How best to manage credit card debt

pinkqueen

Hi everyone

OH and I have some credit card debt that we are not managing very well - the minimum repayments are fine, but we aren't paying extra off each month, and the interest rates are appalling. In the past we have shifted balances to 0% cards but we really want a longer term solution. Also don't want to apply for more cards as we brought a house last year and the credit search along with credit we had already really dented our credit ratings.

We were thinking of going into our bank (Santander), laying it all out and saying we would like a loan to pay off the cards. Are they more likely to consider you if they know it will be to pay off existing debt and not to get into more? Or is it just all computer controlled?

Thanks in advance

mildredalien

It probably just depends on your credit rating... the main issue with getting a loan to pay off credit cards is that a lot of people just rack up the credit card debts again now on top of a hefty loan. You have to be really sure you can manage your money and that you can learn to live without credit if you do get the loan.

It's probably worth posting a statement of affairs (SOA - link in the sticky) so you can get some advice about your outgoings, it might be that you can pay off what you currently have without resorting to taking out yet more credit (assuming that you will be able to).

Good luck!

sistafromanothermista

Hi :wave: and welcome

At the top of the board you will find a sticky which has a link to a SOA(statement of affairs) if you fill this in and post on here we will be able to give you an idea of where you can cut back (if possible) to maybe free up a bit more income.
Also list the amounts and APR on each card and amounts you pay....