Credit card help

decoy

Hello

Please can you advise.....

I have three credit cards (I know - stupid!) and up until recently have been able to manage them. However, I have now amassed a total of approx £9000 in debt and due to interest rate rises and slight change in circumstances I can no longer afford to pay the minimum on all. My savings have gone and I have today tried a balance transfer deal but was declined. Is it best to go to my main bank and try and get a personal loan or is it best to contact the credit card companies and ask for help?

I am a teacher with only one income and a householder. I am really worried about it all so I need to solve the problem asap.

Would really appreciate any advice.

Thank you

AFK_Matrix

Get in touch with one of these charities and they will be able to help you: Payplan or Stepchange.

It sounds like you might have to go on a Debt Management Plan with them where they will talk to the banks on your behalf and get them to stop the interest and setup a repayment plan you can afford. But this will put defaults on your credit file thus damaging it for 6 years so getting anymore credit won't be possible or mortgage etc.

I am no expert though so go talk to one of the charities and see what they say.

365days

I think beofre you do any of that you need to do an SOA.

http://www.stoozing.com/calculator/soa.php

If you want to post the results on here many do. However it is really useful to see where your money is going and where you can possibly save.

If when you have explored your budget, seen if there is anything you can shave off anywhere, sold anything you no longer need etc etc then ring the cards. But I'd definately do an SOA first. You may find that you can afford minimums after all.

roxy7699

I agree with 365 - you may find you can make the payments.