Halifax Credit Card

[yelenots]

I have had a Halifax Credit Card for a few years now unfortunatelyI cant afford to repay the whole balance off so I am just making the minimum payments. The trouble is the balance doesnt seem to be getting any lower and the monthly repayments just seem to stay the same or increase by a few pence. If I am making regular payments shouldnt the balance be getting smaller not bigger?? I am within my credit limit and have not used the card for a good 12 months. Please can anyone help me? Thanks

[dzug2]

Only if you make payments that are more than the interest payable - if you don't then you won't be paying anything off.

The minimum payments are there to help you through a bad month - not as a permanent arrangement for paying off.

[jules77]

It would be cheaper to take out a bank loan as the interest on credit cards is around 17%.

[factor-fiction]

If you look at your statements there should be an entry for 'interest charge'.
I suggest you try to pay off quite a bit more than the minimum

[sandmaster]

Minimum payments are geared to cover the interest plus a very small amount of the amount borrowed. It will take years for you to repay this. Best tip is to take out a new card with a provider that will offer zero interest, offers are currently 12 or even 18 months interest free. There is normally an upfront charge of about 3%. Make sure you keep strictly to the repayment conditions. After the interest free period apply for another interest free card, and so on until the debt is repaid. Oh yes, and stop using the credit card for purchases.