Want to lower debt but dont know where to start?

amyanderson2

I am really desperate now to get rid of/lower credit card debt. I dont work as i am a stay at home mum but looking for part time shifts at the minute. My partner works full time and get 20k a yr. We dont have alot of debt but i do feel it weighs heavily on my shoulders. We have 2 credit cards and a cataloge. We have:

Llyods TSB Credit Card - 2k
Capital One - 1k
Littlewoods Cat - 1k

It might not seem much but i really want the credit cards at least on one card but i dont think a company will give us 3k credit limit. Anyone got any idea what i could do? I am currently paying more than the min payment but not by much and dont think i could afford much more.

Hope someone can help
Many Thanks
Amy

postingalwaysposting

amy can you do a soa (see ss sticky at the top of the board), once you have done this we can see where all your money goes. We can then suggest ways to cut back/over pay the debt. If the money isnt there we can advise you to go you one of the many free charitys in order to get more personal/taliored advice

amyanderson2

cant see ss sticky sorry

postingalwaysposting

amyanderson2 wrote: »

cant see ss sticky sorry

no problems amy ~ http://forums.moneysavingexpert.com/showthread.html?t=107280

OberonSH

Top of the forum, there's a guide for first time posters, it'll walk you through a Statement Of Affairs - you basically need to list your income from salary, benefits etc, your outgoings like food, rent, travel, and then your debt, inclusing the APRs and limits. Then we can all see if we can help you cut down on certain things to have more money spare to get the debt down.

As long as you're paying off at least the minimum, have you thought about transferring to a 0% card, or phone the credit card compnay and seeing if they can shift you onto one of their 0% deals (thay all have them!) At least that means all your money goes on the debt, and not the interest.

amyanderson2

Thanks for that

Monthly Incoming:

Partners wage: £1307
Benefits: £50


Outgoings:

Mortgage:£300
Council Tax: £100
Gas: £40
Elec:£40
Virgin Media: £64
02 Mobile: £40
Vodafone Mobile: £40
Buildings/contents insurance:£20
Life Insurance: £20
Cigarettes: £80
Bus fare: £50 (for partners work)
Food: £300

Total: £1094

What we have left i usually pay to credit cards etc. This isnt exactly 100% accurate but not far from it.

chocolatechipcookies

amyanderson2 wrote: »

Thanks for that

Monthly Incoming:

Partners wage: £1307
Benefits: £50


Outgoings:

Mortgage:£300
Council Tax: £100
Gas: £40
Elec:£40
Virgin Media: £64
02 Mobile: £40
Vodafone Mobile: £40
Buildings/contents insurance:£20
Life Insurance: £20
Cigarettes: £80
Bus fare: £50 (for partners work)
Food: £300

Total: £1094

What we have left i usually pay to credit cards etc. This isnt exactly 100% accurate but not far from it.

See what you can reduce first. Can you not switch your plan with O2/Vodafone to pay less each month? I think Vodafone has a plan where you can have two phones on the same line for a certain amount each month. See what you buy and how much you spend each week at the grocery store and try to cut down on that too, if there's only two you could cut that by at least £100 per month. Look into the possibility of switching utility companies, or changing the plan you're on. Do you really need to spend £80 a month on cigarettes? You could cut that down, or out completely. Pick priorities. Is having a few hundred of pounds free each month as important as spending £40 on mobile phones and £80 on cigarettes?