How to pay off cc when high APR and poor credit

Benjo19885

Hi first post here. Recently discovered the site and must say it's already been very useful.

Anyway I'm mid 20's and got a cc with a current balance of £1000 with apr of 34%. Job isn't exactly high paying so with other bills, debts and board to pay I'm struggling with the credit card as any money I do pay is swallowed up by the interest.

I know I've got faily poor credit so trying to do a balance transfer is out of the question but any suggestions on how to pay the balance off as quickly as possible, hopefully within the year.

Thanks

YorkshireBoy

If you're discounting restructuring the debt, ie getting it onto 0%, then you only have two options:


1. Earn more
2. Spend less


It's as simple as that really!

clumsy_cupcake

First thing would to get as much overtime as you can or a second job.
Reduce all spending to bare essentials. Bread, rice pasta etc for food, no new clothes.

If you have a contract mobile phone cancel it and get a pay as you go, walk Instead of taking the bus etc.

If you have no extra money coming in, you have to reduce what your spending now.

dotdash79

To clear it in a year you need to pay 100 per month (well 99.91), not sure what you are paying at the moment but you need to either earn the difference or save the difference.

I bet you waste more than £100 per month on stuff you can do without for 12 months (I know I do).