RichardB
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I'd try and transfer a reduced amount to another card then. Try and find the highest credit limit you can on the lowest balance transfer rate and put as much of the £3500 you can onto it. Pay the minimum on the new card during the balance transfer period and try and get your higher rate one paid off.
Make sure you pick a card who won't charge an astronomical amount once the balance transfer period expires. Also avoid changing cards too often or your credit rating will be hit. Stick to known lenders at all costs, particularly if you go down the personal loan route! |
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dxle
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Call the credit card and explain you are trying to improve your credit and pay off your debts. Ask them if there is anything that can be done to help you like lowering the interest rate. It may or may not work, but it shows you are trying. Good luck |
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Steve B
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STOP SPENDING money you don't have
This is dead easy = live off the contents of your fridge/freezer for a month and pay off the Bank Overdraft. Then get a Debit Card and cut up all your Credit Cards.
I think you have a problem being Rich = no-one you didn't want to be Poor would be £4000 in debt and paying 16% interest ... remember, Rich or Poor ? = it's your choice ... |
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D B
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why don't you simply phone your credit card company and reduce your limit each month as you make a payment? however, keep paying the amount you are paying now. that way you will gradually clear it. |
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Sarah
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Pay your overdraft stuff first, NOW!
Chip away at your credit card debt as much as you can. When I say when you can, that doesn't mean when it is convenient, it means when you have the money. Otherwise, it is going to keep compounding interest and get more and more expensive. Don't go out and buy stuff because you think you need it or whatever. Buy what you need to to get by so you can clear this up.
To build good credit you need to have this paid off as soon as possible, because the highest balance is reported on your credit report (which affects the interest rate you get when you want to buy a car or a house etc).
Set a goal to contribute a certain portion of your income a month toward your credit card bill and have it paid off within the set time limit that you made for yourself.
Do NOT buy anything in the meantime because it negates all of that hard work you did.
WHEN you get yourself debt free, call your credit card company and ask for a better rate. They aren't just going to give you one, you have to ask for it. Try to be reasonable in your expectations though, however, be prepared to cancel the card and move your "business" elsewhere if denied.
To build good credit buy what you can afford with the intention of paying it off when you get home. For example, buy a tank of gas or a new shirt (60 pounds) something that is reasonable and do this over a period of time to lower your interest rate. |
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tracyault@btopenworld.com
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you could try asking your bank for a loan. if you have a property you could ask for a further advance on your mortgage or if you are really struggling you need to contact both companies and tell them that you are struggling and agree a repayment schedule. They can freeze interest but if they don't then you can contact debt advice companies or citizen advice for their help in negotiating this.
from bitter experience i would then strongly advise that you cut up credit cards and / or resist the urge to use them as debt is a very slippery slope that is hard to get off.
good luck! |
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chase11209
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if you have a job, and nothing else works I suggest, not going out for a while not spend on anything that is not a must have. this way you may save a bit more and payoff your debt faster
http://letsgobble.com/ |
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Sandy
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Stop chalking up any more purchases and find a second job. You have to hold down 2 jobs till you pay off your debts and then learn never to spend more than what you can afford again. Or find an 89-year old millionaire who'll pay off your debts for you:-) |
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Bell
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OK.... You're in a bit of a pickle here, aren't you? Don't stress! We can all get ourselves into these types of situations.
First you need to call your credit card company and work out between you how much you can pay back monthly that is comfortable for you. The credit card company will be glad you got in touch with them and they want their money back so they'll be willing to help you.
I don't know anything about overdrafts as I don't have one but you should probably get that cleared ASAP! As long as you're making comfortable re-payments on your credit card the company will be happy to be getting their money back. |
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allan g
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try the bank for a personal loan it may be poss.the only other way out is very hard and means no life . stop spending. |
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