Help! What to do with my credit card debt?

Tixy

Hi Chris

Its worth putting in the overdraft to your list of debts (put the balance at a typical figure the day before payday.)

You mention only being able to afford the minimums, but you are showing a £231 surplus after these, I don't think your outgoings are too excessive, if you could try to find out where this money is going you could hopefully instead pay it towards your debts. Start a spending diary to see where else you are spending money.

chris10131121

Yes sorry it's through a purchase plan with the computer company (Apple) so I pay a certain amount each month for a length of time

Welshdebtor

chris10131121 wrote: »

Yes sorry it's through a purchase plan with the computer company (Apple) so I pay a certain amount each month for a length of time

So a debt?? One you have to pay min of £40??? Would you lose the laptop if you did not pay this? Just trying to get an understanding lol not gonna suggest you stop paying it lol

chris10131121

I think it's a fixed amount per month of just under £40 that has to be paid for 3 years. I think if I didn't pay it I'd get in trouble!

Welshdebtor

OK cool

I would do what Tixy suggests and write a diary, see what happens to that £231, as you may not realise what you spend it on, and may be able to cut back there or use some of that towards your debts.

chris10131121

Thanks guys.
is there anything you could suggest regarding moving the debt between the 2 cards, or finding some kind of loan to consolidate tghe debt?

Virus_2

I seriously wouldn't go for the loan option, try ringing Virgin and asking them what rate they would give you for a balance transfer and it they will raise your limit to take the full £2050. Then use the HSBC card to build up your credit rating by spending a small amount each month and paying in full to avoid interest.

Welshdebtor

Do not get a loan to pay off debt, I would say the above suggestion from Virus is worth a shot.

chris10131121

I asked Virgin for a higher limit and they declined - I'm not sure why my credit rating seems to be so bad!
Is it still worth transferring as much as possible to the Virgin card?

How much should I spend on the HSBC card each month to repay?

nikki_angel

Maybe check your credit file to see if there is anything on there which may suggest fraudulent activity..i.e. someone applying for credit in your name.