need to get out of debt

toostressed

applied for credit card in sept and refused up to limits on cards now want to clear debt will i be refused a loan roughly need 7-8000 if i apply or could i try again for a card

CLAPTON

only way of clearing debt is to stop spending and start paying the debt off.

Tixy

If you are up to the limit on all your cards you are unlikely to get further credit.

Instead you need to work out a manageable income & expenditure statement to work out how to start reducing your debt, not increase it futher.

If when you do a monthly budget you find you cannot possibly meet all your contracted debt repayments then suggest you contact one of these - http://forums.moneysavingexpert.com/showthread.html?t=2077631

paulmcerlean

the more you apply the less chance you will have of getting a card - it appears as desperate on your credit file when lenders see lots of applications.

it is also going to be difficult if you have lots of maxed out cards - it is seen as an avenue to getting more debt, rather than paying off the existing debt.

as clapton states, try and pay off what you owe, rather than get yourself into bigger !!!!.

no_more_cards_for_me

Dear Toostressed,

I've been where you are and its not a nice place. I consolidated my debts twice with loans but still kept on spending. This is not the way to go and can lead to further problems.

Really you need to stop spending. Speak to you family and try and find a way out. I was very luck to have support and advice and to be in a job that enabled me to pay off the vast majority of what I owe and family to help.

Tixy and others makes a really good point, do a budget and stick to it. Stop spending, you should work out what you need vs what you want. There is quite a difference.

Good luck and if you struggle then plenty of help here on the board.

toostressed

thanks going to try this:T

Ninnins

Never a truer word spoken NMCFM. I 'consolidated' more times than I care to admit. But if you don't change your outlook and behaviour, you won't change the outcome. Fortunately - or unfortunately? - I have now realised that spending your way out of unhappiness is just asking for trouble.

no_more_cards_for_me

Agreed. I think that having gone through all of this I now understand credit far better - and it scares the life out of me .

What's more I know I can't be trusted, I'm in a well paid job so it would be easy to go spending but now I think I know the difference between need and want. Its a bit like being a reformed alcoholic in that you know that its there and that you can't handle it. I deliberately limit what I can spend for that reason.

If only I could go back and tell myself not to be so stupid I would save £000's. Your completely right if you don't change attitude and behaviour then consolidation just stores up the problems.

:beer: