Help me to clear my CC debts

james2006

hi all
i am hoping someone here can give me some guidance and advice on clearing my cc debts. i finished uni 4 years ago and have since ammassed approx 16k in cc cards....
£5k - egg
£5k - nationwide
£3k - citi
£1k - capitalone
£1500 - mint
my repayments are approx £500 a month, which cover my minimum payment and interest... which are killing me!! i earn approx £23k a year.. and probably another £2-3k on top via other things.

I really need to lower these payments down, essentially get a loan or something... egg have quoted me a £15k loan repayable at 7.9% over 84 months for £330 per month... this is the first loan i have applied for so i dont really know if its good or viable for me..

i am pretty much at my witts end... i was/am considering moving abroard as i cant take much more of this!!

please can anyone give me some advice or tips or where to go for a loan.. essentially i just want to clear these cards and have one payment to pay per month... i would like to pay no more than £300 per month.

thank you all for any advice in advance

james2006

also add to that.. i dont have any savings and am always using my £1k overdraft every month

_pale_

scholt

Hi James

What are the APRs? Only consider getting a loan if you are then going to destroy your credit cards. If there is even the tiniest possibility that you may use them once you have taken out the consoldiation loan it is not for you.

http://www.whatsthecost.com/snowball.aspx

can you advise which to pay off first in terms of the interest. You could transfer your balance to interest free? Amazon are doing one at the moment

Brgds
Sam

james2006

i wouldnt say i would never use them, i will gladly rid myself of all but one, and use it in emergencys only.

not really sure about the apr's to be honest, i sort of just applied and maxed them out (so stupid in hindsight) but i kinda thought i'd make a mint from music and pay it all off?!?!


thanks for the link, will work out the apr's and get back... all i know is i am basically paying the minimum each month which covers the interest on the cards!!

james2006

card apr's are as follows.

egg 15.9%
nw 14.9%
citi 15.9%
cap1 15.9%
mint 15.9%

!!!!!!! hell!!

lynzpower

James

Pop up an SOA and lets see if we can find you svings to chuck at the cards

HAve you tried getting a low LOB card or 0% cards? Then at least everything you pay to the cards will come off your balance

Have you cut the cards up

Big welcome :wave:
Lynz

Annie_Fanny

Go here:
http://forums.moneysavingexpert.com/showthread.html?t=107280
for advice on posting a 'Statement of Affairs'...

Good luck - you can do it - don't panic!

scholt

Hi James

Yes it is shocking when you factor in the Interest, even on a fairly low egg balance of my minimum payment £7 was going to the debt, £10 to the interest. Thats gonna take a long time to clear!

Put up an SOA. You are earning a decent wage, so should be able to make some savings somewhere. Include everything....!

james2006

lynzpower wrote:

James

Pop up an SOA and lets see if we can find you svings to chuck at the cards

HAve you tried getting a low LOB card or 0% cards? Then at least everything you pay to the cards will come off your balance

Have you cut the cards up

Big welcome :wave:
Lynz

hey Lynz

excuse my ignorance..but what is a SOA and LOB?
and my credit rating isnt too great... so i fear getting a 0% card would be very difficult..

the cards havent been cut up ....yet. but i am going to cut all but one this weekend. promise!!

james2006

statement of affairs!!

sorry y'all

on to it now.
thanks

CLAPTON

SoA is statement of affairs read this

http://forums.moneysavingexpert.com/showthread.html?t=107280

LOB = life of balance card i.e. one with a low introductory interest rate that lasts until the balance is paid off ..this is often better than a 0% introductory card as they often only last for 6 months