Credit card interest reduction

simon3567

Hi

I’m looking to sort my finances out as I owe too much …I have a credit card with MBNA with a large balance; my payments are never late I am paying their recommended figure which is a lot but means I can’t pay other debt off quickly. 

Has anyone had experience of MBNA or another card company agreeing to reduce the interest (mine is 29%!)  to make it easier to pay the debt off ? I’d be happy if they closed the card if they agreed to reduce.

sourcrates

Credit card companies may allow you to miss one or two payments, but reducing the interest rate will not be foremost in their minds.

The only sure fire way of stopping interest altogether is to default on the debt, after which your balance will be frozen, although that may seem like the nuclear option, its the only way it will happen.