Help!! I cant transfer my card balance

mollysugden

Hello, I'm just wondering if any one can offer me some advice, I have have credit cards with a high balance totalling around 10k for the last 18 months I have been paying the minimum payments which just covers the interest I pay approx £320 a month and can not afford any more. I have tried applying to the bank they are with for a loan so at least I can work on reducing the balance but I have been declined, even though I have never missed a payment. I also can not get a credit card to transfer the payment. I feel trapped and stressed as all I want to do is reduce the balance but the interest charges are so high I can not get anywhere.

Any advice would be appreciated - thanks

partickz

There are a few options I can think of when the credit runs out. Most will have an impact on your credit rating and ability to get credit in the future.

Perhaps step 1 is to post up a SOA in the Debt Free board (link in sticky on DF board). The people on there will look at freeing up some of your income to help slay your debt and this can often prove a catalyst as far as getting to grips with your debt is concerned.

Good luck and well done for starting out on the process to sorting this out.

chattychappy

One quick point: do be on the lookout for interest rate hikes. You have the right to reject these on the basis you agree not to continue using the card and pay off the balance over a reasonable period (usually means you just continue to pay it off within the existing terms).

bouncydog1

Definately post on the debt free board as you will probably be quite surprised where you can save money to throw towards your cards. You should be paying the minimum on the one with the lowest interest rate and the maximum you can on the one with the highest, even if it's only a couple of pounds more.

Good luck.

Si_Guy

Phone the card companies and ask what the interest is, explain you pay the minimum each month as thats all you can afford but the payments dont make any dent on the balance because the interest eats it up. Ask them if they can help you by reducing the interest, speak to a manager if they say they have not got the authority to do it. Be polite though, as they dont have to. Worth a try, it has worked with me in the past! Good Luck and keep at it, there is a light at the end...