Paying interest on Credit Cards

jdogg1873

Hi folks, just a quick question regarding credit cards.

I've got a couple of credit cards at the moment. I've not got a great credit rating so I've had to use a couple of the bad credit rating cards. I'm with Aqua and Vanquis.

Both cards were maxed out a couple of years ago, but I've been paying £25 per month to them for the last couple of years and my balance is not going anywhere. My balance is always sitting about the £20 odd mark available to spend, then I get the interest charge and it puts it back down to £0. I then make my payment and it goes back up, and so it goes on round and round in circles.

It's very demoralising. I feel like I'm just throwing my money down the drain. Ok I knew before I signed up for these cards what they were like, and yes I know i need to pay a lot more than the minimum payment to make it clear quicker, but tbh I can't afford it.

Is there anything I can do to stop this happening? I feel as if I'm being robbed.

opinions4u

Try paying £30, or £35?

Go over to the Debt-free Wannabe part of the forum and ask for help with budgeting there.

It might help you transform your life.

sheslookinhot

jdogg1873 wrote: »

Hi folks, just a quick question regarding credit cards.

I've got a couple of credit cards at the moment. I've not got a great credit rating so I've had to use a couple of the bad credit rating cards. I'm with Aqua and Vanquis.

Both cards were maxed out a couple of years ago, but I've been paying £25 per month to them for the last couple of years and my balance is not going anywhere. My balance is always sitting about the £20 odd mark available to spend, then I get the interest charge and it puts it back down to £0. I then make my payment and it goes back up, and so it goes on round and round in circles.

It's very demoralising. I feel like I'm just throwing my money down the drain. Ok I knew before I signed up for these cards what they were like, and yes I know i need to pay a lot more than the minimum payment to make it clear quicker, but tbh I can't afford it.

Is there anything I can do to stop this happening? I feel as if I'm being robbed.

OK so you knew you were getting into debt you could barely afford to repay. Stop believing you are being robbed, it does no good.

Best option is to sell goods/items you can do without and use the proceeds to increase payments to the credit cards. Your balance will soon come down.

Another alternative is to apply for a personnal loan, only if you can trust yourself to use the loan to pay off your credit card obligations.