How to pay off credit card debt of 10k

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  • tastyhog
    tastyhog Posts: 847 Forumite
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    if you have no mortgage and presumably no large living expenses other than just frittering away money, then where's the issue? surely the pair of you could easily chuck 5 or 10k at it in a year and clear it in no time
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Joe07932 wrote: »
    Speak to the lender and tell them you cannot afford to pay it and want to look at closing you account.
    How can you close an account with a £10K balance (other than by repaying the £10K)?
    I've haggled with my credit card providers in the past, Halifax once dropped 10%.
    10% won't make much difference. Or did you mean 10 percentage points?...ie halving a 19.9% rate to 9.9%?
    But you must stress the interest rate is not affordable and needs lowering to an affordable amount.
    Why would they do that? They said they couldn't repay the whole £10K now, not that they were finding the monthly payments difficult to meet.
    Speak to nationaldebtline too, they'll give you the haggling tools and letters to use.
    Totally over the top! Did you read the OP?
  • Dobbibill
    Dobbibill Posts: 4,135 Ambassador
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    cymro wrote: »
    Thank you all for the helpful responses. The card is a Barclaycard and I 'never' use it - the 10k debt was accrued by my partner who no longer has access to the card. I have no other debt - owe nobody a penny and my mortgage is paid off and have no savings.

    Without any other debt, assuming you have a reasonable income, have you looked at eligibility for a BT?

    Try the checker to give you an idea https://www.moneysavingexpert.com/eligibility/credit-cards/
    It doesn't pay it off but it does make it 0% so your payments will go off the capital.

    Remember to do the maths if you are able to get one - account for the fee and don't transfer more than you need to.

    Do you have a plan in place of how much you can pay off each month?
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  • Lotak
    Lotak Posts: 96 Forumite
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    As Red pete said ... you have 3 options
    Earn more to pay more
    Spend less to pay more
    Balance Transfer to a cheaper rate.

    Best option is BT to a 0% rate with 0 fee, but best deals is a little over 2 years, around £400 / month if you can afford that. Can go longer (around 3 years), which would make a little under £300 / month, but that comes with a typical 3% fee. Biggest drawback with BT is you may not get the limit you need.
    Current Debt (excluding mortgage) - £7,020
    Reducing £450/ month.
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