Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • TheForce86
    • By TheForce86 13th Feb 18, 5:20 PM
    • 4Posts
    • 0Thanks
    Help! I am struggling to pay off 4 credit cards!!
    • #1
    • 13th Feb 18, 5:20 PM
    Help! I am struggling to pay off 4 credit cards!! 13th Feb 18 at 5:20 PM
    Hello there,

    To cut a long story short, over the last year I have been feeling depressed and low within myself and I stupidly thought it would be a genius idea to not get one credit card but 4! I am now in a situation where I am struggling very hard to find the money to pay them off, combined total amount of 1,500 but due the high interest each month, I'm pretty much only paying the interest off each month and getting nowhere close to settling them once and for all. I have been such a fool in racking this kind of debt up when I should have been less selfish and thought more considerately towards my wife and daughter who should always be my number one priority, alas during this horrible time in my life I lost sight of all that and did not think clearly at all.

    I am reaching the point of no return and considering do I let them default and get passed over to a debt collection agency where maybe then it would be more amicable in terms of monthly repayments?

    I would appreciate any advice. Thank you for taking the time in reading.
Page 1
    • zx81
    • By zx81 13th Feb 18, 5:23 PM
    • 16,024 Posts
    • 17,008 Thanks
    • #2
    • 13th Feb 18, 5:23 PM
    • #2
    • 13th Feb 18, 5:23 PM
    Visit the DFW boards.

    They will give you excellent budgeting advice and help you find the best way through this.

    1500 is a small amount to ruin a credit file over, so look at the alternatives first.
    • Candyapple
    • By Candyapple 14th Feb 18, 10:45 AM
    • 2,683 Posts
    • 2,019 Thanks
    • #3
    • 14th Feb 18, 10:45 AM
    • #3
    • 14th Feb 18, 10:45 AM
    Here is the link to the DFW (Debt Free Wannabe) board:

    If you have 4 cards with a total of 1500 across them all, I'm going to hazard a guess and say that they are all subprime cards like Vanquis, Capital One et al.

    Are you employed? It would be in your best interests to do a statement of affairs and discuss with your wife ways in which you can cut back in order to pay off the debt.

    Link to statement of affairs:

    1500 is a tiny amount of debt in the grand scheme of things and small cut backs in the short term should help prevent you ruining your credit history for another 6 years.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of
    • Paul_DNAP
    • By Paul_DNAP 14th Feb 18, 12:22 PM
    • 29 Posts
    • 27 Thanks
    • #4
    • 14th Feb 18, 12:22 PM
    • #4
    • 14th Feb 18, 12:22 PM
    Don't let them default and pass on to a debt collection agency, they will throw in their own fees and charges and interest on charges and the debt will spiral out of control. At the very least, phone your credit card companies up, tell them you are struggling, ask if they can shift you to a better product

    Are there any openings for balance transfer cards at a lower, or zero, interest that you can go for? (The Debt free wannabe boards will help you with this).
    • Toki
    • By Toki 14th Feb 18, 12:30 PM
    • 252 Posts
    • 112 Thanks
    • #5
    • 14th Feb 18, 12:30 PM
    • #5
    • 14th Feb 18, 12:30 PM
    Good advice given already. It may be an idea to get another card (assuming you are able to and dont have an adverse credit rating) and transfer all the debt on to one card. Cancel the other 4 cards and DO NOT USE the new card. Simply keep it and pay through the debt best you can without any interest for a period.
    • chattychappy
    • By chattychappy 14th Feb 18, 11:03 PM
    • 6,680 Posts
    • 3,595 Thanks
    • #6
    • 14th Feb 18, 11:03 PM
    • #6
    • 14th Feb 18, 11:03 PM
    Don't beat yourself up over it. These things happen and it's time to take a practical approach. People have run up debts of 10 times or even 100 times what you have in similar situations. All relative, of course. But you only have to thrown in booze or a gambling habit and things could be much worse. (I'm assuming you are not afflicted by these!)

    Is your wife fully aware of the situation? How is her credit position? If you are unable to get a balance transfer card, she might be able to get one and take over the balance. (We're advising you, not her!!) Be aware that not all cards allow transfers into somebody else's account. You can get around this with a Money Transfer card, though often the deal is not as good.

    Good luck!
    • DCFC79
    • By DCFC79 14th Feb 18, 11:17 PM
    • 31,196 Posts
    • 19,722 Thanks
    • #7
    • 14th Feb 18, 11:17 PM
    • #7
    • 14th Feb 18, 11:17 PM
    For such a small debt its not worth defaulting, you will end up thinking it was a stupid idea to default.

    Look at your spending and cut back, even if you can cut back 10 it will help but the more the better and you pay the card off with that.

    Whats the min payment for the card ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

198Posts Today

1,600Users online

Martin's Twitter