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Please HELP! I need advice for credit card debt!
amdurnin26
Posts: 2 Newbie
Please HELP!
I am very good with my finances. I always know how much I have in the bank. I'm a good saver. And my credit cards always get paid off in full, and on time.
My friend however - different story! I thought I could help him, but I am totally stuck!
To give you a bit of background, his monthly income is roughly £1000.
However, he has £670 worth of outgoings each month.
This includes a Halifax loan he is paying off (£168.20 for 84 months from July 2003), and a HSBC loan he is paying off (£334.60 for 60 months from June 2005).
In addition though, he has a couple of credit cards whereby the interest payments are getting very high indeed.
There is a Capital One card with a current balance of £1859.47.
There is a Mint card with a current balance of £900.00 (estimate).
And there is a Vanquis card with a current balance of £425.80.
With the Capital One card for example, he'll pay £70 off when he gets paid, but they add £50 worth of interest! So only £20 is being knocked off the balance!
CAN YOU HELP???
What should he do???
Thank you.
I am very good with my finances. I always know how much I have in the bank. I'm a good saver. And my credit cards always get paid off in full, and on time.
My friend however - different story! I thought I could help him, but I am totally stuck!
To give you a bit of background, his monthly income is roughly £1000.
However, he has £670 worth of outgoings each month.
This includes a Halifax loan he is paying off (£168.20 for 84 months from July 2003), and a HSBC loan he is paying off (£334.60 for 60 months from June 2005).
In addition though, he has a couple of credit cards whereby the interest payments are getting very high indeed.
There is a Capital One card with a current balance of £1859.47.
There is a Mint card with a current balance of £900.00 (estimate).
And there is a Vanquis card with a current balance of £425.80.
With the Capital One card for example, he'll pay £70 off when he gets paid, but they add £50 worth of interest! So only £20 is being knocked off the balance!
CAN YOU HELP???
What should he do???
Thank you.
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