Credit card and Overdraft hangover

I have spent my entire 20s in debt. Mainly hangover from being a student with 2 overdrafts and 3 credit cards. I'm lucky as I work full time but I feel like I'm constantly stuck in the mud whilst only servicing the interest on my cards. I only have a couple of hundred pounds left over at the end of the month that I can use on debt (if I don't need to buy or do anything) But I'm wondering if anyone can give some advise to a newbie who has stopped spending on credit but still cant shift it. I just want to live for today rather than having to pay for the past.

Current debts are:
Santander CC £1690 - £50 a month minimum payment
Santander overdraft £1250 - £33 a month
HSBC CC £3750 - £85 a month
HSBC overdraft £1000 - £25 a month
MBNA CC £5750 - £130 a month

So basically I owe £13400 and I pay £324 a month but with interest charges I only make a small dent each month. I don't want to get new 0 percent credit cards because I'm scared I will only add to my debts. I also don't want to consolidate my debts by taking out a loan because then I'm locked in for the next X amount of years rather than the hope (or delusion) that things are slowly getting better. My Santander credit card did used to be 4K so I know I am making slow progress. Its just frustrating to not seem to be able to get myself out of this hole because its really numerous holes. I'm not looking for any short cuts and I will pay every penny I just want to know if it ever gets easier and If I'm doing anything wrong.

Replies

  • edited 22 October 2015 at 8:32PM
    Chrysalis1976Chrysalis1976 Forumite
    682 Posts
    edited 22 October 2015 at 8:32PM
    Hi Sam,

    Lots of people on here with brilliant advice, best thing to do is post a Statement of Affairs (SOA) although no pressure to reveal all you finances it may help for others to give you some advice on what you are paying each month.

    http://www.stoozing.com/calculator/soa.php

    Also some people find doing a spending diary helps to look at what you are actually spending compared to what you think you are spending.

    Lastly have a look at your interest rates, can you move any to 0% cards? but make sure you cancel the others!

    Good luck C x
    Loan from Mum £500/£300
    DH computer £270.06/PAID :T
    Kids computer £854.33/46.18 :eek:
    Bike £276.15/118.35
    Overdraft £1192/0 :eek:
    Car £5374.04/316.12 :eek:
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