Credit cards cost me £900 a year in intrest!!

deanchilds1

Worked out yesterday that i will have to pay £900 per year intrest on my two credit cards that amount to £5k.

Cant open any new cards and transfer the balances, so the only other hope is to ask my Dad to get a loan for me and i pay it off each month that way ill be much better off.

What to you guys think and how could i convince my dad to help me out?

frugalpam

deanchilds1 wrote: »

Worked out yesterday that i will have to pay £900 per year intrest on my two credit cards that amount to £5k.

Cant open any new cards and transfer the balances, so the only other hope is to ask my Dad to get a loan for me and i pay it off each month that way ill be much better off.

What to you guys think and how could i convince my dad to help me out?

It's frightening to work out how much interest we end up paying on credit cards isn't it :eek:

I'd definitely discuss it with your dad - by working the charges out etc, it will show him you're taking it seriously and he may well be glad to help you out.

Good luck

Pam

skylight

You need to put together a complete SOA for your Dad, show him your complete finances.

Being honest and open with him will show him you are being sincere.

I strongly also suggest that you prove to him some way that you have curbed your spending habits (which I assume/hope you have) as he will not want to throw "good money after bad".

And don't be disapointed if he says no. Your sig does say you already owe him £400 and you are not working - so exactly how do you propose to pay back the loan he gets??????

immoral_angeluk

:eek: :eek: is all I can say to that!!!

deanchilds1

frugalpam wrote: »

It's frightening to work out how much interest we end up paying on credit cards isn't it :eek:

I'd definitely discuss it with your dad - by working the charges out etc, it will show him you're taking it seriously and he may well be glad to help you out.

Good luck

Pam

Credit Cards are bad news!!

I want to ask my Dad but cant pluck up the courage to do so.

deanchilds1

charlotte664 wrote: »

You need to put together a complete SOA for your Dad, show him your complete finances.

Being honest and open with him will show him you are being sincere.

I strongly also suggest that you prove to him some way that you have curbed your spending habits (which I assume/hope you have) as he will not want to throw "good money after bad".

And don't be disapointed if he says no. Your sig does say you already owe him £400 and you are not working - so exactly how do you propose to pay back the loan he gets??????

Ive stopped spending like i used to. i have a thread that i started after xmas and that shows how much i have cut down, so my spending days are well behind me and now my paying it back days are here! :A

sammiboo

as said above, discuss it with your dad. Tell him you will set up a direct debit into his account so that the money is in there before the payments are due.

It is a big ask to get someone to take on debt in their name for you.

If your dad agrees, then cut up your cards asap!!!!

deanchilds1

sammiboo wrote: »

as said above, discuss it with your dad. Tell him you will set up a direct debit into his account so that the money is in there before the payments are due.

It is a big ask to get someone to take on debt in their name for you.

If your dad agrees, then cut up your cards asap!!!!

Credit cards have been cut up and not used since August last year.

I think i need to plan what im going to say to him before i just jump in with out thinking it over.

sammiboo

good stuff - if they are cut up then cancel them if your dad agrees. My aim is not to have more than two credit cards on the go at the same time. I have my egg one that i have managed to get the interest rate down to 5.7% for the life of the balance and also my virgin card that is 0% and thats for 13 months.
I dont intend to spend anything on them - i have managed it for over a year.

I cut up and cancelled my barclay card as soon as the balance was cleared.

deanchilds1

Dropped some hints over dinner, but not much luck with a loan!

LookingAhead

Hi dean.

Well, maybe you need to be a bit more direct? Dropping hints to men never works you know....;)

If you can back up your request with figures and a proposal of how much you will pay back whilst you are out of work and then when you get back to work, he might take you more seriously. Also highlighting to him how you have changed and giving him examples of what you've achieved so far.

If he says no, accept it, you never know he may think about it and come around later. Kicking off (not saying you would) might cement his decision.

Good luck.