Help!!

kirkyjay

Guys, I need help.

I (stupidly) got a credit card to pay for a dream holiday in january of last year and now my 0% Apr period is up. It turns out I have absolutely no idea what to do.

I don't have the money to pay off the full amount. I've heard about balance transfers but can't seem to find a credit card that will let me transfer the full balance, or the credit limit I have is less than the one I first had.

I'm really confused and starting to panic about making payments! Any help would be greatly appreciated.

UsernameAlreadyExists

kirkyjay wrote: »

Guys, I need help.

I (stupidly) got a credit card to pay for a dream holiday in january of last year and now my 0% Apr period is up. It turns out I have absolutely no idea what to do.

Keep making the payments.

kirkyjay wrote: »

I don't have the money to pay off the full amount.

You don't need to. Just bear in mind the payments you'll be making will be have interest applied, so it'll clear the capital debt much much slower.


What's the interest rate now that the 0% has run out?


And be wary of some 0% transfers ... because they apply a "transfer fee" which is equivalent to pre-loading with a marginally higher than base rate cost. So it's not 0% at all.

grumbler

kirkyjay wrote: »

I've heard about balance transfers but can't seem to find a credit card that will let me transfer the full balance, or the credit limit I have is less than the one I first had.

Make several transfers then. Beggars can't be choosers.
Stop searching at last as every new credit search recorded to your files makes things worse and worse: Credit Scores

And it's time to start thinking about paying the debt off. You can't keep switching it forever.

Anthorn

kirkyjay wrote: »

Guys, I need help.

I (stupidly) got a credit card to pay for a dream holiday in january of last year and now my 0% Apr period is up. It turns out I have absolutely no idea what to do.

I don't have the money to pay off the full amount. I've heard about balance transfers but can't seem to find a credit card that will let me transfer the full balance, or the credit limit I have is less than the one I first had.

I'm really confused and starting to panic about making payments! Any help would be greatly appreciated.

You don't say whether you can afford the repayments. If you can afford it there is not a lot to panic about. If you can't then you will have to cut back on other things. You borrowed it so you have to pay it back and that means paying interest.

kirkyjay

The Apr is 16.9%

I can afford the repayment, I'm just worried that the Apr will make it seem like I'm not getting anywhere in terms of paying it off. I've only been paying the minimum repayments until now, but will start upping my payments now.

[Deleted User]

What's the current balance?

What monthly amount have you been paying?

How much do you reckon you will be paying from now on?

fozmcfc

kirkyjay wrote: »

The Apr is 16.9%

I can afford the repayment, I'm just worried that the Apr will make it seem like I'm not getting anywhere in terms of paying it off. I've only been paying the minimum repayments until now, but will start upping my payments now.

Answering bedsit bob's post above, is the best way to get advice, but some general thoughts....

16.9% is pretty much the lowest standard APR for credit cards.

Just watch out for letters etc, saying that your APR is going to increase, you can reject the increase and the card will close and you pay it off at the 16.9% rate.

With regards to balance transfers, transferring even some of it to 0% is a good idea, if you are going to need to take more than a couple of months to clear the balance.

Transfer what you can, then pay the minimum on the 0% card and as much as possible to the 16.9% card.

kirkyjay

Bedsit_Bob wrote: »

What's the current balance?

What monthly amount have you been paying?

How much do you reckon you will be paying from now on?

The current balance is £1250

Monthly amount I have been paying is the minimum which is £25

I'm gonna aim to pay £100 from now on

d70cw6

kirkyjay wrote: »

Guys, I need help.

I (stupidly) got a credit card to pay for a dream holiday in january of last year and now my 0% Apr period is up. It turns out I have absolutely no idea what to do.

I don't have the money to pay off the full amount. I've heard about balance transfers but can't seem to find a credit card that will let me transfer the full balance, or the credit limit I have is less than the one I first had.

I'm really confused and starting to panic about making payments! Any help would be greatly appreciated.

For future reference: don't buy luxury items you can't afford

kirkyjay

d70cw6 wrote: »

For future reference: don't buy luxury items you can't afford

Duly noted.

kirkyjay

fozmcfc wrote: »

Answering bedsit bob's post above, is the best way to get advice, but some general thoughts....

16.9% is pretty much the lowest standard APR for credit cards.

Just watch out for letters etc, saying that your APR is going to increase, you can reject the increase and the card will close and you pay it off at the 16.9% rate.

With regards to balance transfers, transferring even some of it to 0% is a good idea, if you are going to need to take more than a couple of months to clear the balance.

Transfer what you can, then pay the minimum on the 0% card and as much as possible to the 16.9% card.

Any suggestions on the best card to get for my situation? I don't plan on spending more on one, just want the longer time to pay it off.