Have a look at your credit card balance over the last year. If it always close to your credit limit, then you effectively have a permanent loan at a double digit interest rate which you can never clear.
If your credit rating is still unimpaired, then switching your balance to a new credit card company may be worthwhile, taking advantage of a low or zero interest rate as part of the introductory offer. Also consider contacting the credit card company, explain that you can’t afford to repay the bill and ask what options are available to you. For example:
* 0% on existing balance for 6 months
* 5 year loan at 0% p.a.
* Settlement figure with a discount off the balance.
Be aware that some options will have a negative effect on your credit rating, so ask the company to discuss this with you. Consult your financial broker before you make a final decision. If you don’t have one, find one on piba.ie.
Good Financial Housekeeping