Can't get balance transfer!

Lucyv

Hi, After doing the MSE budget planner I have found out that we regularly spend more than we earn and are in big debt . My husband has a full time job and I stay at home looking after our 2 year old, 8 month old and dog. One of the credit cards is in my name and the current ballance is 4805.14. About half of that is a balance transfer and is 0% until December 2012 and the rest is purchases I pay intrest on. At the moment my min payment is about £108.11 with 33.41 of that intrest but next month the estimated intrest is £53.56 because the intrest free period is ending. I have applied for a balance transfer for a new credit card and I can't because I don't earn anything. What should I do? The minimum payments will be too high?

Thanks

Lucy

sistafromanothermista

Would your hubby be willing or able to get a card and transfer your balance to him?

jonesMUFCforever

You need to make your budget balance.
Cut back all unnecessary spending - sell anything you don't need and throw as much as you can at the balance to reduce it.

There is no magic wand answer here.

Lucyv

Thanks for your replies. I will speak to him about it, he probably will if it reduces the payment. We are working on cutting cutting costs at the moment and have joined here to see how others do it.

tlh858

Lucyv wrote: »

At the moment my min payment is about £108.11 with 33.41 of that intrest but next month the estimated intrest is £53.56 because the intrest free period is ending.

The minimum payments will be too high?

The minimum payment is based on the outstanding balance, appears to be 2.25% in your case, which is fairly common.

The 0% deal ending won't affect the minimum payment, it just means that it will take longer to pay off the balance, as more of each monthly payment will be interest.

CLAPTON

you may which to post your SOA on the debt free wannabe board
people there are very supportive but will also offer frank views about how you can reduce spending too.

Lucyv

That's good that the monthly payment won't go up. I will do the SOA thanks

opinions4u

Always pay more than the minimum payment. Even if it's only £1 more.

This makes it easier to get new, cheaper credit in future.