i really need help :(

depressedmimi

dear friend, please help,for god knows how many months i've been paying mbna credit card £150 with interest now at £132.71 i have just received a statement stating min payment £204.60 credit limit £14,900 new balance £7,321.94 this all started quite sometime ago, for quite sometime i was paying minimum, later needed money for usual bills & whatever, have never gone mad on the acc & have never really understood how they work... but since last year i have been paying £150 a month & only paying off pittance i'm sick of it & really cant find a way out , pleeeeease help as i can not afford these payments anymore thankyou

snookey

Hi maybe post your soa and the interest rates on the card. Im sure someone will help you through the maze.

Pollycat

depressedmimi wrote: »

dear friend, please help,for god knows how many months i've been paying mbna credit card £150 with interest now at £132.71 i have just received a statement stating min payment £204.60 credit limit £14,900 new balance £7,321.94 this all started quite sometime ago, for quite sometime i was paying minimum, later needed money for usual bills & whatever, have never gone mad on the acc & have never really understood how they work... but since last year i have been paying £150 a month & only paying off pittance i'm sick of it & really cant find a way out , pleeeeease help as i can not afford these payments anymore thankyou

Here's the link to the SOA (Statement of Affairs)

http://www.makesenseofcards.com/soacalc.html

Without more information about your total financial situation, it's very difficult to offer constructive advice.

Credit cards are great for those people who can afford to and who are disciplined enough to pay off the FULL outstanding balance every month.
When you start paying less than the total amount due, that's when it becomes a good deal for the credit card company instead of for you.

Have a sit down with a cup of tea and work through the SOA then post it, you'll get lots of advice.