Freeze Credit Card Interest whilst making over payments

WhiteDoor_2

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MonkeyMad

As a reality check, why do you think the bank would want to freeze the interest if you are currently servicing the debt at minimum payments (which I suppose you are but don't say so)? They are not at all interested in your well-being, home-life or desire to start a family.

Only being in a situation where you cannot service the debt at all are they likely to want to reduce the interest in order to get the capital back. Until then you are a nice little earner (as the past 10 years show).

Ganga

With the payments you are making ( £550.0 x 120 months = £66000.0 ) how is the debt total not dropping!

jonesMUFCforever

Go and speak to a debt charity NOW!

drowningdepressedindebt

I'm making big payments a month and just realised of 1300 960 is interest...
this is nuts...

MonkeyMad

On dear, I don't think it was the right answer.

@drowning

Big debts = big payments at credit card interest rates = mostly interest.

If these are minimum payments then logic would suggest a 3% minimum payment on a CC at ~25% APR would be the equivalent of around 2% going towards interest ie 2/3rds which isn't too far off your figures. You may of course have a different %age payment, but you can see that interest forms the bulk of the payment if you are not paying off large portions of the balance.