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Credit Card Dept Advice Please
Daniel182
Posts: 39 Forumite
Hello
Can anyone please advise on credit card debt? My niece has been left with £3,000 + to pay on her credit card.
Even though keeping up with payments. What she has been paying back each month, over half of that is interest?
She is now struggling to pay the card debt. The monthly interest is 1.453% Apart from reducing the amount. Is there a way she can reduce the interest rate or could she get the interest frozen?
Many Thanks
Can anyone please advise on credit card debt? My niece has been left with £3,000 + to pay on her credit card.
Even though keeping up with payments. What she has been paying back each month, over half of that is interest?
She is now struggling to pay the card debt. The monthly interest is 1.453% Apart from reducing the amount. Is there a way she can reduce the interest rate or could she get the interest frozen?
Many Thanks
0
Comments
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Hi Daniel182,
I would suggest that your niece starts by doing a SOA just to check that the monthly minimum payments are affordable. If they are but she wants her payments to have more of an impact then she has a couple of choices. She could either try and overpay the minimum payment to drive the balance down or she may want to try and shop around for a better deal on her credit card, such as a 0% balance transfer. I hope she can get it sorted.
Laura
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Thank you Laura for your advice.0
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