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Please help me with my credit cards :(

Last post Wed, Feb 17 2010, 8:16 PM by maxsteam. 4 replies.
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  •  Wed, Feb 17 2010, 8:16 PM

    Re: Please help me with my credit cards :(

    yes, £183.06 is over 3% of £5768.34 or about 45% apr. If you can move £4k of that to a 0% promotion, that should give you the chance to pay £183 off the capital of the debt for a few months. It will help in the short term but it is important that you can bring the balances down over the long term rather than looking for another promotion every time one finishes.
    • Post Points: 5
  •  Wed, Feb 17 2010, 1:13 PM

    Re: Please help me with my credit cards :(

    maxsteam:

    I The interest that you've given for credit card 2 is highest at 45% so you should free up some money (that doesn't mean borrow) from somewhere else to pay as much as you can over the minimum on that card first.

    Thanks for getting back to me, you say 45%

    I have a card thats just been paid off with 15.9% apr and free balance transfer but a 4k limit should I move 4k from card 2 to this one? would that reduce the interest? I have asked about increasing this but they say they no longer offer this product so they can not increase the limit in order to move the full balance across.

    I earn 32k (£2006 pm after tax) and I have £518 disposable income after montly expenditure

    • Post Points: 20
  •  Sun, Feb 14 2010, 5:00 PM

    Re: Please help me with my credit cards :(

    HI

    You will need to get your credit card balances down to around 50% (maximum) of the credit limit and, only after a month of doing that apply for a card if you still need it.

    Right now you look like someone who is on the limit and are trying to get another card which looks like a bad risk to credit card companies. It may be hard but you must stop borrowing right now and show you can control your finance - make more than interest payments on one card to get the balance down or both if possible.
    • Post Points: 35
  •  Thu, Feb 11 2010, 7:38 PM

    Re: Please help me with my credit cards :(

    I don't see how anyone can help without knowing how much money is coming in, how much is going out on other expenses, how much the property is worth and so on.

    Unless you are going to use the equity in the property, you need a budget that will let you bring down the debts by a little each month. Some people prefer to do this themselves rather than asking others. The interest that you've given for credit card 2 is highest at 45% so you should free up some money (that doesn't mean borrow) from somewhere else to pay as much as you can over the minimum on that card first.

    Moving the debts around might help a little in the short term if credit is available at a competitive rate. If it's not available, you'll have to tackle the debts that you've got.

    • Post Points: 65
  •  Thu, Feb 11 2010, 2:39 PM

    Please help me with my credit cards :(

    Hi All, If any one can help me with a plan of getting rid of the below it would be much appreciated.

    I want to pay off the below but I am finding it hard with the interested being charged everymonth.

    Credit Card 1 Balance : £6,459.48 Limit £6,600 apr 16.9%

    MERCHANDISE INTEREST AT 1.313 PER MONTH £107.42

    CASH INTEREST AT 1.736 PER MONTH £14.31

    Total Monthly payment £186.32

    Credit Card 2 Balance: £5,768.34 Limit £6,000

    INTEREST CHARGED per month £183.06

    Total Monthly payment: £ 190.93

    I have tried to move to another lender with a 0% transfer rate but I got rejected (prob as I have done this twice in previous years? and have never been rejected) .

    I have recently moved house and I believe this does not help your credit score.

    I own a house that I rent out but I live in a rented apartment. I pay all my bills by direct debit and have just got on the electoral role.

    My credit score is 577

    I do have another credit card that I have but only has £200 on it and is about to be paid off, the APR is 15.6% -- Credit card shuffle? I have been to my bank about a loan but said not as I often go over my overdraft limit?

    Any advice would be great!

    • Post Points: 50