I know nothing about card transfers,what sould I do?

Busterthedog

I have a poor credit score,I am paying the minimum amount each month but still have over £3000 on my credit card and sometimes have to use the card for shopping,not sure what interest I am paying but I know it's a lot,what should I do?

R_P_W

Spend less and pay more?!

UsetheFORCE

The APR will be on your latest statement.

Who is the Credit Card provider???

What is your limit?


Do you have CCJ's, Defaults etc... ( I am guessing you have but clarifying).

[Deleted User]

All depends on what your current situation is really. How close to your limit are you just now? Do you ever miss any payments? Have you defaulted on debt in the last six years?

If the answer to these questions is no then you might be able to get another card to transfer the balance across, just make sure that when you do you use the money saved from interest to go towards paying off the debt. Balance transfers are done when you open a new credit card account, it's normally part of the application process. You enter your old card details and how much you want to transfer and the CC company sorts it out for you. You normally have to pay a small fee (1.5-2.5%).

iAMaLONDONER

Busterthedog wrote: »

I have a poor credit score,I am paying the minimum amount each month but still have over £3000 on my credit card and sometimes have to use the card for shopping,not sure what interest I am paying but I know it's a lot,what should I do?

Pay significantly more than the minimum payment.

If possible apply for a card with a lower APR and get a balance transfer (providing you can afford the fee)

opinions4u

Busterthedog wrote: »

I have a poor credit score

What do you mean by this? I don't mean the magic number that someone like Experian gives but what nasties on your credit file - missed payments, defaults, CCJs etc?

I am paying the minimum amount each month but still have over £3000 on my credit card

First thing to do is pay more. Even if it's only £1 more. Paying more than minimum can help improve your credit file.

and sometimes have to use the card for shopping

By doing this you will stop the debt falling. You also leave yourself open to interest rate increases from the card company if you choose to keep using the card.

I'd:

1. Cut it up.
2. Make sure you reject any future rate increase.

not sure what interest I am paying but I know it's a lot,what should I do?

Read your statement. The rate is on there.

If you're making a cry for help I'd suggest the following:

1. Go to https://www.makesenseofcards.co.uk and complete a statement of affairs.
2. Post your SOA on the Debt-free Wannabe forum of see what responses you get.

Perhaps contact CAB who can help assess any benefit entitlements that you're missing out on.

Spending less and paying more off the debt is the solution. Being able to achieve this the big challenge. Not paying for TV, mobile phone contract and other non-essential subscriptions would be a good starting point.