Credit cards - balance transfers?
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I have 6 credit card all, 3 of which I owe about 9k on each. Are there any companies which will allow me to transfer such a high blanace so I can stop paying such high interest. I applied for a Tesco card and they told me my borrowing potential was at its maximum. I dont want to apply and get declined for too many as this will affect my credit rating. I just need one card so I can then switch all my blances around to benefit from the 0% interest on balance tranfers.
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Answer:
THe problem you have is that as Tesco have said, you are at your borrowing limit. This means that ALL lenders will look upon you applying for a credit card (or even a loan) as an attempt from your to extend the amout of credit you have. You need to talk to you bank or a credit company you can actually have a conversation with to explain what you want to do to improve upon your present position. Simply applying for extra credit will not work as they card compnay will see it as extending your credit and making the situation even worst! A credit card company will only accept a Balance Transfer to the value of the credit limit they provide - no vredt card company wold give your enough credit to cover your debt. Finally - You sound seriously in debt. Short term fixes such as credit card offers will not provide you with an answer. As I said above, you need to sit down with your bank and plan a way forward - probably by taking out a loan to teh value of the debt. That way your payments will be set (and unavoidable) and a time frame for payment established. If possible, avoid those TV Advert debt companies as they make a charge for their service/charge high rates (over a long period of time) and often link the debt to any property you may own. NB. If you do some up with a payment plan, you MUST destroy all your credit cards so that you are not temtped to revert back to your old spending ways!
chazza at Yahoo! Answers Visit the source
Other answers
my friend had this prob,he remortgaged,flattened the debt ,at least that loan is now over 25 years .cut your cards up and keep one!!! be careful with these companies ,we will get u out of debt..blahblah.u cannot beat citizens advice bureau.,its free and they will put you in the most honest and right direction.
try to pay off your credit cards. that's better!
Vampir V
You'll never get one card to balance transfer the lot I'm afraid. You're looking at a consolidation loan or remortgage (if you have one) I don't want to make assumptions about your income, but you may want to contact debt advice line or cab to help you out. Hope you sort it.
Gent
Blimey, thats a lot of money to owe! I keep seeing ads in the TV for Debt Busters and Debt Free Direct (2 seperate companies in the UK), both need 1 phone call and they reckon they can reduce the amount you owe by up to 50%, writing off what you cant owe and sorting out a new repayment plan. Id give them both a call, explain your situation and see how they can help. I dont think borrowing again's going to help. Good luck
Secret Squirrel
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jackro76
Go to your bank and see if they will give you a card with 0% on balance transfers. I did the same thing with my bank, though my balances were't nearly as high.
SexyTrojan
You might have to take out a loan for 27K, that's kind of a high balance for a credit card. Check out a local bank to see if you would qualify for a consolidation loan. You may have to close out your credit cards though.
Stacy R
Have a look here.
James H
It will be difficult to find a company who will be willing to do this as you have a high balance. If you own your home take out an equity loan but lock up the credit cards and start paying cash. Least of all start paying off the small ones then each of the big ones. It can be done I've been there. The pitfall is borrowing to pay off then keep using the credit cards. This will get you into big trouble. Watch Suzie Orman on TV or buy her book to help.
MARILYNN S
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