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Credit Card payments so hard to pay off..

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  • 23-09-2011 10:58pm
    #1
    thegame
    Registered Users Posts: 490 ✭✭


    trying to pay off my credit card since feb it was 10,500 now its 7,460..

    whats a killer is the purchase finance charges which is 95.80 and cash finance charges is 30 euros every month...

    maybe a loan out of the credit union might pay it off and pay the credit union

    any suggestions?? i do pay 400 euros on the cc every month.


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    #2
    dev100
    Registered Users Posts: 1,002 ✭✭✭dev100


    thegame wrote: »
    trying to pay off my credit card since feb it was 10,500 now its 7,460..

    whats a killer is the purchase finance charges which is 95.80 and cash finance charges is 30 euros every month...

    maybe a loan out of the credit union might pay it off and pay the credit union

    any suggestions?? i do pay 400 euros on the cc every month.


    ouch:mad:

    First thing shred credit card into a million bits.

    If you are working full time and fairly sure of job get rid of purchase finance charge... You pay 400 a month that means less the 30 and 95.80. So the principal you are paying off is 274. Taking about 2 yrs and 3 months or less to pay off. Have you money in credit union so you can take out a loan?


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    #3
    thegame
    Registered Users Posts: 490 ✭✭thegame


    yeah im working full time for the last year and i rang the credit card and they cant do anything about the charges..they said the cash finance charges will go but the 95 euro purchase finance charge will always be there till i pay the full amount off..yeah i have a credit union account


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    #4
    xxtattyberxx
    Registered Users Posts: 258 ✭✭xxtattyberxx


    ouch, thats a sticky of a bill. what ineterst rate are you paying? Regardless the interest rate with a credit union would be lower so it may be worth your while robbing peter to pay paul. But you would have no choice bit to get rid of the credit card otherwise you'll have two over heads and not a pot to p!ss in


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    #5
    drunkmonkey
    Registered Users Posts: 28,127 ✭✭✭✭drunkmonkey


    thegame wrote: »
    yeah im working full time for the last year and i rang the credit card and they cant do anything about the charges..they said the cash finance charges will go but the 95 euro purchase finance charge will always be there till i pay the full amount off..yeah i have a credit union account

    Swap credit card providers straight away and get rid of those finance charges as you'll have 0% charges for X amount of months. Pick one of the providers doing 10mts free on balance transfers, that gives you a chance to attack the capital.

    There's a list of offers here, Try EBS i found them good when I swapped your kind of balance, they even said when the 10mts is up I could come ask for a better deal for a few more months.

    List of current offers here, http://www.itsyourmoney.ie/costcomparisons/cs_tab_credit_card.htm do it now and you'll have the application done in 10 minutes. You'll be saving the minute you switch.

    When your 10mts is up and it' still not under control swap to another provider and so on and so forth until your in the clear. Once your back on top just take it handy on the card.

    Been there, seen that, done that, didn't tear up the card;)


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    #6
    dev100
    Registered Users Posts: 1,002 ✭✭✭dev100


    thegame wrote: »
    yeah im working full time for the last year and i rang the credit card and they cant do anything about the charges..they said the cash finance charges will go but the 95 euro purchase finance charge will always be there till i pay the full amount off..yeah i have a credit union account


    I assume the 30 euro is the interest? If you got rid of the insurance you have it paid of in 19 months or so . Have you any money in credit union you will need to have money in account to take out a loan. Credit union loans interest rates can be steep all depends you can quickly pay off loan. Do the sums head to credit union and ask them how much it d cost to pay off a loan in say 2.5 years then compare it to what you are doing now.

    Or change credit card companys and see if you can get interest free for six months :)


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    #7
    thegame
    Registered Users Posts: 490 ✭✭thegame


    drunkmonkey wrote: »
    Swap credit card providers straight away and get rid of those finance charges as you'll have 0% charges for X amount of months. Pick one of the providers doing 10mts free on balance transfers, that gives you a chance to attack the capital.

    There's a list of offers here, Try EBS i found them good when I swapped your kind of balance, they even said when the 10mts is up I could come ask for a better deal for a few more months.

    List of current offers here, http://www.itsyourmoney.ie/costcomparisons/cs_tab_credit_card.htm do it now and you'll have the application done in 10 minutes. You'll be saving the minute you switch.

    When your 10mts is up and it' still not under control swap to another provider and so on and so forth until your in the clear. Once your back on top just take it handy on the card.

    Been there, seen that, done that, didn't tear up the card;)

    interesting mate..i will defo look into it now..


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    #8
    drunkmonkey
    Registered Users Posts: 28,127 ✭✭✭✭drunkmonkey


    thegame wrote: »
    interesting mate..i will defo look into it now..

    Yea do and don't hesitate, it's the only way to do it, some people have advised getting a loan, if you do that your paying interest. Go with the 0% credit card transfers as it's the cheapest credit you'll get anywhere, it's 0%!!!!


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    #9
    thegame
    Registered Users Posts: 490 ✭✭thegame


    drunkmonkey wrote: »
    Yea do and don't hesitate, it's the only way to do it, some people have advised getting a loan, if you do that your paying interest. Go with the 0% credit card transfers as it's the cheapest credit you'll get anywhere, it's 0%!!!!

    thanks so much mate..i really appreciate it.. the EBS form for the credit card is down at the moment..will defo go this route though.


