Credit Card Help

byronwells

Alright guys

I am in need of some help please.. I have just found out that my wife has got 3 credit cards which is killing her finically... Is there any way that we can turn all 3 credit cards into just one?? The only problem is at the moment our credit rating is very bad, she has had one her bank accounts closed due to not paying the overdraft fee..

eskbanker

With all due respect, turning three into one doesn't really help the situation, in that the total size of the debt would remain the same - chances are it's academic anyway if needing a sufficiently clean credit history to get a fourth card that would allow her to double her available credit.

Although an interim step might be to post more details of her cards, balances, limits and interest rates on here, it would probably be more constructive for her to post a statement of affairs on the debt-free wannabe board, where she'll get advice on how best to deal with a serious debt problem.

Ultimately there are only really four options though:

1. Refinance debt to make it more affordable (which can include negotiating with creditors)
2. Earn more
3. Spend less
4. The nuclear option of bankruptcy or similar....

Ben8282

If by turning her 3 credit cards into 1 you mean transferring the balances to a 0% card, in view of what you have implied about your financial situation that is likely to be difficult if not impossible. Simply consolidating the debt onto one card would probably no reduce the minimum payments unless it was at 0%.

byronwells

Ben8282 wrote: »

If by turning her 3 credit cards into 1 you mean transferring the balances to a 0% card, in view of what you have implied about your financial situation that is likely to be difficult if not impossible. Simply consolidating the debt onto one card would probably no reduce the minimum payments unless it was at 0%.

Yeah I was hoping to transfer them to an O% Credit card rating so we could get on top of things.

[Deleted User]

You say your credit rating is very bad. What do you mean by that?

What is the situation for each of your in terms of your files? And are you financially associated?

born_again

Do not take a card in YOUR name and take on the debt.... While it will maybe help in the short term. It means the debt is YOURS and from the tone of your post, you have only just found out that your wife is a runaway spender.
So it is possible that she would do the same again.

MalMonroe

sounds like a bit of a financial disaster. If it were just the credit cards I'd advise asking the companies if they would lower the interest rates for a short period so you, or your wife, can catch up with the debts but the fact that she has had 'one of her bank accounts' closed because of not paying the overdraft fee is very worrying. How many accounts does she actually have? And how many overdrafts?? There seem to be a lot of owings here. My best advice, and it'd have to be your wife doing it, would be to contact one of the free to use debt advice agencies that Martin always recommends. I have used one in the past, StepChange, and they were so good. I felt very embarrassed that I found myself in a financial mess but they did not judge, and their advice was priceless. Please consider it. Obviously there's a lot going on with you that we're not privy to and that's right, we shouldn't know all your business. But you need some professional advice and you can get it, free. Do contact one of those agencies, you won't regret it.