Admitting there is a problem

Big_curly

Hi guys
I'm in £18000 ish debt to four credit cards and a loan. All the cards were on o% to start with. Now they are about to change over to the high rate. Even paying the minimum amounts is becoming a struggle. I'm committed to becoming debt free how ever long it takes. I hope you guys can give me some advice.

Willing2Learn

Hi and welcome to the forum

Three questions:

1. What is the balance of each card?
2. When does the 0% promotional window end for each card?
3. What will the standard APR be for each card, when the promotion ends?

Edit: Just re-read your post and have now understood that you will be struggling to stick to the terms of your credit agreements once the APRs increase. Please re-post your question in the main Debt-Free Wannabe board. Please complete your Statement of Affairs (SOA) and post it up (copy/paste), so that we have the full picture of your current financial circumstances. Thanks

Big_curly

Hi
Halifax £3856.59 Nov 19 19%
Sainsburys £2402 Jan 21 18%
Barclays £2792.88 mar 20 23%
Mbna £4103.65 now 18%
Plus HSBC loan £4100 23 months left.

Willing2Learn

Please see my edit on my last post. You have posted in the wrong section of the forum. Re-post your question in the main DFW board (linked in my last post) and include your SOA.


I assume you have explored the possibility of new Balance Transfer cards with eligibility checkers?

Big_curly

Wrong place sorry. Il move it.

enthusiasticsaver

I have moved this for you.

enthusiasticsaver

An soa is a good start so you can see how possible it will be to continue repaying the debts as the 0% deals expire. I would focus on the MBNA for now as you are being charged 18% on that. Pay minimums on the rest.

The main thing is stop spending on them, cut back as much as possible and pay as much as possible to the most expensive.

Do not take out any consolidation loans.

Remove the cards from your purse and just use cash or a debit card. Set a budget and keep to it.