Best way to clear cc debts with low credit rating

songfish

Hi All, I have approx £7k in cc debts that Im trying to pay off. Used to card tart togood 0% offers. Recently rejected for new 0% card so am paying huge interest monthly & not really clearing anything. I also have £1k overdraft with Barclays. I work p/t employed & p/t self employed which causes confusion when asking for credit as I don't know which status to declare & whatever I choose only rakes into account part of my income. Would love the Barclaycard 0% for 23mnths to really clear this debt but seems doubtful is get it. Is there a way of stopping the interest? Or a more sensible option to pay off the debt ? Thanks

unimaginative_user_name

I would get this thread moved to the debt free wannabe board where you'll get lots of support and advice. If you post your SOA (statement of affairs) in which you list your incomings and outgoings for an average month as well as all your debts and monthly repayments people will be able to suggest ways of cutting back.

There are options where you can get interest frozen but as far as I know they trash your credit history so if you can afford the repayments it might be better.

happycamel_2

Stopping interest would affect your credit score hugely. I know you're learning this the hard way but this is why if you have 0% deals you should save up towards the end of the term in case you can't get another deal.

I'd suggest cutting back and living frugally for as long as it takes to get the debts paid down. Snowball the payments by paying the highest rate first and paying the minimum on the others.

Sheriffsam

Similar situation to me. Its so frustrating that those that need the deals the most are usually the ones that can't get them!