Need help with credit card debt, desperately

Doglover512

Hello,
I am in desperate need of advice regarding credit card interest.
I am currently in a stupid situation whereby every £120 pounds I pay off (monthly minimum payment!) Aqua credit card puts approximately £90 back on in interest. At this rate I will be paying this off for the next ten years! This is my only debt but due to a bad credit rating from three years ago I am unable to transfer to a zero interest rate credit card. This is taking such a huge amount of my monthly income (totally my own fault ) that I am finding it hard to manage financially.
Any help or advice would be very much appreciated.

jo-bo

When you say bad credit rating, how do you mean?

Doglover512

I am unable to get any credit crads or loans.

Doglover512

sorry, meant cards not crads lol

jo-bo

No what I meant was, what as happened previously for you to be stuck?

Doglover512

late payments on two loans due to redundancy, all paid off in full over two years ago now. i only owe this one credit card but the repayments are killing me. i thought of getting a loan as the interest is fixed at the time of the agreement and all monies paid reduce the balance every month, unlike the credit card x

Doglover512

This obviously isn't an option as I am unable to gain a loan.

jo-bo

Have you tried the loan route and been refused?
Do you have ccjs?
Have you checked your credit files?
Have you asked your bank?

[Deleted User]

If you haven't tried your bank for a loan then that's probably your best bet first of all. I'd go into the branch to make the application rather than doing it online though - gives you the opportunity to explain your situation.

If that doesn't work, have you thought about going to a local credit union? They often work with people with poorer credit and are more likely to lend than the more mainstream companies. Google it if you're not aware of what it is, most areas are covered by them.

Finally, if neither of these work out then you have two real options - reduce spending elsewhere while you clear the card debt or think about selling things that you no longer need/use in order to make some cash. I know it can be difficult to cut down if money is already short but most people can make savings somewhere, whether that be groceries or whatever.

The most important thing is to put ALL available cash towards the card debt rather than just the minimum amount each month.

Incidentally, how much are we talking about? Aqua don't generally give out huge limits.

ElkyElky

If you haven't done so, cut up the card immediately to prevent further spending. So many people get in to a never ending loop whereby they make the minimum payment then some days later, forced to spend on the card for whatever reason. You'll never get your debt down if you keep spending the payment you've just made to the card.

If you go to the debt free wanabe board and post a statement of affairs, the clever people over there will try and help you cut down your monthly spending so you can throw more money at your debt. You might think you have already cut your spending to a minimum but there is plenty of creative ways to cut spending even further.

I don't think getting in to further debt by means of loans or whatnot is necessarily a good idea - most likely not possible if your credit rating is shot. Loans require a good credit history and so do all of the 0% interest free deals. Plus, if you use a loan to pay off Aqua then your Aqua balance will stand at £0 and this will give you temptation to spend on it again, digging yourself deeper in to debt. A LOT of people find themselves in this sort of situation because it's all so easy.

jamesml

Have you got anyone you could call on to help you? Have you got a family member who has/could obtain a 0& BT card, and you could therefore pay them instead?