How can I get my card out of persistent debt?
To help to repay more of the card's balance, you should do one of the following options:
Speak to your credit card provider
They may be willing to suspend interest and charges on your current card for a while. If you’re thinking of moving your persistent debt to a loan or card at another bank, let your current provider know. They may be able to offer you a better deal.
Stop spending on the card and increase your monthly payments
By doing this, you'll see your credit card balance reduce quicker. Use our credit card repayment calculator to work out how much more you’ll need to pay each month to clear your debt quicker [note: the calculator is not optimised for mobile phones].
Consider ways you could pay off this debt quicker
This can range from moving your persistent debt balance to a cheaper credit card, or reviewing your budget to see how much extra you could pay each month.
How much of a monthly payment covers my balance?
A monthly credit card payment includes:
- An amount for interest and charges
- An amount to reduce what you owe
When you only pay the minimum each month, the credit card debt takes a long time to reduce because your payment mainly goes towards your interest. Only a small portion of the payment goes towards the balance.
If you repay more each month, more of your money will go towards your balance and you'll pay off your debt quicker. Use the repayment calculator now to find out how much sooner you could pay off your persistent debt with increased payments.