Mountain Of Credit Card Debt

AzimScot

Hi,

I am in debt of about £4,000 and have had this hanging over my head for about 6 or 7 years now it never changes and I try my upmost best not to use them I hardly do only in emergancies I was thinking about taking out a pay plan but would effect my credit rating and I don't have over £5k worth of debt so I don't think I would qualify.

Anyone recently paid off their credit card and what ways did they do it?

Tixy

Hi Azim

Have you worked out a detailed monthly income & expenditure account/statement of affairs?
If not this is a good starting point to seeing whether you can manage with a debt management plan, and thereby preserve your credit rating, or whether you do need to consider other alternatives.
This is a good format http://www.makesenseofcards.com/soacalc.html

Are you still using any of the cards? Have any of the cards tried to increase your interest rate? if they do then you need to know that there is an option to opt out of the rate rise and keep the debt at its current APR.

DarkConvict

What do you mean by pay plan?

The way to tackle credit card debts is to fill out this form and post it up in MSE format. We will look at your budget and see what can be improved. - http://www.makesenseofcards.com/soacalc.html
When you have found your surplus, put it into this tool to work out how you should repay your debts. - http://www.whatsthecost.com/snowball.aspx

£5,000 is not a great deal of debt and im sure its something you can manage to repay given some will power. We have seen people with over £100,000.