credit card debt

Quiche57

I'm not able to get a 0% balance transfer for the amount of my credit card debt (£6000). I have been looking into turning it into a loan to ensure the balance goes down. However this is proving difficult without paying something like £4000 in interest if spread over 5 years. I can't afford large monthly payments. Am i left stuck paying lots of interest each month and probably never clearing the debt ? Are the credit card issuers likely to offer some help if asked or does there have to be certain circumstances - like being out of work - i have gone to part time due to family issues.

[Deleted User]

Quiche57 wrote: »

Am I left stuck paying lots of interest each month

The answer to this is, I'm afraid, yes.

The exact amount of interest depends on a) what the APR on the card is and b) how quickly you pay it off.

probably never clearing the debt?

This is going to depend on how much cash you can throw at this debt.

The more cash you put to it, the quicker you will clear it, and the less interest you will pay.

I suggest you start by posting a SOA (link below), so the members can assess your situation, and suggest ways to free up money, to put toward clearing the debt.

http://www.stoozing.com/calculator/soa.php