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Credit Card Debt and Recently Lost Job.

James90_2
Posts: 3 Newbie
Hi all. this is my first post. I have around £9000 of debt on 3 separate credit cards and a bank overdraft. I was a professional rugby player until this month and i am now unemployed , currently with no income. 2 of my 3 credit cards are over their limit and continuing to build interest and i'm struggling to make the payments. I feel depressed at the moment and its affecting me. I have potential work next month on a much less income.
What options can you recommend to help my situation, i've looked at things on this website but would like to hear from people whos been there. Should i consolidate my debts with a loan? if so what it the most cost effective way? or apply for another credit card? or is there any government schemes help out there. any ideas would be so much appreciated.
thanks, james
What options can you recommend to help my situation, i've looked at things on this website but would like to hear from people whos been there. Should i consolidate my debts with a loan? if so what it the most cost effective way? or apply for another credit card? or is there any government schemes help out there. any ideas would be so much appreciated.
thanks, james
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Comments
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Hi James,
sorry to hear you are struggling at the moment, it is tough to deal with debt but you have come to the right place for help! There are loads of people here who have worked through bad financial times and come out the other end
I'd suggest talking to a debt counsellor at one of the free debt charities (CCCS or payplan) who will be able to offer some specific advice about routes to go down. There are lots of different options - trying to find a low interest credit card, taking out a loan, managing your payments yourself or starting a debt management plan (DMP). One of the big problems with a new loan/credit card is resisting the temptation to carry on using any freed up credit and building the debt back up again!
You could also post a statement of affairs (SOA - http://www.makesenseofcards.com/soacalc.html) here for some more specific advice, as it's difficult to say what road to go down without knowing more about your financial situation.Savings target: £25000/£25000
:beer: :T
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Thanks for the reply! current situation:
I have 3 credit cards; 2 are over their limits and the other is full.
The two which are over are - £5070 (5000 limit), £2150 (2100 limit). The other is £750 (full). i also have a £1500 overdraft which is used up. I have potential work next month but the money is less than what i have earnt previously.
Not sure how this would affect my options / or what path to take, but if you can provide any help at all please do so. Much appreciated0 -
Hi James, I'd use some of the long weekend to post your SOA, then you really get to see where your money's going and where your outgoings can be cut. Also, what can you sell? If you have no savings you are going to have to be really ruthless to get through a month with no income followed by reduced income.
Good luck!Make £2020 in 2020 £178.81/£2020
SPC 13 #51
Feb Grocery Challenge £4.68/£2000
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