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Credit card maxed!
bianca88
Posts: 1 Newbie
in Credit cards
Hi i have a credit card maxed to 2500 and i pay off 150 a month which is making me struggle but the card never goes down 
i have bad credit and cant transfer the balance to 0% card. Is there any way i can stop the interest or something so i can start paying i off?
i have bad credit and cant transfer the balance to 0% card. Is there any way i can stop the interest or something so i can start paying i off? 0
Comments
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The only way would be by defaulting on it0
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£2500 isnt a huge balance what is the APR and how much of your £150 is interest? i would have thought paying £150 a month would bring balance down quite quickly.
Why is your credit rating bad? Have you tried a balance transfer? Do you have any other available credit?0 -
£150 on £2,500 is 6%.i have a credit card maxed to 2500 and i pay off 150 a month which is making me struggle but the card never goes down
If they're applying 6% interest per month, that equates to 101.22% APR.
As far as I know no credit card charges that level of interest, so why isn't the balance reducing? Are you incurring default fees or paying PPI? Or maybe you're still using the card to make purchases?
There are generally only 3 ways out of debt:
Earn more
Spend less
Restructure the debt
Since you seem unable to do the last, can you do anything about the first 2?0 -
I'm guessing £150 gets paid off then £100 at least gets spent on it again before the next statement?0
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Need to beat the interest vs capital repayment struggle. It requires discipline but pay off more than the minimum and do not use the dammn thing again. It will come down. As to defaulting on the card ... welcome to credit hell my friend if you follow that lunatic's advice...0
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Stop using the card to spend money.Hi i have a credit card maxed to 2500 and i pay off 150 a month which is making me struggle but the card never goes down i have bad credit and cant transfer the balance to 0% card. Is there any way i can stop the interest or something so i can start paying i off?
Cancel any PPI or card protection cover getting charged to the card.
Start spending less than you earn.0 -
Despite the helpful replies which beg further questions, after 3 days the OP has not been back...0
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Get the scissors out.British Ex-pat in British Columbia!0
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