Capital One a whooping 33.95%

Woodpath

I am currently paying a massive 33.95% with Capital One. They have refused to move on the rate, are there any reasonable actions that can take to reduce the rate?

Hominu

Different card/BT ?

Loan ?

Overdraft ?

Woodpath

It's a credit card, their suggestion was to simply transfer the balance to another card. My circumstances dictate that I cannot do that.

[Deleted User]

That;s the problem. They see you as higher risk, and this is evidenced in your lack of options, Hence the high rate.

EarthBoy

If they won't reduce the interest rate and you can't get an alternative card elsewhere or a loan or overdraft to clear the balance, you just have to accept the present interest rate. They can't be forced to reduce it. Pay as much as you can off the balance each month, so that you clear it as soon as possible.

_Andy_

"are there any reasonable actions that can take to reduce the rate?"

No - the rate is a variable one so they can charge what they wish.

fozmcfc

As others have said, you will just have to put up with the situation as it is. But watch out, if they try to up the APR, then you have a right to reject, which will close the card and it is then paid off at the current APR, until it is paid off.

In general it sounds like for whatever reason, you have been overspending, perhaps relying on the card to live even.

That needs to stop, everyone can make a cut somewhere, albeit, drop to PAYG phone, buy the cheapest food, restrict going out, move to cheaper supplier for Electric, Phone, Gas or sell something like old clothes, technology etc.. So basically cut back on everything and try to make some extra money and pay at least the minimum + a small amount each month towards it.

If your situation is critical and you simply can't make any more cuts and are just getting into more and more debt, then your only option will be to default and speak to them about an arrangement to pay, but that of course will trash your credit files for 6 years minimum.

If overall, in life you are simply getting more and more into debt and it is because of what you owe and you can't make any changes in lifestyle to up repayments then speak to a debt charity, such as Payplan or Stepchange, about a DMP.

Or perhaps, you are meeting the repayments comfortably, but just want lower interest, well the only way to do that is to pay more off the card.