Interest Charges on credit cards

charlielimahotel

Can somebody please advise, I am in desperate need of some financial help. I have 3 credit cards, all at their limit and the interest on all 3 is phenomenal,  I am getting nowhere in my repayments each month , just paying the interest and see no end to this. I would love to consolidate all 3 credit cards into one but with a 'poor' credit score will not be able to do so. What am I meant to do? Just feel so low with it and as a single mother of 2 finding it  very difficult. Any advice would be appreciated.  TIA

Thrugelmir

Make a call it's free. 
https://www.nationaldebtline.org/

Ebe_Scrooge

Consolidation is rarely a good idea.  Firstly, with a poor credit history (ignore your score, it's nothing more than a marketing gimmick) you're unlikely to be able to get a loan at anything approaching a sensible rate.  Secondly, unless you address the underlying reasons for the debt, there's a high chance you'll use a loan to clear the cards, then just run up the cards again, resulting in double the debt.

Put simply, you need to aim to increase your income and/or reduce your outgoings, leaving more spare cash each month to pay down the debt.  If you head on over to the debt-free-wannabe board, the folk that frequent that board are very helpful and friendly, and you'll receive some very good advice on how to start tackling this.  The starting point is to complete a "Statement Of Affairs" which details precisely all your income and expenditure (details on the DFW board).  Once this is done, people can take a look through it and offer advice.

Don't despair - we see many people in similar circumstances.  It can seem hopeless at first, but with some rational thought and some help from here, no problem is unsurmountable :-)

RobM99

You could ring the Ccard companies, explain your situation and ask them to freeze interest.

yksi

Address your spending as it's the reason you ended up like this. I'm sure you didn't spend it on silly things, but you've spent more money than you earn, and unless you fix this, it will follow you for your whole life. Don't worry, it is possible, and it doesn't have to be as painful as you think.

Sandtree

You could phone the CC companies but generally they are not that helpful whilst you are fully paid up or just one or two late payments. If you seriously destroy your credit record by defaulting on the card, continue to underpay etc then they may be willing to talk about waiving interest going forward (normally cancelling the card at the same time).

You are better off talking to a debt charity like the one mentioned above who can give more personalised advice.