Credit card nightmare

Flea

Hi,
I don't know if anything can be done but I am having a nightmare with my Marbles card. Early in the year they increased their interest rate to 26% on purchases and 33% on cash advances. Although I have stopped using it, my balance of £9200 is not going down as I can only afford to pay the min repayment and that just about covers my interest!
Unfortunately I cannot borrow any more or move cards as my credit limit is already too high!! I just can't see how this can be legal...I would never have signed up if this was going to happen.
Does anyone have any suggestions that might be able to help?
Many thanks in advance

jimbo26

Yes it is legal. You signed up to a credit card with a variable interest rate.

Flea

Thanks - shows my naivety :-(

dhassen

Yes it's definateley legal. If you're struggling to make ends meet or you just want to reduce your other outgoings so you can make higher payments on your marbles card, go and post on the debt-free wannabe board, they're really helpful there with stuff like that.

Daft question, but have you rang them and asked them to reduce the interest rate? It does work sometimes, and I've got them to re-instante APRs on CCs in the past.

clio

Is there any credit card thats not variable interest rate.??
would a LOB still be variable!!!

dhassen

I don't know about LOB for sure but I'd assume that life means life....In the OPs case though that means getting a LOB card with over 9200 limit :eek:

dhassen

Flea, have you applied for any new cards? Surely anything would make a difference, even if it wouldn't cover the whole £9200

Bismarck

There may well be other providers happy to take some interest off you and then you both gain...e.g. if you got a Barclaycard Life of balance at 6.9% at least some of the capital would be at a lower rate of interest.

MABLE

Unfortunately so many people feel it is their duty to spend up to their limit and forget about the apr being variable.

bert&ernie

clio wrote: »

Is there any credit card thats not variable interest rate.??
would a LOB still be variable!!!

LOB offers sometimes still say that the rate is variable. However, I think a lender would be on shaky ground if tried to vary the rate - it could be argued that the initial offer was misleading.

bert&ernie

Incidentally, the OP should be aware that HSBC sold the the Marbles book to SAV Credit Ltd at the end of last year. SAV are best known for the Aqua Card - typical 35.9% APR