High balance credit card

cmpm

I had a cash flow problem and took out a £20k limit 0% interest credit card which got to its limit over a 24 month period, i am now paying it back with a minimum monthly payment of £550, interest of £350 ish, i can now pay back at this rate no problem but with only £200 coming off the debt it will take forever, i have applied for interest free credit cards again but cannot get a decent balance to transfer all outstanding balance of £18k, any ideas ?

Candyapple

For you to get a £20k limit on one credit card, I am assuming you are a high earner?

When you say you’ve applied for cards, have you been declined for them?

What is your debt to credit ratio?

grumbler

cmpm wrote: »

I had a cash flow problem and took out a £20k limit 0% interest credit card which got to its limit over a 24 month period, i am now paying it back with a minimum monthly payment of £550, interest of £350 ish, i can now pay back at this rate no problem but with only £200 coming off the debt it will take forever,

It wasn't as "cash flow problem" then if after 24 mohths (!) you can't pay it back instead of paying a huge interest 'forever'.

i have applied for interest free credit cards again but cannot get a decent balance to transfer all outstanding balance of £18k, any ideas ?

Even if £20K is your only available credit, you have to earn £80K+ to realistically expect to get ~£20K more of unsecured credit. Be happy to get offered smaller limits and don't reject them. Every little helps.

RuthnJasper

OP - instead of applying for further credit cards, which won't help you in the long run, contact http://www.stepchange.org/. They're free to use and very helpful.

They can help you to get a handle on your situation and might be able to come up with a better repayment plan.

Good luck.