Please help, 6 credit cards, almost £7,000 debt!!

moonrakerz

Jo4 wrote: »

Any ideas which cashback card would be best for them?

To be harsh, I think your friends should realise that if they get another card, regardless of how much it promises to give them back, all it will do is get them further into debt !!

They need to destroy the cards they have and DON'T get any more.

To spend £10,000 to get a "free" night in a hotel really is the economics of the madhouse.

Sorry to be blunt, but if they can't see that, someone has to point it out to them.

Jo4

moonrakerz wrote: »

To be harsh, I think your friends should realise that if they get another card, regardless of how much it promises to give them back, all it will do is get them further into debt !!

They need to destroy the cards they have and DON'T get any more.

To spend £10,000 to get a "free" night in a hotel really is the economics of the madhouse.

Sorry to be blunt, but if they can't see that, someone has to point it out to them.

The way they look at it is that when they have to make a payment for something, ie groceries, fuel... they put it on a credit card and then when the credit card bill comes in they have the cash waiting to pay it. They reckon at least they are getting something back rather than nothing.

Martin usually recommends doing this.

sicker

Jo4 wrote: »

The way they look at it is that when they have to make a payment for something, ie groceries, fuel... they put it on a credit card and then when the credit card bill comes in they have the cash waiting to pay it. They reckon at least they are getting something back rather than nothing.

Martin usually recommends doing this.

But will they stop at what they are due or spend more on somehing they see and must have.

John

Jo4

sicker wrote: »

But will they stop at what they are due or spend more on somehing they see and must have.

John

They do not spend more than they need to. They having being doing this successfully for over a year, see my signature.

thumshie

Capital one is probably currently the best cashback card, 4% for an intro period then 1%.
Egg also have a 1% card in Egg Money.

Jo4

thumshie wrote: »

Capital one is probably currently the best cashback card, 4% for an intro period then 1%.
Egg also have a 1% card in Egg Money.

THANKS, I will let them know about Capital One.

sicker

Jo4, I appologise if I sound harsh but they appear to have accumulated a very large amount of debt and I wondered if it may have been to overspending. It is just what I see when look at your signature. Again sorry if I offended.

John

Jo4

sicker wrote: »

Jo4, I appologise if I sound harsh but they appear to have accumulated a very large amount of debt and I wondered if it may have been to overspending. It is just what I see when look at your signature. Again sorry if I offended.

John

No, it was not overspending. The debt was even worse before I kept a note of it in my signature.

moonrakerz

Jo4 wrote: »

They do not spend more than they need to. They having being doing this successfully for over a year, see my signature.

Sorry again, but having £7,000 of debt on 6 different credit cards and then looking for another card isn't what I would call "successful".

s1h

Your friend with the holiday inn thing reminds me of a lad I used to know.

When you used to get Gratis points in Benson and hedges cigarettes, I was showing him the catalouge and that you could get a video recorder(i know!) for how ever many thousand points. I think it worked out you would have had to spend a few grand on fags.

He thought it was amazing and said he was going to start collecting them, we said to him but you don't smoke mate. He said yeah I know ill just buy the fags and throw them away and collect the points!!

Madness.