Seeking advice on high-interest credit card trap

sanctuary

In the last two years I've made much progress on my efforts to eliminate my debt. I'm earning more, spending less and have paid off one credit card in full.

But I'm still somewhat stuck in the high-interest credit card trap on two cards, both of which are charging me astronomical interest. I pay by direct debit but because of the high interest can manage to pay only just over the minimum monthly repayments.

I called both credit card companies a couple of years ago and asked them if they'd reduce the interest. Because there'd been an erratic history of late payment - usually just a few days late - they both refused.

My question to MSE:

As there have been no late payments in the last two years, should I try again to ask if they'll lower my interest rates?

Also, has it become any easier in the past couple of years to qualify for a balance transfer? (I was rejected two years ago.)

Or am I stuck paying off these cards at this inflated interest?

Any advice on options that might be available to me would be very gratefully received.

CLAPTON

have you tried to apply for a new card?
obviously it will depend upon your credit history, level of debts and income

Tixy

Probably unlikely they'll agree to reduce the interest - that said for a quick phone call it won't hurt to ask.

And also might be worth applying for a new card - it hasn't become easier to get a new 0% card, but if your credit history has improved, your level of debts reduced and income increased it might well be worth a try.

There is a Creation 0% BT card that is meant to be easier to get than most other 0%s cards in terms of credit ratings.

sanctuary

Thanks so much for the advice. I will indeed call and ask - and will also check into that Creation card.

If not, I'll just have to earn more to pay it off quicker.