Can't afford repayments

joeysmum

so, I dont know what to do. we have numerous credit cards, all maxed out and although our budget indicates we can afford the repayments, it appears when it comes to it that we can't. We have been in this situation before some 8 years ago - change of bank accounts, letters to the various banks etc, but now we find that my hours of work are being reduced and we therefore really will struggle.

Anyone got any ideas about what to do. We have grown up children still living at home and don't want any impact on them, either financially or linked to them if they should need to make any applications.

WantToBeSE

Hiya Joeysmum

The Debt-Free Wannabe board would be a great place to start. Cut up the Credit Cards and head over there: http://forums.moneysavingexpert.com/forumdisplay.php?f=76

longtermplanner

First you need a realistic budget. Not a very tight one that you can't actually live on. Try keeping a spending diary.

Your adult children living at home. First their credit ratings will not be affected by anything you two do. But are they paying you rent? If not, they need to be! Even if they are students or unemployed, they still need to be paying you money each month.