Can’t pay credit card off due to intrest!

brummybobby

Hi 
As an OAP I’m finding it hard to pay off my credit card due to the interest they put on my card. I’ve been told you can transfer to  another 0% card where you can just pay back the money you have used not the interest that has built up. Can anybody help a worried OAP couple..?
Thank you 

Emmia

You'd need to apply for and be accepted for a 0% card (no guarantee you will),  there is often also a fee (a percentage of the debt you're transferring) and the 0% is normally a fixed period so you'll need to have paid off the debt by the time that ends. 

More pertinently how did this debt arise? Because if your costs/expenses exceed your income then you need to look at your budget.

How much is the credit card debt?

DullGreyGuy

brummybobby said:

As an OAP I’m finding it hard to pay off my credit card due to the interest they put on my card. I’ve been told you can transfer to  another 0% card where you can just pay back the money you have used not the interest that has built up. Can anybody help a worried OAP couple..?

The interest was there before you decided to spend on the card. 

0% card may be an option is your income and credit history is sufficiently good. Alternatively a loan will typically have a lower interest rate than a credit card but most who do that fall into the trap of continuing to run up debts on the card so end up with a loan AND interest on the card to pay. 

marcia_

brummybobby said:

Hi 
As an OAP I’m finding it hard to pay off my credit card due to the interest they put on my card. I’ve been told you can transfer to  another 0% card where you can just pay back the money you have used not the interest that has built up. Can anybody help a worried OAP couple..?
Thank you 

 If you manage to get a 0% credit card note you will still have to pay any interest accrued until the time of the transfer. So you will be paying more than you spent. 

springboot

Transferring your balance to a 0% interest card can definitely help. It allows you to focus on paying back what you've spent without worrying about accumulating more interest. Check out different credit card companies offering balance transfer deals and make sure to review the terms and conditions