credit card debt

babss

Hi everybody looking for a little advice.
I have a Barclaycard credit card and have a large balance on it of £10900.00, I know I'm so stupid. I have no problem paying £300 off it a month, monthly min payment is 235.00 but I just want to get it paid off altogether, can anybody advise what is the best way to get it paid off preferably within 2 to 3 years.
Thanks
Babss

DCFC79

Maybe a loan but it might be hard to get with so much on the card. A zero percent card might be an idea but again I'm not sure if there's a limit or even if you could get 1.

Get an evening job, cut your spending.

tori.k

I would say have a go at getting a 0% balance transfer card and shift as much of the of the debt as possible. you will most likely find the banks start throwing 0% offers at you once the balance starts coming down.

babss

DCFC79 wrote: »

Maybe a loan but it might be hard to get with so much on the card. A zero percent card might be an idea but again I'm not sure if there's a limit or even if you could get 1.

Get an evening job, cut your spending.

Limit on that card is £11400 they were going to put it up to £14500 but I told them not to. Im not using it anymore.
Im in the process of changing my mortgage deal and my mortgage advisor and was going to try and get the extra money through the deal with a new company, put it through as debt consolidation, I really didn't want to do this as it adding an extra 10000 to the mortgage and would rather try and pay it off. I was thinking of applying for a 0% card as she advised but I have looked these up and I don't know whether to just put through half of the debt and then try for another card and put the rest through?

babss

Does anybody know if Barclaycard do loans and do you think they would give me a loan for the balance of the card?

indierocker85

My advice would be to go to somewhere like MBNA and try and get a card with them with a long 0% balance transfer. Make the bare minimum payments on the 0% and make over payments on the Barclaycard. Also, why not try contacting Barclaycard asking for a rate reduction? Given the base rate has been reduced, they might be able to do something.....Tell them you're contemplating bankruptcy, that may persuade them to help

tori.k

Turning a unsecured debt into secured debt is never a wise move, Apply for a card and see what they offer you, even if you can only transfer part of the debt you can make some serious impact once the interest has stopped.

Former_MSE_Andrea

Hi babss, it's definitely worth reading our Debt Problems guide.

Take care

Andrea

MaudeLebowski

I was in a similar situation: I had over £11000 in debt over 2 Barclaycards with an interest of 26.9%. I couldn't get a 0% balance transfer card or a decent loan from anywhere on account of poor credit history. But I went to my local credit union and got a consolidation loan at 14.9% APR - still really big, but compared to 26.9%....


Goes without saying that if you do chose to consolidate, definitely cut the card up!