Need advice

Futura_Bold

Hi
I'm a little embarrassed as I dont know anything about credit cards but....

I got a credit card from halifax a year go and today the balance stands at about £3100. The interest free ends this month, and now it seems I'll be paying £46 in interest. Can anyone recommend a way out of paying interest? Could I get another interest free card to pay this one off? Basically I dont know whether to contact halifax or go elsewhere to get help, and if so, where?

Thanks in advance

Futura_Bold

sorry please ignore signature, i dont have any money saved anymore...

splatt30

You could try to balance transfer the debt. Several cards (virgin, tesco, barclaycard etc) offer 0% for 12-15 months on transferred balances at a cost of about 3% (ie about £90 on this balance). If you do this you MUST NOT under any circumstances spend on the new card. You MUST pay at least the minimum each month and you MUST make plans to try to clear the balance over the course of the year.

You will not be able to 'get out' of paying interest if you leave the debt with halifax. This is how credit cards make their money and it is unfortunate you didn't read the small print to discover this would occur at the end of your introductory offer.

You have ben spending beyond your means on this card and you need to stop that or you will get yourself deeper in trouble

Futura_Bold

Thanks for that.

opinions4u

Good suggestions in the first reply.

1) Find a longer term 0% deal or even a low rate "balance transfer lifetime rate".

2) Never spend on a credit card again.

3) Perhaps visit the Debt-free Wannabe part of this forum for practical ideas on how to reorganise your income and expenditure.

Good luck.