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Three credit cards I cant pay off and I cant get a loan to pay them off either!

Shell_S
Shell_S Posts: 24 Forumite
in Debt-free wannabe
:embarasse

Im 26 and I have 3 credit cards that I cant pay off and cant get a loan to pay them off either as my credit rate is so bad! WHAT CAN I DO?

The three cards total up to about 9k.

Please can anyone advise me on what to do about this?

Any advice is much appreciated.
«1

Comments

  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If you cant pay your credit card off, how are you going to pay a loan off?
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Shell_S
    Shell_S Posts: 24 Forumite
    Was thinking of getting to get a loan where the monthly repayments are a lot less then what I am having to pay on my credit cards to make it easier every month.
  • Merlinexcalibur
    Merlinexcalibur Posts: 1,699 Forumite
    edited 8 May 2009 at 9:23PM
    Okay, I am going to speak sensibly to you - don't get a loan to pay off your credit cards as it's just incurring another (potentially bigger) debt that at a later time you might fall into difficulties with. And you will inevitably end up paying far more than what you already owe over a longer time eg accruing interest.

    If you cannot afford to maintain your payments why not speak to someone like Consumer Credit Counselling Services for further advice? There are other things you could do but at this point you need to provide further information eg are you struggling with your payments because of financial difficulties, change of circumstances? That sort of thing.

    Edit - it's entirely your choice what you do next but I think there are obvious pitfalls that can be seen in what you are trying to do to pay off your credit cards. I mean, if you want to try and get a loan no one can stop you but ... well. We all learn.
    Any help, opinions, views I may hold those are my own. Respect them as you would expect the same in return. Offered freely, is gleaned from a lifetime of experiences, knowledge gaining. Passed on to benefit others. I may be direct, ask you questions but those are to help you. Up to you if you choose to take it. I won't judge you either way.
  • cashless_wonder
    cashless_wonder Posts: 525 Forumite
    Part of the Furniture 500 Posts Combo Breaker Debt-free and Proud!
    As someone who has swung between credit cards / loans for the past 5 & bit years I would say don't go the loan route . . .

    I have had 2 or 3 loans used them to pay off my credit card balances but through stupidity racked up new balances on said cards leaving me back at square one over & over again.

    So I would say post an S.O.A , concentrate on paying off the highest APR card first, have a look at maybe joining the Payment A Day & Loose Change threads on here & most importantly relax, you've faced up to the fact you're having problems from here on in you're dealing with stuff not ignoring it & that is a GOOD thing.
    DFW NERD# 1175
    Proud Member of Sealed Pot Challenge #5 ~ 1479 cashless_wonder~*DEBT FREE & LOVING IT*~
    :D
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    There is a great deal of common sense posts to help here. Its so easy to join the downward spiral.

    Post a statement of account and we will try to help.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • stymied
    stymied Posts: 657 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    There's also lots of good threads about the charities who can talk through your options with you like CCCS. I think you need to do the SOA first though to get the most out of it.
  • mandragora_2
    mandragora_2 Posts: 2,611 Forumite
    1,000 Posts Combo Breaker
    Have you tried CAB?
    Reason for edit? Can spell, can't type!
  • crafty1
    crafty1 Posts: 107 Forumite
    Been there done that! Please don't get a loan out to pay them off as it is so easy to run them up again, i've done it more than once and am once again in the doo doo - :eek:
  • EssexHebridean
    EssexHebridean Posts: 24,466 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Link to find the SOA (Statement of affairs) template - http://www.makesenseofcards.com/soacalc.html Get it posted and we'll try to see where we can help you make savings and trim your expenditure. I'll echo those who say that a consolidation loan is a bad idea - there are so many folk on here who have learnt that from experience too.....
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
    Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
    Balance as at 31/08/25 = £ 95,450.00
    £100k barrier broken 1/4/25
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • Shell_S
    Shell_S Posts: 24 Forumite
    Thanks for all your advice!

    Im new on here so what is a SOA? Whats is a CAB and a CCCS?

    The three cards add up to about 9k.

    Thanks again!
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