Credit card debt spiraling out of control

BlackMonk

Dear All
I have a friend who has £36K in credit card debt. She was managing this debt by transferring it to new credit card providers offering zero or very low interest rates. However a few years ago her credit rating was downgraded to 'poor' so she no longer receives balance transfer offers. She also cannot apply for new cards. She cannot keep up with the repayments and has to borrow money to pay the interest, in other words she has entered the viscous circle of spiralling debt. I really want to help her so what advice can I offer? Any suggestions would be gratefully received.
Regards
BM

ILW

Bankruptcy?

Larac

I would advise contacting one of the debt charities, Step Change or Payplan to discuss options. There are other options apart from bankruptcy eg DMP or IVA depending on circumstances. if you go on the debt free wannabes board there is lots of useful advice and support

grumbler

BlackMonk wrote: »

...She was managing this debt by transferring it to new credit card providers offering zero or very low interest rates.

No way can this be called 'managing'.

I agree that bankruptcy is the most realistic option now. For other options see Debt-Free Wannabe board or ask there.

BlackMonk

Many thanks for your replies. I will re-post on the Debt-free Wannabe board.
Regards
BM

SCO

When she was 'managing' the debt i would imagine that meant she was making the minumum payments, that would never have cleared the debt.

She needs to seek proffesional advice.