, can anybody suggest a solution to this?

Any help would be gratefully appreciated x

Ritchie74

Hi Creativesource.

Just to clear up, a rejection is not listed on your Credit File, however a 'search' will be. Having lots of searches on a report in a short space of time will push your credit score down as you look credit hungry. However as you have just the one I wouldn't worry, it won't detrimentally effect you.

Re moving the debt, the best solution is to move your existing CC debt to a 0% CC or a 'life of balance CC'. Do you have a good credit history, with no or few missed payments? Are you on the Electoral Roll? If so you should be able to get a good mainstream Credit Card. Then pay off as much as you can each month (if you can afford to pay more than the minimum).