Catch 22 - too many credit cards


I have four credit cards with a total of £20,000 on them. I have never missed a payment, but am only paying the minimum on each one, because I can't afford any more. But I can't see any way I'll ever get out of this trap. I can't get another credit card to transfer the balance because I have too much debt (even though all my credit records are listed as 'satisfactory'), and I can't add anything to my mortgage because I am already borrowing 75 - 80% on my home.

What can I do to escape from the minimum payment trap?




  • henna123
    henna123 Posts: 135 Forumite
    First Post First Anniversary Combo Breaker
    The only way I can see is to try and make/save wherever else you can, post a soa for people to help with and then throw whatever you save/make at the card with the highest rates on, However I AM new to this all so somebody else ay know a better way x x
    Make £10 a day Feb £ /£280
  • themull1
    themull1 Posts: 4,299 Forumite
    Could you take a paymernt holiday on your mortgage and use that to pay down your cards? any gold to sell, anything you can sell on ebay, take in a lodger, get a weekend jog/part time christmas job?

    For most people it is possible to get out of this situation. Dont consider consolidating or borrowing more, it rarely works.

    Firstly you need to understand why you have got into debt in the first place and address this. There might be a straightforward reason or it might be that you just dont have enough income to cover your current outgoings. You need to stop spending on credit cards immediately, unless it is a life or death situation.

    Secondly you need to do a realistic budget and see where you can cut back. You are going to have to make some hard cuts and this is tough, especially if you have been living beyond your means for a while. Accept that you are going to have to go without for a while to reap the benefits in the future.

    If you really cant stretch the budget to cover your outgoings then consider if you can increase your income. Go and have a look on the debt free wanabee board for some fantastic suggestions and inspirational stories.

    Having been through this myself I know it can be done, I am starting to come out of the other side now after having credit card debts for 20 years. The hardest part for me was accepting the problem and realising I had to change my lifestyle. Good luck.
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