Not fair!!!Can they get away with these increases in interest rates?

shelovestobuystuff

Thanks for your advise.
He pays £200 per month over and above the minimum payment to get rid of the debt faster.He also pays any bonus(these are small only £50 here and there) or pay rises to the card too.Balance is just over £10,000 because he shifted(eventually after much nagging)all of his smaller expensive debt onto the card with the lowest rate at the time.
He says they keep increasing it just because he is not spending more money on it.
He has got a great credit rating so should just move the debt to a better deal,even if it means splitting it up into smaller pieces.He is worried about moving it onto more cards though.He would rather keep just one.Stubborn.
I am really annoyed he won,t listen to advise as this is the household finances and it totally defeats the purpose of me sorting out all of my credit cards if he becomes complacent with his.
okay I have finished complaining now.

wayoflife

shelovestobuystuff wrote: »

Thanks for your advise.
He pays £200 per month over and above the minimum payment to get rid of the debt faster.

Ok this is good, encourage him to pay as much as possible off.


He says they keep increasing it just because he is not spending more money on it.

Ok, dont get caught up with this. With the greatest of respect they arnt going to turn round to you and say your right its not fair well lower the interest significantly. (although they may drop the ineterest slightly*) My gf does the same thing, says they cant do that! They ABSOLUTELY can! what you need to persuade your hubby to do is become smarter than these companies, thats what stoozing is all about, it takes time and effort but it works and its worth it.


He has got a great credit rating so should just move the debt to a better deal,even if it means splitting it up into smaller pieces.He is worried about moving it onto more cards though.He would rather keep just one.Stubborn.
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This is fine, dont worry about moving it to more than one cc. This is what I suggest you do....This will take minimal effort and 3 phone calls to save you alot of money!!!


1) * As soon as humanly possible get him to contact your current provider and tell them you are moving this money and closing your account. Ask if there is anything they can do with the APR, as it is extortionate and you are definately going to move if nothing is done about it. You have nothing to loose here, if they turn round and say ok well drop it, even by 1% it will save you money until you transfer it. By the way dont bother ringing the regular custome rservices number, get the contact details of the CEO, this is by far the best and most efficient way of doing it. I have done this with many CEO'S and the majority reply within the same day! (I may have problems getting credit now!! lol)
If you need help then tell me the company and I will try and find the contact details for you...

2) Get an M&S & more card. I urge you to do this before the offer closes! you will regret it! you have up to 6 months I think to transfer this after the card is open. No matter what happens, (as long as he pays the minimum payments, which by the looks of things he has no problems doing) the balance is fixed for the life of the transfer I havnt dont all the calculations (I will if you need me to) but....

Based on £10,000 the interest you would save (based on minimum payments) will be £101 EVERY MONTH!! Ok your hubby is paying more than the minimum payment, but of course this will be directly proportionate if he pays the same amount to the new card.

Once he has moved the entire balance he can look at transfering smaller amounts to 0% deals (although I dont see the point of this) or whatever he wants. But with the base rate increase to 5.75% this offer will undoubtibly be finished very shortly!!!!! act now!!!!

This is simply the best thing to do, ignore the 0% deals, unless you can get one fee free for the life of the balance which isnt gona happen!!!!!!

Let me know what you decide to do...

ad44downey

BOE interest rate goes up 0.25%, credit card companies goes up 5%. You gotta love credit card companies, you couldn't make it up. :rotfl:

wayoflife

ad44downey wrote: »

BOE interest rate goes up 0.25%, credit card companies goes up 5%. You gotta love credit card companies, you couldn't make it up. :rotfl:

....Thats why its good to screw them back by asking the right questions and being smarter than they are!

and remember it doesnt matter if you pay off in full every month then you have a 0% credit card for life (until they all intorduce annual fees of course!!!) lol

by the way, who have increased it by that much and how much is the apr now?