Help for a clueless finangial gal with a little debt

madsaz24

Hi MSE, this is my first post on a forum ever, but im desperate for advice.

I have three maxed out credit cards, two at £500 and one at £200, yet I have just graduated University and only have a part time job (earning roughly £300 a month), therefore cannot afford to make three separate payments each month, on top of late payment fees.

I guess I have a reasonably bad credit rating, and was wondering if its worth applying for a balance transfer card?

Im really stuck and want to be debt free to start enjoying life after University!

Thanks

camuk81

Ok first off try looking at the debt free wannabe board and pop up what we call a statement of affairs so we can help you further

jason1231972

madsaz24 wrote: »

Hi MSE, this is my first post on a forum ever, but im desperate for advice.

I have three maxed out credit cards, two at £500 and one at £200, yet I have just graduated University and only have a part time job (earning roughly £300 a month), therefore cannot afford to make three separate payments each month, on top of late payment fees.

I guess I have a reasonably bad credit rating, and was wondering if its worth applying for a balance transfer card?

Im really stuck and want to be debt free to start enjoying life after University!

Thanks

Hi,

Exclusing late fees, the minimum payments on these accounts should add up to no more than £36 per month between them (£15 for the 2 x £500, £6 for the £200). Obviously it's easier said than done to raise £36 you haven't got, but considering the small amounts, is there any way?

You could transfer the full £1200 on to one card (but may not be able to, having past missed payments, etc.), but it would still cost you £36 per month to make the minimum payment, as you're generally required to pay 2.5-3% of your balance per month

Your debt probably feels massive at the moment, but breathe easy in the knowledge that compared to some, you're as good as debt free!

I'd personally suggest trying to find the monthly payments by the hook or by the crook (or beg from friends/family). Hopefully you'll land a better job in due course and can get rid of the full £1200 in no time

CLAPTON

why are you getting late payment fees?

do you realise the damage you are doing to your credit rating which may hinder you for some years?

what about bank of Mum & Dad