what can you do to reduce debt or lower CC interest %?

missjones12

Hi,
I am trying to help my bf clear his debts (by tackling them!) he has only told me the amount of one of the cards and has 2 cards (the other is more!)
Barclays - £7779.53 (limit £8200)
minimum payment - £224.30
Estimated interest next month - £136.18

he is self employed and now having made an excel sheet for his business income, costs, etc he has around £1700 income, the house bills are about £1800 alone!
he pays the minimum on both cards but obviously isn't making any headway

his other card minimum is £600 so I assume it's probably three times this card?

Is there a way to call the card company and ask to reduce the interest rate so that the minimum payment is actually covering the debt not just interest, the idea being that he can (try) to over spend on the minimums and clear this card to free up this payment to throw towards the other once this account is closed.

I am new to the in's and out's and have come across Dave Ramsey, I've been debt free for years and this debt is now affecting daily life with stress, lack of sleep etc.

He has sold everything he can bar his van (paid outright, which he needs for his business) and the equipment (he needs for his business) are there any other ways to reduce the amount owed as the only guarentee to his income is the £480 from his saturday job (employed)

Please help

Thanks x

Craig1981

not knowing other amount owed, fixed income etc, best for him to speak to either Stepchange, CAB, Nationaldebtline, Payplan. These are all charitable organisations that will not charge for debt advice