Money for nothing

dizzy_ghecko

Hi,

I am looking for some advice - I currently have a barclaycard which I am paying monthly direct debits on, but because I am only paying the minimum payment the balance is not going down, in fact it goes up sometimes.

I have buried my head in the sand for too long now and I really need to sort myself out.

I cannot get a 0% balance transfer on any cards, and probably wouldnt get a loan either. I have other cards I am also paying off.

What can I do? I am completely useless when it comes to money and now I need to face the horrifying facts that I am in the !!!!.

Any pointers would be very much appreciated.

CLAPTON

dizzy_ghecko wrote: »

Hi,

I am looking for some advice - I currently have a barclaycard which I am paying monthly direct debits on, but because I am only paying the minimum payment the balance is not going down, in fact it goes up sometimes.

I have buried my head in the sand for too long now and I really need to sort myself out.

I cannot get a 0% balance transfer on any cards, and probably wouldnt get a loan either. I have other cards I am also paying off.

What can I do? I am completely useless when it comes to money and now I need to face the horrifying facts that I am in the !!!!.

Any pointers would be very much appreciated.

easy

just stop spending and pay more on the CCs each month

pay a little more than the minimum on each card except the one with the highest APR and pay as much as possible on that.

leeroy2009

default on it or start controlling your spending, min payments will get you no where, post a soa on the debt wannabe board, and they will advise you, as what you going to do when you hit the credit limit and that card becomes unusable?

you need to stop spending on that card, pay the min plus 3 or 4 quid a week extra by so to start bringing the balance down

jonesMUFCforever

leeroy2009 wrote: »

default on it or start controlling your spending, min payments will get you no where, post a soa on the debt wannabe board, and they will advise you, as what you going to do when you hit the credit limit and that card becomes unusable?

you need to stop spending on that card, pay the min plus 3 or 4 quid a week extra by so to start bringing the balance down

I assume this is a joke reply.
Defaulting is the last possible thing to do.

leeroy2009

yes it was ment in jest.

1931modela

leeroy2009 wrote: »

yes it was ment in jest.

Not a smart comment then was it & certainly not helpful

bigadaj

Default is one option.

Yes it will ruin a Credit file for six years and may lead to further action for recovery, but it also stops people getting any more credit which can be a solution in itself.

Always better to pay off if you can, but if other avenues have been explored, reducing outgoings and earning more aren't possible and no hole is being made on the debt it can be an answer. We've seen threads where people have taken a Lot longer than six years to pay debt back, in some cases not being much closer to being debt free after many more years.

agrinnall

Post on the Debt Free Wannabe board where you should get some useful advice and no so-called funny answers.

thenudeone

http://forums.moneysavingexpert.com/forumdisplay.php?f=76

leeroy2009

1931modela wrote: »

Not a smart comment then was it & certainly not helpful

if hes struggling, cant get to work cant pay for food gas and electric cos he has that much debt around his neck or anyone else for that matter then the credit card would be the first thing to default on if it came to that much of a crisis point.

where is your advice - sorry opinion on this, to the op?

Smart77

I would strongly suggest speaking to a debt advisory charity, ie National Debtline/ Debt Advice Foundation. They can assist with budgeting and can also speak to your credit card company to try to get the interest rates down or maybe freeze the interest. Make sure it is a charity though and not a company that will charge you.