48k credit card debt

mbz1984

Thanks for posting guys, really interesting stuff.
My personal position is I have 48k credit card debt after years of struggling with a gambling issue. I've now got a handle on this although always vigilant but I'm wondering if there is a better way to handle the debt legacy.

The basics are I have 48k credit card debt and earn 3100 net per month.
All 0% interest deals are finished and I'm currently paying £1850 per month onto the cards , £850 of this is interest. I'm therefore clearing some of the debt but wondered if it was worth contacting the card providers to negotiate anything better?

Anyone any experience of this or other ideas gratefully received.

Yours in support

mb

EssexHebridean

It would have been better to have posted this in the main DFW board I think - hopefully a board guide can relocate it for you though.

I'd suggest that your first port of call is to put together your SOA - statement of affairs (The link to the calculator we suggest is in my signature) - this needs to be open, and honest, and reflect the way things are for you right now, not what you think you should be spending. Once done, post it into here and we can take a look. it might be that there are areas you can make savings which you'd not thought about.

Have you used the MSE credit club to establish whether you can get any new 0% deals which might help to lower the burden of the interest payments? Even getting a few bits back onto 0% would make quite a difference to you.

Pleased to hear that your gambling addiction is now under control - well done and yes, wise to stay vigilant.