Hi, I have just over 10k on a MBNA credit card that has been on 0% for the last 10 months. However, it has now reverted to the standard rate (about 23%) and the amount of interest they are charging now is staggering and is not much below the minimum payment.
Now, I can just about afford to keep up with the minimum payments but with the interest added the debt is going nowhere. My other debts are all on long-term deals and are slowly but surely coming down. I would like to do the same with this.
At the moment I am unable to move the debt to a lower interest rate, so I wanted to ask if it is possible to negotiate with MBNA to get a better interest rate to facilitate paying off the debt? Are there any strategies/letter templates etc that might help?
Any advice would be gratefully appreciated. Thanks