Best way out

paultither

I worked out my finances the other day and I'm a bit taken aback by how bad they are:

£13500 loan £200 a month payments
£5500 credit cards

I currently don't have a car either as I cycle to work, but will need one very soon.

Earning what I do and after paying the mortgage etc I have around £300 left to pay off my debts.

I have an ISA of £1000 and a high rate savings account of £6000.

Someone tell me the best way to get on the right track. PLEASE!

**Amy**

Hi

Im no expert (only joined the other day) but the first thing you should think about posting is your SOA (see sticky topic at top of forum re: newbies where to start).

This way you can write down all your outgoings and incomings, and people can make fab suggestions as to how you could save some money.

Im sure someone who knows a bit more will be along soon.

xxx

Jacks_xxx

:wave: Hiya honey!

Well...I'd look at the interest rate you're earning on your savings and compare it to what you're paying on the debts and maybe think about using some of the former to pay off the latter.

If I really really really didn't want to do that then I'd at least transfer all my CC debt onto 0% and low rate life of balance cards.

And I'd post a SOA on here detailing all my income and outgoings to see if anybody could help me increase the amount of money I can throw at my debt so that I can get straight faster.

Welcome to the gang sweetie,

Love Jacks xxx

floss2

Take a look at the newbie's thread at the top of the forum - that will tell you what info you'll need to post your SOA.

welcome :wave:

Floss x