Will banks stop charging me credit card interest if i cant repay them?
If the Australian system is anything like the US system, the first problem you will have is getting them to agree to the arrangement as long as you are making your payments on time. Obviously, getting behind on your payments will ruin your credit. Then, when they make the agreement to drop the interest, they will report it not only as delinquent, but closed with settlement, which will further hurt your credit. Your best bet is actually to rip up the credit cards, start paying cash for everything (if you can’t pay cash, don’t but it) and get a part-time job using the pay from the part-time job to pay off the credit cards.
