Whaere do we go from here?

Whatdowedonow

Hi,

Need some advice as we are coping at the moment but tettering on the edge!!

We have £10,000 on a bk of scotland credit card
£7750 on a RBS credit card
£20,000 Loan
£1800 overdraft.

My husband has a good job and need and we should be doing really well, he also should get a yearly bonus. I knew about the £10,000 but didn't realise that there was an additional £7750 and am now panicking

Basically the problem is that we are meeting the minimum payments but are not getting the debt down. I have cut the cards up and now just need to know what to do next. My husband would like to get another loan to pay off the card/s but I am not sure that is the way to go.

Feel sick, and am so angry that we have allowed oursleves to get into this situation.

t4mof

Hi

Welcome to the boards and for posting. If you can fill in your Statement of Affairs (http://www.makesenseofcards.com/soacalc.html), people will be able to make suggestions on where you can cut back and then help you work out a way of paying back the debts.

For most people (myself included!), getting a loan to pay these off is not the way to go if you can at all help it. Consolidation loans generally extend the time you are in debt and overall you pay more in interest.

If you list your incomings and outgoings here, you will start to see a way through.

Good luck!

savingholmes

Hi some good advice there above. I did that and also use the snowballing method - see snowballing at the website whatsthecost to work out what order to pay your debts in.....

We all started somewhere - I have in the past owed nearly 3 x what we do now... You can change, and you can start to pay it off... Don't be surprised if it takes a while to build new habits and new ways of operating.... Being truthful to yourself about what you really owe is a great start - now you also need to face up to where your money goes and possibly make some hard decisions on where to cut back.

We found the Make £10 a day challenge brilliant for giving us a little more money to play with and that made the whole process a lot easier.... Getting money often for things you would have done anyway has been brill

Good luck on your journey