Needing a balance transfer, due to high interest on credit cards

misshappy2002

I think it's about 33% APR, which is extreme and they've up'd that since me having the cards. Thanks for those that are generally helping with advice, its appreciated :-)

FluroFrancis

misshappy2002 wrote: »

Will try with barclaycard but I'm not hopeful they'll help me. I haven't tried the calcutor, I will give that a go, if I can pay the majority of it off at 0% and still have some left I'm not bothered with that I just need to be paying chunks to it and the more coming off the actual balance the better. I just seem to be going around in circles with it the last couple of years and not getting anywhere with the high interest

it's definitely worth trying and from what I've read most people manage to get some offer out of them, they reduced the interest on my balance to 6.9% for 2 years (with any new spending obviously at the original 29.9%)

scott_lithgows

Try for a creation backed card like the Asda card.

TheShape

misshappy2002 wrote: »

Will try with barclaycard but I'm not hopeful they'll help me. I haven't tried the calcutor, I will give that a go, if I can pay the majority of it off at 0% and still have some left I'm not bothered with that I just need to be paying chunks to it and the more coming off the actual balance the better. I just seem to be going around in circles with it the last couple of years and not getting anywhere with the high interest

Obviously, if you can get some of it shifted to a 0% or low rate card for a low fee, ideally a zero fee, as you don't want to add to your debt, you'll make more headway in clearing it.

How about that Credit Card Eligibility Calculator? What does it say?

Candyapple

Read my reply on this thread: https://forums.moneysavingexpert.com/discussion/5499685

Miss Happy if you aren't eligible for any balance transfer cards/Barclaycard don't reduce your rate, you just have to suck it up and find a way to earn more money to clear your debt faster.

Sam29

Whilst it will be frustrating that most of your efforts are swallowed up by interest you can at least be positive that things are moving in the right direction. If it was me i would focus on getting rid of capital one and then use this card to get a lower interest deal to take a big bite out of barclaycard. Its soul destroying but even little reductions in your balances will make a big difference as the totals and interest will all be falling until one day you will be taking big steps and clearing lots of debt. It will also get easier to get new balance transfer offers as your debt decreases and credit score increases. Unfortunately you just have to accept that it will take a while with no short cuts and focus on making sure you pay all spare cash off your debt. Even if its an extra fiver a week it will all help. Good luck

Superscrooge

Another option is that it's often easier to get a 0% purchases card than a 0% BT card.

Whilst this would not be as advantageous as a 0% BT card if you were to put all your spending on this card you would be able to put larger payments each month towards your debt and reduce it more quickly