credit card debt?

Question

i have a credit card with lloyds tsb and i have spent £2.300 what is my intrest rate if i have to pay £47 back a month,i need some advice to help me pay it off fast,like to switch it or ask them to lower it or somthing.i also heard it would be easier to get a loan and pay the card off then the loan.any ideas,thanks.i think my intrest rate is 15.9 but im not sure.please no stupid answers

Answer 1

it depends on the cards, sometimes it works out best to get a new 6 months zero interests ard and pay yours off transferring the balance to it, then pay as much as you can.
more info and resources here
http://credit---card.org/
take care

Answer 2

Interest rate will be on your statement. If you only pay the minimum payments every month then you will never pay it back. Thats the whole issue with credit cards. They are expensive in terms of interest. A consolidation loan might be worth considering, but dont forget whatever you have to borrow to pay off the card - you will have loan interest applied on top, so you are effectively increasing your debt. You could try taking out another credit card with 0% interest for the first year - then transfer the balance from your old one and cancel it.

Answer 3

Shifting debt around is a bad idea. When you do balance transfers or cash advances on credit cards,, there is a fee of 3% to 5%, depending on the card terms. Interest begins to accrue immediately at the much higher cash advance rate. Your available limit for cash advance/balance transfer is usually much lower than the purchase limit -- half to two-thirds. Check your statement to see if you even have any available cash advance limit. You probably don't have enough available limit to transfer $400. Your debt to limit ratio is based on each card AND overall -- overall being the biggest factor. Both your accounts are carrying balances of more than 30% of the limit. Shifting from one to the other won't help either account. Definitely won't improve your overall. Don't worry about your score. Worry about finding ways to pay off those accounts. Concentrate on the highest interest account -- the faster you pay that off, the less interest it will cost.

Answer 4

if you look on your bill it will tell you what interest rate you are being charged at. beware though because if you pay only the minimum payment on a credit card it can take you up to 18 years to pay it back because what a lot of credit card companies do, which not a lot of people understand, is that if you don't pay off the whole balance each month they will charge you interest for the WHOLE amount. i.e. you owe £2300, if you pay off £2000, they will STILL charge you interest for £2300! your best bet is to try debt consolidation, to get that interest rate down as low as you can, go into lloyds or any other bank to see if you can get a better deal on a loan. but please, please do NOT get another credit card to clear the one you already have, lots of people make this mistake. getting a loan is your best bet because it will just be one set interest on one set amount, and every payment you make comes off the capital and the interest, as oppose to mainly the interest. good luck with it hun xx

Answer 5

What does your credit card statement say? There should be some kind of indication of the interest rate you are being charged.

If you want to pay it off fast, just make bigger payments. Squeeze as much money out of your budget as you can and throw it on that credit card. Once you get it paid off, don't carry balances anymore.

Answer 6

Call the customer service department that's listed (usually) on the back of the card. They should be able to tell you your rate. (Don't let them give you the APR).
You can ask if they will lower your rate. I did this successfully recently by telling them if they did not, I would close my account and open it with one of the many offers I get in the mail each week saying I have been pre-approved for a zero rate card. This worked for me. I wanted to keep my current credit card since I've had it for many years and used to work for the bank who issued it to me. Good luck, it can be done.

Answer 7

Try and negotiate a repayment plan stick to it then Ditch the credit card and if you can get a debit card

Answer 8

phone debt solution services they will give you some advice and maybe they can help you by contacting your bank and getting them to freeze the interest on your credit card phone them here is the phone number 08454650402 or there web site www.debtsolutionservices .co.uk they helped me alot

Answer 9

apply for another VISA card and transfer the debt at alower rate .
Some cards offer 0% for upto a year.

Answer 10

get a loan clear it off as it will work out a lot cheaper and quicker to pay it off