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Rejecting CC interest rate increase

spiro
spiro Posts: 6,405 Forumite
Part of the Furniture 1,000 Posts Name Dropper
in Credit cards
I have an old CC I am slowly paying off (not used anymore) and I have just had a letter saying the APR is increasin from 37% to 48%. They say I can avoid this by closing the account and paying it off in a 'reasonable period'. Any ideas what a 'reasonable period' my be given I've got £5k to repay?
IT Consultant in the utilities industry specialising in the retail electricity market.

4 Credit Card and 1 Loan PPI claims settled for £26k, 1 rejected (Opus).
«1

Comments

  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Well as long as you keep paying the minimum amount, that;s what it will be.

    As long as you dont spend on it, of course.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Is there any chance that you can apply for a 0% card for at least part of this debt?
  • melbell
    melbell Posts: 488 Forumite
    jonesMUFCforever wrote: »
    Is there any chance that you can apply for a 0% card for at least part of this debt?
    Please stop trying to give financial advice.
  • davec1960
    davec1960 Posts: 81 Forumite
    McKneff wrote: »
    Well as long as you keep paying the minimum amount, that;s what it will be.

    As long as you dont spend on it, of course.

    OP won't be able to spend on it if he requests to stay on current rate as CC company will block card.
  • davec1960
    davec1960 Posts: 81 Forumite
    melbell wrote: »
    Please stop trying to give financial advice.

    Why?

    This seemed a reasonable suggestion as the OP is paying a high rate of interest.
  • exponential
    exponential Posts: 299 Forumite
    Part of the Furniture 100 Posts Name Dropper Photogenic
    jonesMUFCforever wrote: »
    Is there any chance that you can apply for a 0% card for at least part of this debt?


    Good call. Try applying for a 0% balance transfer card.

    Depending on your credit worthiness you should save quite a few quid if you are approved.
  • ladyburdy
    ladyburdy Posts: 38 Forumite
    Tenth Anniversary
    You could also try a low interest balance transfer card. I got a Sainsburys BT card a few months ago at 6.9% for life. you have a seriously high interest rate at 37%, I would be trying to transfer this debt urgently if i were you.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    melbell wrote: »
    Please stop trying to give financial advice.
    What's your specific problem?

    It read more like a suggestion than advice. A reasonably sensible suggestion too.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    melbell wrote: »
    Please stop trying to give financial advice.
    It was not advice but an opinion.
    I am not authorised to give any financial advice to anyone nobody on this site is and that includes Martin!

    You may have read the papers recently about Andrew Mitchell and the police - imagine you are the policeman and I am Mitchell!:D
  • Treadmill
    Treadmill Posts: 1,102 Forumite
    Realistically what are the chances of somebody with a credit card with a 37% APR getting a card with a 0% balance transfer APR ?
This discussion has been closed.
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