credit card debt

Legacy_user

I am paying off the minimum monthly repayment, but struggling with it and because of the interest, the debt is never decreasing. I think I was smart to always refuse the bank's offer to increase the credit limit two twice as much or more. On the contrary, I asked them to decrease it when they offered me to increase it, which left them perplexed. Otherwise now I would have twice as much debt.

I have now asked the bank to lower the interest rate, which they did, but I don't think it made a huge difference. Is there anything else I can ask the bank to do, or some other ways to stop paying the interest for a few months?

lippy1923

Post your SOA on the debt free board so people can help you cut your outgoings. Sell items on Gumtree/ebay, use cashback websites to do your shopping, walk or cycle instead of driving to save petrol costs. Cancel any gym memberships, sell your mobile phone and get a cheaper handset, cancel sky/virgin subscription, batch cooking...

The bank has already done you a favour by reducing the interest rate, so they may not do much more to help you. You can only ask and see.

Thrifty_Pixie

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OP, you could ask the c/c company to freeze interest and the account and arrange a payment plan, but you will not be able to use the c/c and this will probably show on your credit report (if they agree at all) as you've defaulted on your agreement with them.

i'm sorry but they have already been very agreeable in reducing your interest once when they didn't have to. i would suggest that you go through your monthly budget carefully (fill out an SOA on here) and throw any excess money towards paying it off.

The_Boss

Some important questions so we can advise further

What is your current credit limit and balance used?
Who are the lender and do you have a current account with them?
Have you made all minimum payments on time?
Do you have any other credit (e.g. cards, loan et ) and if so what are the limits/term/balances etc?
Do you have a full time job?

Thrifty Pixie's suggestion of budgeting and eliminating 'wants' but keeping genuine 'needs' is also very good advice in the meantime.

System

lippy1923 wrote: »

Post your SOA on the debt free board so people can help you cut your outgoings. Sell items on Gumtree/ebay, use cashback websites to do your shopping, walk or cycle instead of driving to save petrol costs. Cancel any gym memberships, sell your mobile phone and get a cheaper handset, cancel sky/virgin subscription, batch cooking...

The bank has already done you a favour by reducing the interest rate, so they may not do much more to help you. You can only ask and see.

Yes, these things were the first things I did

Bettingmad

Can you post a SOA, it will allow people to get a better perspective of things to give the advice you require.

Bettingmad

Follow the below link, when you have sufficient time, complete the SOA and click the button at the bottom to format result for MSE and post back here. Try to be as accurate and realistic as to what you spend on each area.

http://www.stoozing.com/msoc/soacalc.php