what to do next

fidgetgreen

hi,

Last year I used the MBNA balance transfer offer to clear my overdraft and I had 2500 to pay off on that card. I have now got this down to 700.

Then this year I took out a credit card with natwest for emergencies and i have pretty much maxed it out (2100). So the 0 per cent interest on natwest ends in october and there is no way I can pay this off, I was planning on stoozing, but a default on a store card has meant that I cant get any new cards (i just tried 3 in desperation).

I now have 2800 debt and both 0 per cent offers are coming to an end, is there any way I can get out of this or will i have to pay the high interest as I cant get any other cards?

grumbler

The only way is to earn more and/or to spend less.
Otherwise you need a miracle.

The more you borrow, the more interest and charges you pay and the more difficult it is to get out of debt. It's a vicious circle.

MEM62

Perhaps it is time to take stock of your financial situation and make some changes before your borrowing gets out of hand. The fact that you have been declined for new cards and are worried about the coping with the interest on your current balances suggests that now is the time to make some lifestyle/spending changes before it get completely out of hand.

Cut back where you can and look to get the balances down as quickly as possible to minimise the interest.

eskbanker

As per the previous posts, there's a more fundamental issue here than interest rates - paying £1800 off a credit card balance sounds positive but obviously somewhat less so if you effectively have to borrow £2100 to do it! Sorry if that sounds harsh but based on the above figures it does sound like your debt is increasing and therefore you're spending more than you're earning.

Try the debt-free wannabe board at http://forums.moneysavingexpert.com/forumdisplay.php?f=76 for advice about the underlying issue....