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Lots of Debt - Where do we start?
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Hi
well done for helping him sort out his debt. as suggested above do not take out any joint accounts as you will be linked to his credit status. i think martin has done a full article on improving credit score etc which is on the main site.0 -
I don't think you should apply for any more credit cards to try and clear any existing debts. The best thing your boyfriend could possibly do IMO is to contact one of the free debt management charities such as CCCS or Payplan. They'll be able to talk his debt situation through with him and advise him on the best thing to do. Chances are they'll suggest he go on a Debt Management Plan, which is where they negotiate lower monthly payments with all your creditors and also give you a realistic budget to work to.
Good luck, and let us know how you get on.
:beer: Proud to be dealing with my debts :beer:
Official DMP MUTUAL SUPPORT CLUB MEMBER no 370 -
Sorry to disagree NugsFarnham, but applying for cheaper rate credit card/s to transfer the debt to is an excellent idea. Taking on more debt is a bad idea, but making your existing debt cheaper is a great idea.0
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