Barclaycard troubles (NEWBIE)

Martinslovechild

Halifax One offers fee-free 0% Balance Transfers for 9 months.

funkymonkey

now if you find it dificult to get a new card dont panic - it takes longer but in theory it works and is called snowballing!

this month minimum payment is £30 - pay £30
next months min payment is £29.20 - pay £30
month 3 min payment is £28.00 - pay £30

so it reduces the balance quicker and if you can afford £30 this month you can afford it next month!

sorry that is only basic snowballing there is a fantastic calculator on http://www.whatsthecost.com

deemy2004

dragonfly02 wrote:

Hey there my partner currently owes £805.00 on his barclaycard, we have only been paying the minimum payment for at least 4 years now as its all we can afford(original lend was £1000)
The payments never seem to make a dent in the debt and I am sure we can do something to change this but as a newbie I don't even know where to start.

PLEASE HELP!!!!!!!

If all you pay is the minimum i.e. 2% or £5, then it is going to take you about 19 YEARS ! to pay it off -
Now by increasing repayments to say £30 a month it will take you about 2.75 years to pay the debt off.

Also if you continue as is then the amount of interest you will have paid on the £805 in 19 years is £1,775

The choice is simple, you have to increase your monthly repayments to £30 or more, or you will end up paying Three times the existing balance, if you leave things as is.

dragonfly02

well excellent news all round then, as it is not my credit card I never really looked in to it too much before (cc companies refuse to talk to me on the phone and partner is not very good at talking to people on the phone)

However after looking at his account online I realised that I can make payments to his card, I found myself with a little extra cash so I payed off £50 yesterday which should more than help I hope, I just don't know what the apr on the credit card is to work it out on the snowballing tools given in this post I also don't know the minimum percentage for this tool

Reaper

dragonfly02 wrote:

I just don't know what the apr on the credit card is to work it out on the snowballing tools given in this post I also don't know the minimum percentage for this tool

It's not difficult to find. Just look at the last statement or the Barclaycard web pages. You are probably on 15.9% APR and the min payments are 3% on Initial & Premiership, 2.5% on Classic, or 2% on Platinum cards.

zcaprd7

At least get a minimum direct debit in place - if you forget to pay for whatever reason this will take care of it.

Then every time you have a bit of spare cash chuck it at the card.


Whispering (maybe you could set up the direct debit from your account and not tell your partner so he also pays the minimum as well).