Credit cards and how worthy are we 18 December 2020 at 9:01PM in Debt free diaries 2 replies 111 views

Agentmomo

I have around £6.5k of credit card debt left to pay off. I've not used any credit cards for almost a year. I have been in significant debt over the last decade, however finally in a better place, both financially and credit worthiness. The 3 credit cards I have left with debt on are all 0% interest. Well they were until last month one of the interest free ones ended. Ordinarily I would look to transfer that balance but I had some spare cash and the balance on that one was fairly low (less than £400) so I paid it off in full tonight. I cannot begin to tell you how cathartic that feels... However what annoys me is this. I have always worked and earned a decent wage. When in significant debt the only loans and credit cards available were interest of 20% plus. By playing the credit worthiness game on the credit reports I finally learned how to get the 0% balance transfers but I question how unfair this is.... When you are down, in need and in the depths of despair, only the high interest credit options are there for you. When you are coming out the other side and there is light at the end of the tunnel, here are all the better deals for you.... Am I alone in thinking this is unfair? If 0% deals were available to me 10 years ago I'd probably be debt free by now. 

TheAble

Were it not for the fact that lending became progressively more expensive though, you may not have had the incentive to turn around the tide in the way you have.

CreditCardJunkie

Well done for coming so far! I have thought about this many times, luckily for me my debt at highest was always on 0%...how is it the people with the least disposable income (due to paying debt) pay the most. I get the whole risk factor etc but it isn't right. Same with mortgage rates.