Stuck in a cycle with credit cards

Bettyboopboop

Hi I have managed to max out my edit cards and despite having a high credit rating I have failed to get a new card to transfer the two debts into one. If I can't achieve this I will never be able to pay more than the minimum repayment so goes on the cycle.

I am not a bad debtor as I pay my cards each month but this cycle is getting me depressed and I want to claim both my finance and life back. Can anyone give me guidance.

By the way I have reached the point in shredding my cards.

Thank you.

Bettyboopboop

Sorry should say credit cards.

Anthorn

Bettyboopboop wrote: »

Hi I have managed to max out my edit cards and despite having a high credit rating I have failed to get a new card to transfer the two debts into one. If I can't achieve this I will never be able to pay more than the minimum repayment so goes on the cycle.

I am not a bad debtor as I pay my cards each month but this cycle is getting me depressed and I want to claim both my finance and life back. Can anyone give me guidance.

By the way I have reached the point in shredding my cards.

Thank you.

In a word, "budget". Difficult. You've recognised that you have gone wrong but not exactly in the nick of time. If you can still make the minimum payments at least your credit worthiness will be intact. But depending on the lender and the card if your balances do not reduce the lender could cut your limit or increase your APR.

I can only comment with regard to my own situation back in 2008 where I was faced with a similar situation but with no income and minimum payments eating into my savings. I defaulted, made agreements to pay and over the next 7 years cleared all my debts and crawled back. That solution is not for everyone though.

molerat

Get across to the DFW board, http://forums.moneysavingexpert.com/forumdisplay.php?f=76, loads of help and advice there. You need to understand how and why you got into this situation in the first place, shifting the debt from one 0% card to another without a master plan is only delaying the inevitable.

MEM62

You may have to get yourself out of this the hard way. Budget well - and stick to it, spend less, throw all spare cash at the card with the highest interest rate.