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Hi All, I've just recieved a letter from Virgin telling me that I have until October the 9th to opt out of the new 24%APR that will be applied to my card.
If I opt out the rate will stay @ 16% but I cannot use the card until the balance is paid in full or don't opt out and 24% is this right to do
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6It would depend entirely on your circumstances. You wouldn't want to spend any more on a 24% credit card, but 16% sounds reasonable. If you have credit card debt you don't really want to be spending any more if you can't pay it off in full.
Whether you opt out or not should depend on how much debt you have left and how much you can afford to pay off each month.
If I were you though I would opt out regardless, I wouldn't want to be paying 24%!
Posted on 15 September 2009 |
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879I would suggest that you post your question on the sister site to this one
http://boards.fool.co.uk/Messages.asp?bid=50079 which is the dealing with debt board. There are experts there who will help.
The simple answer has been given by ds18 but there are many ways around the problem depending on your circumstances, such as could you get a Balance Transfer card from anyone other than part of the MBNA stable?
Mike
Posted on 15 September 2009 | Love 0 loves
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