I needed to build my credit rating and was offered a credit card about 3 years ago, albeit v.high interest. I snapped it up, was then offered a few more - took them up too, all high interest. Irresponsible yes, but they weren't for huge amounts.
As predicted (i'm sure by the lenders) I started relying on them when I was a bit skint (usually before payday) buying food shops, new pair of shoes for DC, ex and I split, need it more, etc etc.. no wild spending - but enough to almost max them out over a few years. More so because the interest was so high and I was only making minimum payments. The balance just never seemed to be going down.
Anyway a few months ago I thought enough is enough! Sick of the my wages going on credit cards! I haven't used them for about 3 months (unless desperate - but this has been to the tune off £125 for an unexpected bill). I've had quite a few large automatic increases but haven't been tempted one bit). I've implemented the snowballing system (look it up if you've never heard of it) and it seems to be working well. I predict I will be debt free by June 2020. Literally every penny I have goes to pay of my debt. I've not bought new clothes for months, watch what I spend in the supermarket etc etc. Really really trying. At the grand old age of 30 something I really woken up to bad debt. My credit score is stable and has improved somewhat - I've not missed any payments.
Anyway - reason for my post. I received an email from one of my credit card people last night with information on changes that have been implemented by the FCA - which could really benefit those that have been paying min/low payments for more than 18 months and have paid more in interest than off the debt. 🤚🏼. They said they will be writing to propose an offer than would help pay off debt within 18 months - does anyone have any idea what this might look like? freezing interest etc? Or has anyone received the same thing?
Thanks in advance.