Credit card help

gallzo

Hi there, new to the site although ive heard great things about the help and i could use with experience and advice. I'll give some background so I can hopefully get some useful advice !
I'm 19 and i am currently an apprentice so I dont earn good money - at this moment in time. I only earn just under 9k a year however I am an apprentice and i will be earning 24k a year when my time is out which should hopefully be just under 2 years. I have a normal 1k overdraft in my account and I got a 2k loan last september to be paid back over 3 years. I have no issues with the loan payment DD each month and it is affordable as I have no other real payments bar a contract phone.
I applied for a 1k loan at this moment in time so I could use it to pay 2 holiday payments and a short term fix so-to-speak however I was declined. I then tried another company and was declined again.
Basically Im looking for a financial boost for a couple of months in which I have no problem paying back later on in the year - in which I will be getting small increases to my wages. Could someone elaborate on the Virgin credit card which implies ''0% on transferring cash into your current account for 16 months" so does this mean I could say transfer £500 from the virgin card into my current account(another bank company) and when i get payments through it would cost £500 plus a small fee ?

I'd appreciate it greatly if I could get help, cheers !

Merlinexcalibur

I'm 19 and i am currently an apprentice so I dont earn good money

Um. You are 19? And, by your own admission, money isn't good, because you are an apprentice? Okay. It's entirely up to you how you interpret what I am about to say here because it's meant in good faith/intentions but isn't 19 a little young to be thinking about getting more debt on top of the rest?

Basically Im looking for a financial boost for a couple of months in which I have no problem paying back later on in the year - in which I will be getting small increases to my wages.

Mmm. So, whilst things are good you want to borrow more? How long will that last? I visited a store today that has been there for 170 years. It's closing. Loss of jobs. Vital blow for that town's economy. I say that because as you are an apprentice then nothing is secure is it? Up to you, and did ask for advice/help but maybe it might be time to think a little more on what you intend to do. Eg borrowing on top of other debts. One thing any money advisor will tell you is 'never borrow to cover other debts'. It's like trying to fill a bucket which has a hole in it.

So, if you can be certain your future as an apprentice is as secure as you say then, sure, get one. But, it's often very sensible to think further ahead. And plan. You don't know what is going to happen in the next six months, six weeks.

Anyway, go tell me to shut up if you like.

gallzo

I appreciate any advice to be honest, i didnt want to be in this situation however ive not done anything drastic so im not worrying about anything.
I just need a quick fix of money for this month ! Im not bothered about paying back a lot in future as long as its not ridiculous !
I have a lot of payments for this month and I need to pay them... know-ones job is particularly safe atm, however Id expect to still be in my job in a years time...

CLAPTON

I'm afraid the lesson that is useful to learn is to save up for things you want. You say you have no problem paying the loan off... it that case there should be no problem in saving.

You seem to have 3,000 of debt already and are looking for 1,000 more... that's about 50% of your take home pay... that's very very high.
Living at home with very few outgoings you should be a net saver and not a borrower.
I'm afraid you are rapidly getting to the point that any loan will indeed have rediculous interest.

If you are short of money think about getting a parttime job to supplement your other income but what ever you do learn how to budget and how to save and live within your means.