Looking for some Credit Card advice.

jadelois

Hello,

Im looking for a bit of advice in regards to shifting my CC debt.
I currently owe about £6500 on a NatWest CC at an interest rate of 18.9%. This is costing me a fair few quid every month and I am looking to utilise the 0% balance deals that are available while I pay this off but I am not sure if this can be done when the amount owed is this high?
Can it be split over more than one card and if it can is there a time limit between applying for further cards.
A bit of further background info.
Earn ~ £18,000 after tax, have a loan with £10500 remaining (over 5 years) but recently moved back in with parents so am looking to pay £500 a month off this card debt until its cleared.
Any advice will be greatly appreciated.

[Deleted User]

Doubtful you will get any more credit whilst you owe 17k and earn 18k, you need to throw everything you have at the CC for the next 12 months and if as you say that could be £500 a month then the CC will almost be paid off.

YorkshireBoy

With a circa £22K salary you're unlikely to be granted significant additional credit, and certainly not on a single card.

Just moving back in with parents would suggest you're not on the Electoral Roll there yet?...so that should be a priority.

Having said all that, because the situation is so dire, I'd throw in 2 or 3 speculative simultaneous applications and see what comes of it. After all, you've nothing to lose and everything to gain.

But just be sure you've addressed the reason(s) for the debt existing in the first place, otherwise you'll be in a worse position in 2-3 years time!

jadelois

Thanks for the replies. I'll just look at chipping away at it and live with the interest for now.
Addressed the issues though so I won't be doing it again!

SHill

Hold on hold on
Look try and review the eligibility criteria and see by doing a soft search. How long have you had the current cc and call the cc provider to review the interest rate too.
They may adjust the interest rate just by asking. You need to look through tab about cards and loans on the main page its on banner under martins picture on the top left.
Can you sell stuff on ebay car boot sale get an extra paid part time employment. Instead of asking for gifts at birthdays and Christmas ask people for support towards paying off this debt. It is call snowballing effect.
Create a spreadsheet or use notepad and pen detail all your outgoing sand see if you can cut back. Take lunch in don't buy.
Do you buy coffe and cake every day? Do you spurge on gadgets going out games or going to events. You may need to cut down and cut back on things. Have a look through the forum and go to the debt free wannabe.ive been there it's hard it will not be easy you will fall off the wagon but you can do it. Well done you for asking for help. Keep going you've made a start.
I hope I have helped...

brianmoran.me

Why not call your current credit cards bluff, call and say you have done a soft search and have a 95% chance of being accepted to transfer the balance, they might match or offer something similar in order to keep you.

splatt30

At least do a eligibility search and if you get a reasonable chance of acceptance apply. Even if you are rejected once it's not a major deal. Even if you can only move half the debt to 0% I would suggest it would be worth doing - then pay the minimum to the 0% card and everything else you have spare to the higher rate one

zolakesb

If you have a good credit score you can apply for another credit card and use the money to pay the old credit card.

saver861

If you are not applying for any major credit e.g. mortgage in the near future then there is no harm in applying for a new 0% credit card. If you get turned down it ain't costing you anything other than a search.

Searches are visible for six months I understand and no more than two searches is expected. So you could do an application every three months and you may get a couple of cards that will help reduce your payments.