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Help - how do we deal with this?
BlushingRose
Posts: 1,621 Forumite
in Credit cards
We have 4 credit cards now...and are up to the limit on them all. We're paying each one off each month but on;y at the minimum payment as we can't afford to do anything else. If we didn't have these cards, out financial situation would be hugely improved - has anyone got any advice on how we can get rid of them more quickly?
We've been through comparison websites and have the cheapest option on the things we can change and still we don't have any money.
Help?
We've been through comparison websites and have the cheapest option on the things we can change and still we don't have any money.
Help?
Our LBM: Dec 2011. DMP started: Jan 2012. Debt at LBM: £41,568
Oct 2012 = Current debt: £40,548.93
Oct 2013 = Current debt: £39.054.70
DMP Support number 424 - Long haul number 308
Oct 2012 = Current debt: £40,548.93
Oct 2013 = Current debt: £39.054.70
DMP Support number 424 - Long haul number 308
0
Comments
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Making the minimum payments while continuing to use them means you'll never be clear of them.
It sounds to me like your only option is to try and find a cheaper source of finance to clear the cards.
Normally wouldn't advise a bank loan, but if your going to need years to pay these then may be an option.
I't normally point you towards 0% balance transfer deals - there's no guarantee that you'd be accepted but it would buy you some temporary respite and help your reduce the amount of interest you're paying.
Maybe one better suited to the DFW board for additional debt advice?"A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
Cut them up, get a loan for the accumulative balances and get shot of them.0
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