Stuck with high interest

currumbawumba

Hi, just joined and want to get this out in the 'open'. I've got 3 credit cards, totalling £7,000, an overdraught of £750 which I often exceed, and a loan now currently at £5,000. The interest on my cards is huge, my bank charge me crippling charges and this month I have to pay a garage bill, my boyfriend the hundred quid I borrowed and a friend £200. Yeech! Last month I went over my overdraught and had several DDs refused and, to be honest, as each letter came through the door, I barely read them. I reckon it was in excess of £100 in charges though. So, the spiral continues, down a hundred quid, no money to pay loan this month. Sitting on my desk I have two credit card bills and a letter from the loan company. If I really tighten my already very tight belt, and work extra hours, I can probably get back on track in about three months, but what to do in the meantime? And what to do in the long term? No-one will let me have another card (I try every so often and I'm refused each time) so I can't transfer to a lower interest rate. I feel I'm stuck with these huge interest-charging cards for years. I wish I could bring everything under one roof and reduce my outgoings. How do I do this? I want to move on and move out of this situation and I need a bit of help!! Thanks for reading this and I look forward to reading someone's responses.

roswell

Increase your overdraft to avoid the charges or if you can get it increased a lot pay off what you can on the highest % card (s) thats assuming that your over draft rate is lower than your CC rate, then use the money excess money you will have of paying the CC`s to pay back the over draft slowly, cancel your CC`s and give it a few months then apply for a new 0% or life of balance CC.

roswell

Also post a list of incommings / outgoings and ims sure someone will point out some painless savings

currumbawumba

Couldn't increase overdraft when I tried (due to income). My main concern tho' is what to do about this month's bills, as I have no available credit in my overdraft to pay anything!