help!

kammyj

i have accrued credit card debts and i am trying to sort this out at the moment. The only option i think is viable is to spk to my bank to get a consolodation loan.

I am worried about speaking to them as most of the time all they try and do is sell u something other than what you have gone in for.

Any help or advice with clearing debt would be greatly appreciated.

Regards:(

ZTD

kammyj wrote: »

i have accrued credit card debts and i am trying to sort this out at the moment. The only option i think is viable is to spk to my bank to get a consolodation loan.

I am worried about speaking to them as most of the time all they try and do is sell u something other than what you have gone in for.

Any help or advice with clearing debt would be greatly appreciated.

Regards:(

Hello and welcome to DFW. :hello:

The first thing you need to do is to sit down and read the guide for first timers which is this thread.

Then you should follow what it says work out your income and your outgoings. This is called a Statement Of Accounts (SOA) and the link is here.

Then you should post a new thread on the DFW main board explaining your situation. This is the diaries board and we're not really geared up to help you.

The very last thing you should do (right after pulling your own heart out with a rusty spoon) is get a consolidation loan. Most people who get these end up in the exact same situation, with the debt *AND* the consolidation loan(s) on top.

You need to fix the causes, and the first step is finding out how you're in trouble in the first place (the SOA).

Good luck! :beer:

beanielou

Wishing you good luck too!

chevalier

Hi there welcome to the boards. Do take ZTD's advice ref the first time posters sticky and doing an SOA. In the first instance, it may calm you down enough to look at your finances, without making a snap decision, that could be a mistake.

Next the SOA. You have to be honest about this. Even if you don't post it online, you need an accurate state of play.

So take credit card, and bank statements for the last 3 months and average what the spend for each of the categories on the SOA template were.

That way you know how big (or hopefully little) the gap between income and expenditure is.

Then with an accurate snap shot of your debts, you will have a full understanding of where you are financially. It 'may' not be as bad as you fear. But at least you will know one way or the other.

good luck
chev