Getting Desperate - Credit Card Debt

It's a general rule of finance that the return must match the perceived risk of default. Therefore if the lenders can see that your credit rating is poor they will hike the interest rate (or refuse to do business) to compensate

Get copies of your credit record to see what prospective lenders will see when calculating your credit score for any future application. Any previous addresses you give will be linked to your current address on the reports -

Experian , Equifax Call Credit

(all £2 each)

There is an excellent forum for debt issues here - - TMF dealing With Debt board.

Many of the people have been there, done that, & got the T-shirt, so the advice is from people who have a detailed knowledge of the subject. Post on there - they'll know.

More links on my webpage

Daytona

The loan sharks will charge more than the credit card.

"Lloyd" wrote

Sorry. But that makes no sense at all.

You're worried about your credit card's mounting interest; but you'd consider a loan shark to pay it off!

Surely a loan shark charges are going to be ten times as much.

Clearly you should talk to your credit card company and see if they can help. It's not in their interest for you to become bankrupt.

Thanks to everyone for their help so far!

The loan shark thing was a joke - :p = cheeky/tongue in cheek.

I'm truly grateful to everyone that replied

"Lloyd" wrote

So it was... Sorry.

Lloyd - if you call the credit card company and tell them you're being made unemployed, then they may well freeze the interest. Any such agreement may well further worsen your credit history though.

Neil Pike Protech Computing Ltd