RE: advice

CHEEKYZIPPY

Hi all

My boyfriend has confessed that he has some debt on credit cards which has stressed me out completely.

Apparently he owes £5k on one and 3K on another and currently has has £750 on the main one.

What should he do. He often switches cards and the £5k one's interest free period runs out in October. The 3K one runs out in January. I know nothing about loans but should he consolidate this or simply switch again? I know that taking out a loan might be expensive?

Please help.

Thanks!

CLAPTON

he needs to start by working out a proper budget so he know exactly where his money is going.
there is no point in getting a loan and then still continue to spend on credit cards
a good format for budgetting is here..... http://www.makesenseofcards.com/soacalc.html

he may wish to paste up the results either here or on the debt free wannabe board and get some feedback on how to cut down and repay the debts

MFWannabe

Hi. Welcome to the board.
As Clapton says he needs to post an soa on here so that he can see where he is spending his money and we can advise him where he can make savings.
A consolidation loan is definitely not the answer; he needs to pay off these cards and cut them up!!
I know it may have been a complete shocker for you but well done on him for taking the first step and telling you about these debts; that would have probably taken a lot of courage. You've posted on here so you are obviously willing to help him sort this out. Good luck and please post an soa on here so that we can all help you both

Consumerist

FREEZ wrote: »

You've posted on here so you are obviously willing to help him sort this out.

The question is: Is he willing to address his financial situation ?

He stands a far better chance of sorting things out with your encouragement and support but it is he who must be willing to bite the bullet if the situation is to be resolved.

That said, I wish the best to you both and hope he will post his Statement of Affairs so he can be advised.