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Credit card interest killing me

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sitcom321
sitcom321 Posts: 386 Forumite
in Credit cards
I have a Lloyds Credit card which is at its limit of £4000, I have v poor credit history for past few years i have paid off 2 credit cards which had £1000 on each over the past year and this is the only credit card i now have left. the interest is £84 per month and i can only afford to pay £120 per month. i cant get any other interest free or low interest credit card because of my history. is there anything i can do at all to try and get this down any quicker. I really cant afford to pay more than £120 per month

Comments

  • Swampy3k
    Swampy3k Posts: 187 Forumite
    Eighth Anniversary Combo Breaker
    you could maybe look at a credit union or something similar, while it would take awhile to build up some credit and be in a position to take out a loan with them, in the long term it would definately be worth it.
  • thebritishbloke
    thebritishbloke Posts: 1,472 Forumite
    Post a statement of affairs on here, or the debt free wannabe board, and we should be able to advise you better on how to manage your finances.
    Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.

    ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.
  • Nasqueron
    Nasqueron Posts: 10,664 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Have you tried speaking to the bank about being in financial hardship? They may agree to freeze interest rates for a period say 6 months-12 months assuming your finances do not show any obvious luxury spending that would prevent you paying off the bill

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • thebritishbloke
    thebritishbloke Posts: 1,472 Forumite
    Nasqueron wrote: »
    Have you tried speaking to the bank about being in financial hardship? They may agree to freeze interest rates for a period say 6 months-12 months assuming your finances do not show any obvious luxury spending that would prevent you paying off the bill
    As a warning, doing this means the bank will record a default on your credit record. They will also likely close your account and never have you back as a customer.
    Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.

    ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.
  • Nasqueron
    Nasqueron Posts: 10,664 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    thebritishbloke wrote: »
    As a warning, doing this means the bank will record a default on your credit record. They will also likely close your account and never have you back as a customer.

    WOW didn't know they'd go that far, best struggle along then :mad:

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    edited 19 September 2014 at 2:45PM
    nancygreen wrote: »
    Recently, many computer users complain that their computer are get infected and some important information is stolen by cyber criminals, including credit card numbers, bank accounts, usernames, passwords, identity information, etc. So We should pay attention to our computer and privacy security. It is wise to download an advanced removal tool on the computer which can help you prevent more potential threats. Copy here to refer to: spamspamspam :rotfl::j
    This is spam, or probably a virus infected program. Do not follow this link.
  • thebritishbloke
    thebritishbloke Posts: 1,472 Forumite
    dealer_wins wrote: »
    This is spam, or probably a virus infected program. Do not follow this link.

    I'd remove the link from your quote too just in case.
    Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.

    ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.
This discussion has been closed.
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