My wife's credit card

dandelion84

Hi guys,

Looking for some advice. We have lived in Ireland for 16 years, however my wife continues to have a UK credit card, the balance on this stands at approx £3300. Alot of the this is made up of debt from well before that 16 years before we moved. Ultimately she is paying the interest on this (half of any payment goes against interest)

What's the best advice? Clearly to try and save and pay a huge lump against it, however my real question is, so much time has passed and I calculated around £7000 has been paid to this and still hasn't moved. is there a point that the company itself should assist and write off or?

Please advice

ManyWays

who is the lender? do you think the account was opened before 2007?

has she ever defaulted on this?

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6689442/my-wifes-credit-card

Your better off paying the extra off immediately not waiting until its a large lump sum as the credit card interest will be much more than than any interest you are getting whilst accumulating it plus any extra payment goes straight to the capital not interest and prevents future interest.

Assuming you have stopped using the card then fix the amount you pay each month rather than the minimum payment. As you pay it off the minimum payment will go down meaning you persist this problem. With a fixed payment each month a little more will go into paying off the capital and thus reduce the interest faster.

A bank is only going to consider doing something once you've defaulted, whilst you are managing to make at least the minimum payment most months the status quo persists

Ruger22

Cut up the credit card and pay the balance as soon as possible.