help please

paula23_2

hi there
it's my first time on moneysavingexpert, i was wondering if you could give me some advice please, i've got a Lloyd's TSB credit card the credit limit on it is £16.000 i pay in every month £360 of which £235 is interest :mad:.I was wondering if it benefit me by changing credit card
hope you can help
paula

Tixy

Hi Paula

Do you know what APR you are paying on the card? It looks around 17%?
Is the £360 you are paying the minimum payment or a bit more.

If you could get a cheaper rate credit card or a card with a promotional rate then it could work out cheaper for you. Is this the only credit card you have at the moment? you don't have any old cards open with a nil balance I suppose?

The problem you might find is that it is really hard to get new cards with high credit limits, most tend to be around £2k to £4k as a starting figure.

Whether you would get a new card at all, and what rates and limits you would get will depend on various things including how good your credit history is, how much you earn, what other debts you have, what other credit accounts you have.

lesalanos

hi and welcome,

could you fill in an SOA too and you will get loads of great advice on where you may be able to make savings to get this debt paid off.

Verbatim

Are you still spending on your credit card?