Struggling with hefty credit card debt

Stressed1_2

Hi, I don't know what to do. I've a hefty credit card debt (£23k) across 2 separate cards and need to find the easiest and best way to consolidate and pay a affordable amount monthly. I've a good salary, just been really stupid and unable to keep on top of things. Could commit to pay £500-600 a month off the debt (more some months). Really feel as though this is the moment to get this sorted and cut out all recent spending completely.

Where do I turn? I am so stressed.

Danni-R

If you could post a Statement of Affairs (income and list outcomes) then maybe people could help you find ways to pay it off quicker. I dont know what the chances are of getting a balance transfer card with that amount of credit with it.

Tixy

Hi

The first step is to work out whether you can afford at least the minimums on your current debts.
If you can then its best to next work out how much you can afford a month and how long it would take to clear based on your current credit card deals/interest rates. That will give you a starting point to compare to other possible sources of finance.

It would probably be useful for you (and for people offering advice here) if you could prepare a statement of affairs to get a better idea of your finances. From there people should be able to suggest the best options for your debt and whether it will be worth looking to move the debt elsewhere and also may be able to help you find ways to free up more money to pay towards the debts each month.

SoA form here - http://www.stoozing.com/calculator/soa.php

Stressed1_2

Thanks, sorry. £75k gross salary (£4200 per month). Outgoings of £3000 per month (mortgage and house expenses).

Tixy

Do you know what the APRs on your current cards is? if not you need to find out.

Is the outgoings of £3k all your expenditure excluding debt repayments? i.e can you put £1200 to the debt each month?