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    #10
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    If your credit history is good you can apply for another card but if it's not then I wonder would it be possible for you to negotiate with your credit card company over the debt. On the radio (news talk with Ivan Yates) the other day a guy negotiated 60% off his debt of approx. 10000. I'm sure it would damage your credit rating for a while but it might be an option.
    http://increase-savings.com/negotiating-your-credit-card-debt-two-ways-for-negotiating-your-credit-card-debt/
    http://www.askaboutmoney.com/showthread.php?t=152062
    http://www.moneydoctor.ie/index.php/services/content/managing_your_debts/
    http://www.ehow.co.uk/how_7283916_negotiate-off-credit-card-debt.html

    Best of luck mate ;)


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    #11
    Dotcomdolly
    Registered Users Posts: 2,934 ✭✭✭Dotcomdolly


    In a similar situation but just to let ye all know that I contacted my credit union and they say that they are no longer offering loans to pay 3rd party loans :(
    We are moving on to another 0% card , the catch is that when you open the new card they'll only give you a low limit, so you might find you'll only be able to move say 4k on to the 0%card.


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    #12
    foxy06
    Registered Users Posts: 2,138 ✭✭✭foxy06


    Dotcomdolly wrote: »
    In a similar situation but just to let ye all know that I contacted my credit union and they say that they are no longer offering loans to pay 3rd party loans :(
    We are moving on to another 0% card , the catch is that when you open the new card they'll only give you a low limit, so you might find you'll only be able to move say 4k on to the 0%card.
    Don't tell them what its for


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    #13
    Dotcomdolly
    Registered Users Posts: 2,934 ✭✭✭Dotcomdolly


    You can't just ask the credit union for several thousand euro 'just because'. You'd have to give some reason you needed the money and I wouldn't feel comfortable lying.


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    #14
    drunkmonkey
    Registered Users Posts: 28,127 ✭✭✭✭drunkmonkey


    Dotcomdolly wrote: »
    In a similar situation but just to let ye all know that I contacted my credit union and they say that they are no longer offering loans to pay 3rd party loans :(
    We are moving on to another 0% card , the catch is that when you open the new card they'll only give you a low limit, so you might find you'll only be able to move say 4k on to the 0%card.

    When you move big balances you can usually get the new credit card company to match the limit you have with your current provider, you'll have to show them your credit card statement which shows your credit limit but it shouldn't be a problem. If there only offering you a 4K limit when you need a 10k one ask to speak to a manager.
    You don't need to cancel your current card either, so you'll have a new card with a 0% introductory limit and your old card will have a 0 balance.
    It might be bad advice but i'd hold onto both cards, you never know when you might need access to that credit again, having access to 20K if you have 2 cards with 10k limits is handy if you just need money in a hurry and don't want to go get a loan or can't get a loan.


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    #15
    amdublin
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators Posts: 20,650 CMod ✭✭✭✭amdublin


    drunkmonkey wrote: »
    When you move big balances you can usually get the new credit card company to match the limit you have with your current provider, you'll have to show them your credit card statement which shows your credit limit but it shouldn't be a problem. If there only offering you a 4K limit when you need a 10k one ask to speak to a manager.
    You don't need to cancel your current card either, so you'll have a new card with a 0% introductory limit and your old card will have a 0 balance.
    It might be bad advice but i'd hold onto both cards, you never know when you might need access to that credit again, having access to 20K if you have 2 cards with 10k limits is handy if you just need money in a hurry and don't want to go get a loan or can't get a loan.

    Yeah and soon the op will be posting here about their 20k cc debt :confused:

    Op get rid of one of the cards and cut the other one up!!

    Best of luck with ebs etc


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    #16
    semipermanent
    Closed Accounts Posts: 26 ✭semipermanent


    Definately don't go to the credit union. Their interest rates are astronomical at the moment. Rather use your credit union savings in that account to pay as much of your cc off. Then try swap to another 0% cc deal.


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    #17
    HappyHouseWife
    Closed Accounts Posts: 97 ✭✭HappyHouseWife


    Dotcomdolly wrote: »
    You can't just ask the credit union for several thousand euro 'just because'. You'd have to give some reason you needed the money and I wouldn't feel comfortable lying.

    Home improvements? car repairs? there are any number of valid reasons you can give them and once you're borrowing within the criteria you shouldn't have a problem. I owed 3k on a credit card back in 2008 and as soon as things started getting tight I withdrew 3k from CU shares, wiped out the credit card and then cancelled it. To OP, beg steal or borrow the money to get rid of the credit card debt but only do it if you're prepared to cancel the card and move to a debit card lifestyle otherwise you'll dig yourself a deeper hole.


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    #18
    Ghandee
    Closed Accounts Posts: 6,653 ✭✭✭Ghandee


    drunkmonkey wrote: »
    Swap credit card providers straight away and get rid of those finance charges as you'll have 0% charges for X amount of months. Pick one of the providers doing 10mts free on balance transfers, that gives you a chance to attack the capital.

    There's a list of offers here, Try EBS i found them good when I swapped your kind of balance, they even said when the 10mts is up I could come ask for a better deal for a few more months.

    List of current offers here, http://www.itsyourmoney.ie/costcomparisons/cs_tab_credit_card.htm do it now and you'll have the application done in 10 minutes. You'll be saving the minute you switch.

    When your 10mts is up and it' still not under control swap to another provider and so on and so forth until your in the clear. Once your back on top just take it handy on the card.

    Been there, seen that, done that, didn't tear up the card;)


    Anyone know how this would work if I applied to transfer balance from mbna card to an ebs one? The ebs card seems to be issued by mbna, can't see them wanting to facilitate me to save me money to ultimately cost them the lost interest?


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