credit card debt

loubell

I very foolishly ran up about £13000 worth of credit card debt and i think it is on 20-21% apr so iam paying around the £200 mark every month and this is not going down.It si the minimum payment.I just got accepted for another card from the yorkshire bank but only with a £500 limit and i was thinking of transferring from that halifax card.(i closed the halifax card last year) to the new one and kepping the payments the same.The new card has 0% for 12 months.What iam really asking is,is this a stupid idea iam not very smart when it comes to money but i really need this halifax card to come down.

[Deleted User]

It would be worth transferring what you can to the new card, paying minimum payment on that and then throwing all your spare cash at the Halifax balance.

sourcrates

Hi Loubell,

A year ago you had debts of £33,000 and were looking at remortgaging or a DAS to help clear your debts.

I'm assuming neither of those trees bore any fruit ?

loubell

Nope i remortgaged but for the same amount on a lower rate,which i was surprised they let me do...i didnt do the das but have managed to get some of my debt down by paying more.It has been hard but this card is a killer as the amount just does not want to come down even though they have frozen the percentage.I know iam stupid and have been silly with money but i just need to find the best solution for this card.I was even going to bin it if it wont help me.

sourcrates

Ah ok,


balance transfers can only do so much, in the end, most people find that some kind of informal arrangement works best for them, wear by a creditor will freeze interest and allow you to repay your balance at an affordable rate.


Unless you can increase your income to throw every penny at the cards, they are the only options really.