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Author Topic: credit card mole  (Read 14815 times)

Scarmiglione'

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Re: credit card mole
« Reply #30 on: July 18, 2006, 08:53:12 am »

I don't know about the UK, but the first thing to do is call the CC company and ask.  Ask for the moon, you might be surprised.  Don't give reasons, no excuses.  Just say you need help managing your payments.

Look around for companies offering balance transfers at low percentage points.

Learn to like Raman noodles and start sending everything you can towards your lowest card.

Everything you can.

No, you can't buy soda anymore.

Or that scone on the way to work.

Every last penny you can scrape goes towards your debt.

If you have time to take a second job, do so and make it your "debt job".  Every penny you make at it goes towards paying your debt.

Cut up your cards now so you can't use them again.

Do not fall for any of these schemes that promise to pay off your debt for pennies on the dollar.  They fark you every which way to sunday.

Persevere and you will win!
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Bill St. Clair

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Re: credit card mole
« Reply #31 on: July 18, 2006, 09:39:54 am »

I asked over three years ago at my local credit union for a reference to someone to help pay my large credit card debt (about a year's salary). They referred me to a credit counseling service. They made agreements with the credit card companies for low interest and a five-year payoff. I pay monthly a little less than two weeks pay after taxes, and will be out of debt in a little over a year, if all goes according to plan. No more credit cards for me. I hope my wife will do likewise, but if she accumulates more debt and expects me to pay it, I will walk out the door (and the courts will likely follow me).

I'll end up paying the entire debt, but it will be paid, and because of the help from the credit couseling service, my interest rates went down to between zero and ten percent (different rates on different cards).

Meanwhile, my wife has accumulated more student loan debt. Sigh... Hopefully, her Master's degree will allow her to pay it.

The important part of my story is the reference from a trusted source. There are lots of sharks in this business. But there are also people who can give real help. Don't know about the UK, though.
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securitysix

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Re: credit card mole
« Reply #32 on: July 18, 2006, 10:58:29 am »

hi folks

sorry to re-open this thread if it bores anyone.  I am in trouble with huge (for me) credit debt, and am on the verge of having to default because the payments are now leaving me with virtually no cash left for little treats like food!!  I was wondering if anyone has any advice to offer about approaching the credit card company with this one.  I live in the UK. 

Before everyone jumps on my back about how stupid it is - I know!!  I'm not proud of my problem, but I do need help if anyone has any to offer.

Thanks in advance for any suggestions

hoggie

Call your credit card company and request that your interest rate be lowered.  As long as you've got a good history of paying on time, they'll usually go ahead and do it.  The lower your interest rate, the less interest will accrue and the slower your balance will rise.  You'll also, with the same dollar (or, in your case, pound, I guess) amount, be paying more toward the principle and less toward the interest if your interest rate is lower.

Something else to consider, and this will sound silly, but follow me on this:  Go to the bank and see if you can get a loan with a lower interest rate and lower monthly payment than your credit card.  Use that loan to pay off your credit card, then, and here's the important part, close the credit card account.
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