Credit Card Debt Advice

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aerobubbles

Registered User
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hi folks, I am carrying around credit card debit 5400 to be exact for the past 5/6 years, i have only been able to pay the minimum balance every month and its like trying to empty a bath tub with a sieve.

I already have a credit union loan that 's directed elsewhere and i will have that for a few more years so getting another loan to pay off the credit card is not an option, i checked the last week and i am paying 19.5% interest on the card.

I have read about cards that offer a rate of 0 % for six months but would that suit me as there is no way ill be able to pay off the credit card in a matter of months ideally i would hope to pay it in 18-24 months. Any ideas?
 
The cards that offer 0% for 6 months are switcher offers. Your credit rating will be shot to pieces at this stage, so they won't accept your application for a credit card with them.

Have you talked to your credit card company to get the interest frozen so you can start paying down the debt? You should be trying to pay that down as quickly as you can as it's the higher cost.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
SBarrett said:
The cards that offer 0% for 6 months are switcher offers. Your credit rating will be shot to pieces at this stage, so they won't accept your application for a credit card with them.

Have you talked to your credit card company to get the interest frozen so you can start paying down the debt? You should be trying to pay that down as quickly as you can as it's the higher cost.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
Click to expand...

Why would his/her credit rating be shot to pieces?

The minimum payment is being made. This is a performing credit card.
 
aerobubbles,

Try writing to CC company and request they close your card and come to an agreed monthly payment over 7eral years.
 
I hope you aren't still using the credit card? If you are - stop immediately - don't even use it for tiny amounts. I would agree with Gerry - I think you need to get rid of the card and agree a payment plan for the €5400. As you say you won't pay it off in the interest free balance transfer period available to you.

If you do decide to opt for a balance transfer bear in mind the order of payment and do not use the card. Balance transfers are well down the list in terms of how your minimum payment is allotted. Here is Bank of Ireland's allocation of payments approach.

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