We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Renegotiating credit card interest rates
Metamorph
Posts: 33 Forumite
Hi, I have just over 10k on a MBNA credit card that has been on 0% for the last 10 months. However, it has now reverted to the standard rate (about 23%) and the amount of interest they are charging now is staggering and is not much below the minimum payment.
Now, I can just about afford to keep up with the minimum payments but with the interest added the debt is going nowhere. My other debts are all on long-term deals and are slowly but surely coming down. I would like to do the same with this.
At the moment I am unable to move the debt to a lower interest rate, so I wanted to ask if it is possible to negotiate with MBNA to get a better interest rate to facilitate paying off the debt? Are there any strategies/letter templates etc that might help?
Any advice would be gratefully appreciated. Thanks
Now, I can just about afford to keep up with the minimum payments but with the interest added the debt is going nowhere. My other debts are all on long-term deals and are slowly but surely coming down. I would like to do the same with this.
At the moment I am unable to move the debt to a lower interest rate, so I wanted to ask if it is possible to negotiate with MBNA to get a better interest rate to facilitate paying off the debt? Are there any strategies/letter templates etc that might help?
Any advice would be gratefully appreciated. Thanks
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards