Credit card debt

Daddy_hulk

My girlfriend has managed to accumulate credit card debt of 12,000 on one card, and 1,500 on another. Both have an interest rate of around 28%. This is in addition to being overdrawn plus having a car loan. She can barely manage minimum payments.

Clearly a balance transfer card isn't going to cut it.

What is the most efficient method of moving and tackling a debt of this size predominately on credit cards?

Thanks in advance

BorisThomson

She needs to maximise income and minimise outgoings. Tell her to post a statement of affairs on the Debt free board and we will help.

Dobbibill

I agree - post a SOA on the DFW baord.

She will also need to address why she has the debt - was it to plug a gap in her income, if so has this stopped or is she still using the cards.

Nebulous2

A balance transfer card would be worth it, even for some of it, if she was able to shift it to 0% and save interest.

Debts are relative to income. It becomes increasingly difficult both to get more and to pay it if debt exceeds 50% of annual income.

Daddy_hulk

What is a statement of affairs?

[Deleted User]

Incomings and outgoings

Daddy_hulk

We have a good plan of attack with regards to cutting back and have already done quite a lot, and her outgoings at the moment don't amount to much (approx half her salary). What we really need advice on is where to move the two credit card balances so that she can hammer them faster and get the most for her money. For a while, all she has been able to pay is the minimum balances.

[Deleted User]

What results have the eligibility checkers thrown up?-

Candyapple

What is your girlfriend's annual salary?

Please list all her credit card limits, along with outstanding balances and names of lenders.

Please list how much she owes in overdrafts and what her limits are.

Please list how much she owes in car finance and how much is left.

Does she have any late payments / defaults / CCJs?

Is she on the electoral roll (does it show on all 3 files?)

Does she have many other 'credit' accounts showing on her files such as bank account / mobile phone etc.?

Have she made any credit applications in the last 12 months?

How was the debt accumulated? Is there any chance of this happening again at a later date?

No_6

I would walk AWAY
as you will be paying her debts for HOW long


daughter did it and cost her thousands