Credit cards?? Please help

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Credit cards?? Please help

Postby Sara_platermen112 » Mon Feb 25, 2008 4:23 pm

I have a credit card - I dont know what my APR but i remember it being alot lower than my last one that was 29.9apr due to me having no credit history im sure its now 15.9%?? But saying that i often get letters saying its gone up yearly?

Anyhow i have upto £1000 spent on it, i pay this off monthly and its NOT GOING DOWWWWWWWWWWWN i pay around £40 - 50 a month, which i then get charged interest on that around 20 +

I dont get how it works. Anyway, im 21 on thursday and i intend on applying for a new credit card as you have more options when 21 i want to find one that has 0% balance transfers then is there such card as 0% interest on the first couple of months or something? As i want to pay off as much as i can during them months, then transfer to another card and again and again- will this work, is this possible. I worked out that if i pay 90.00 per month for a year i could of paid it off, however if i keep getting bliming interest on top its not going anywhere..

Please help all these credit cards really confuse me... :(

xxxxxx Bad mistake in ever getting one!
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Postby weatherman78 » Mon Feb 25, 2008 4:43 pm

Heh don’t beat yourself up about it, we’ve all been there!

Sounds like quite an easy one to get out of tho, for me your options are;

• Pay a little more each month. That way u will pay it off sooner and the interest will go down as the capital goes down. This is obviously if u can afford to!
• A 0% balance transfer card. Many companies do these now, so that once the balance is transferred onto their card (after a usual 2% fee which would be £20 on £1000) then you have 12+ months of interest free, but you still need to make regular payments of course!
• A consolidation loan. A fixed APR (typically 7-9%) loan to pay off the card and then five you a fixed payment for a fixed term (say 12-24months). That way its managed, and comes out every month on Direct Debit so you don’t need to worry about it.

For the amount ur talking tho, I think I would go with the balance transfer card, that way you have 12+ months to get the capital down so that when (or IF) the interest does kick in, it shouldn’t be so crippling for you.

In a way it’s a good thing tho Sara, once you have this debt managed you will think twice about ever doing it again! Which will set you in good stead for the future :lol:

Happy hunting!

Wm x
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Postby Sara_platermen112 » Mon Feb 25, 2008 5:32 pm

Thanks so much for all the options and making them clearer too me i will take them into consideration and have a think and a look as to which is the best credit card available. And your right, never am i having a credit card AGAINNNNNNNNNNNNN!!

x :)
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Postby Bel Bel » Mon Feb 25, 2008 5:44 pm

check out www.moneysupermarket.com they have all the comparisons and will link you so you can apply on line
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Postby u_l_g » Thu Feb 28, 2008 5:12 pm

hey

just wanted to suggest moneysavingexpert .com. I love this site and it's always my first port of call for advice on financial matters.
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Postby Steve1213284 » Tue May 27, 2008 9:08 am

Who didn't have problem with his credit cards before? Only a few I assume. If have bad credit scores once it can be a little bit tricky to overcome them. The advice with the loan might be the best idea to get over it as fast as possible if you aren't able to pay back a little bit more every month. Good Luck!
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