£25k credit card debt...what do i do

gems444499

I have been spending money that I don't have, and am now faced with a huge minimum payment on my credit cards every month which is getting bigger! I am at my wits end and just dont know what to do

nic_santorini

stop spending and cut up your cards immediately, and post an Statement of Affairs on here and people can help you with your savings

duggie1982

Well there is always worse

http://forums.moneysavingexpert.com/showthread.html?t=2147581

Bet your glad your not this person.

jamesd

Post an introductory message over in Debt-Free Wannabe for some serious cost-cutting assistance.

It'll be controversial over there but provided you are in control of your spending now, you could try applying for one or more 0% balance transfer credit card deals to reduce the interest cost. DANGER: if your spending is not currently in control this will head you on a rapid track to IVA or bankruptcy. Those are also situations you can deal with but they are more messy and it's better to avoid them. This risk is why it's controversial over in that section: many posters there have taken this course when not in control and ended up in worse trouble. Others haven't and have just used it to help get things under control.

For some cards the minimum payment isn't sufficient to cover the interest. For those your balance will go up every month if you pay the minimum, until you reach or go over your credit limit. Asking for assistance as you've started to do is the first step to avoiding this trap.

never-in-doubt

duggie1982 wrote: »

Bet your glad your not this person.

What's that mate, a troll :rotfl: :rotfl: :rotfl:

gems444499

Thanks for the advice. I've chopped up the cards, but I'm still left with big minimum repayments every month...does anyone know how I can deal with them?

eschaton

gems444499 wrote: »

Thanks for the advice. I've chopped up the cards, but I'm still left with big minimum repayments every month...does anyone know how I can deal with them?

Get a life ?

cashbackproblems

gems444499 wrote: »

Thanks for the advice. I've chopped up the cards, but I'm still left with big minimum repayments every month...does anyone know how I can deal with them?

Check when the interest free periods run out and before they do balance transfer it onto other cards (with 0% on BT's with a small 2/3% fee), there are plenty out there and then take it from there.

No one has a magic wand apartr from finding you the best deals.

debtdestroyer007

gems444499 wrote: »

I have been spending money that I don't have, and am now faced with a huge minimum payment on my credit cards every month which is getting bigger! I am at my wits end and just dont know what to do

if u cant afford ur payments, maybe an IVA or bankruptcy(in case no assetts)....

if u cant clear ur debts in a realisitc period, then i would suggest the above.

but beware of the 'debt solutions factories' that have opened up recently...

contact CAB, CCCS etc and yes there always is the debt free wannabe forum.... plenty of people who give good advice there.

look for NID types:beer:, they are more helpful as opposed to preachers of morals etc

cheers and good luck

never-in-doubt

You should start by leaving the CC thread and post over in Debt-Free Wannabe where you'll get less !!!!!! from people. Yea, you may have made mistakes but hey - haven't we all?

Not the end of the world, if you can get credit then have a go at getting some 0% deals which will bring the payments down - even one card with a £5k limit will save a lot on monthly repayments (you would use the highest APR card and BT it to the new 0% one)...

Lots of choices but it will depend on your credit rating (you haven't said what it is like?) and also whether you have any missed payments etc on the existing cards - if so this will affect the 0% deals available to you.

I'd start by posting over here cos taking more credit may not be the best advice, therefore i'd suggest you let the more experienced help you and they will be here: Debt-Free Wannabe

Good Luck