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Your card provider asks you to pay a minimum amount every month. Try to pay more if you can.
**Extra charges are added if you miss payments.
Stop using your card if you are finding it hard to pay off credit card debt.
Let your provider know you are having problems. They may be able to agree a payment plan with you.
Making minimum payments could mean you end up paying the debt over a long time.
Minimum payments usually only cover the interest and charges on a debt. This means the balance does not go down much.
Persistent debt’ is when you only make minimum payments for over 18 months.
Your credit card company will write to you and ask you to increase your monthly payment.
Some companies are changing their terms and conditions (T&Cs) to:
Find out how we can help you.
Some credit cards let you transfer the balance from another card.
Moving the debt to a card with low or 0% interest could help you pay off the debt faster.
Remember:
There are a few ways to pay off a credit card.
The first thing to do is stop using the credit card you want to pay off. This means the amount you owe stops growing, making it quicker to repay.
1. Making a budget
Find out if you can make savings anywhere. This will:
2. Transfer the balance
Find a zero percent interest credit card and make regular payments to pay this off.
3. Take out a consolidation loan
Only do this if you can afford the repayments.
It can be hard to find an affordable loan if you have a bad credit history.
Get free advice if you are struggling with credit card payments and other regular bills.
It depends on what you can afford to do.
Paying off your credit card in full can save you money in interest and charges.
But this is not a good option if you would need to:
It might be better for you to pay off your credit card over time if:
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