£35,000 debt to credit cards

cullercoats

Can I stop paying interest on credit cards. I pay £160 to each credit card company x 4 and they take £20 only off each account. Is there anybody out there got any advice for me. Many thanks

SalsaDanca

You can't just stop paying the interest on your current cards. You might be able to get a new credit card with a balance transfer offer, and shift part of your debt to a 0% for twelve months or a low rate for life, however your existing debts may make it difficult to get any more cards.

Try asking on the Debt-Free Wannabe forum. They will be able to help you find the best way to pay off your debts.

clairbear1000

You can't stop paying interest unless you want to default on your payments.

If you're payments are unaffordable, perhaps you need to contact the CCCS or the CAB for help.

In the meantime search for the snowball calulator either here or on the net and see if there is a smarter way to pay off your cards, its definitely helping me reduce my interest payable. You need to throw as much moeny as you can at the debts to gt rid of them (assuming you don't have available offers like 0% etc)

Fiddlestick

cullercoats wrote: »

Can I stop paying interest on credit cards. I pay £160 to each credit card company x 4 and they take £20 only off each account. Is there anybody out there got any advice for me. Many thanks

Why would you think you can just stop paying the interest?

You signed the agreement accepting it, so it's a legally binding contract.

If you are having financial difficulties then speak to the lenders and see if they can maybe freeze it for a few months to help you, but you can't just stop on a whim.

ILW

You could sell a few things on Ebay.