Stuck in a cycle with credit cards

Bettyboopboop

How can I sort my credit card debt?

I have two cards minimum payments being paid each month sometimes a little more. Both are taking charges for protection I don't need as that is covered by my employer.

I know this is out of control and have been trying to find a solution by refinancing with a lower interest card or loan so that I can manage my finance better but I get rejected. I would prefer the debt to be in one place.

I am shredding the cards to avoid spending anymore but need to see a way out of this spiral.

Thank you

redpete

Why haven't you cancelled the insurance already?

What is the balance and APR on the two cards?

System

Hi, and welcome.
Cutting up the cards is a great first step. I've got a load of questions for you!
How much do you have on them and what interest rates? How much can you afford to pay each month - sounds like you are at least making the minimums?

Why has the debt built up on your cards - is it worth looking at your budget for everything to see if you can cut back on other spends to throw more cash against your CC's? also to make sure you don't go over budget and make things worse.

big hugs and welldone for coming on here - it will be the 1st step in getting it all sorted xx

sourcrates

Hi,


A simple phone call will cancel the insurance.


A written complaint about the insurance not been suitable for you, may yield a refund of premiums.


As for repaying the existing debt, there are a number of options ranging from a temporary payment arrangement, right through to a number of regulated debt repayment options.


It depends how far you want to go with this, we need more detail about your personal circumstances in order to give a definitive answer.

Bettyboopboop

I thought I had cancelled the insurance but turns out that I am still being charged so I need to talk to them again. It's all a bit scary as I feel like I have failed.

Bettyboopboop

Thank you all for the replies. I will take a look at the interest rates and amounts and get back to you. I think it's about £18k combined I know payments are costing around £500 to £600 but I try to pay a bit more than minimum.

It sounds daft but I can budget ok and rarely go over drawn even with these payments. The cards were maxed out at a point when I was in a difficult situation which I have now had help so this is the next step to getting my life back on track.