I want to clear my debt!

7 Posts
Hello all,
I need some good advice here! I'm almost 37 and still completely useless with my money, i have lived a life of mainly borrowing here and there, i.e credit cards, loans car finance etc. I have a decent job and an ok income, 2 two kids of which we pay child care for and living in a rented house. I have a loan in the in laws name of 15k which i pay £247 monthly, 4 credit cards totalling 4.5k amongst the usual rent and bills etc. My wages are barely stretching to the end of the month at the moment and using the cc to pay for every day things. My credit report says i have an excellent credit score although i have defaulted in the past, so i cant borrow any more because of this. I'm after any advice/ideas how to go about getting this debt down.
Thanks in advance
Tony
I need some good advice here! I'm almost 37 and still completely useless with my money, i have lived a life of mainly borrowing here and there, i.e credit cards, loans car finance etc. I have a decent job and an ok income, 2 two kids of which we pay child care for and living in a rented house. I have a loan in the in laws name of 15k which i pay £247 monthly, 4 credit cards totalling 4.5k amongst the usual rent and bills etc. My wages are barely stretching to the end of the month at the moment and using the cc to pay for every day things. My credit report says i have an excellent credit score although i have defaulted in the past, so i cant borrow any more because of this. I'm after any advice/ideas how to go about getting this debt down.
Thanks in advance
Tony
0
This discussion has been closed.
Latest MSE News and Guides
Replies
Georgia c - sounds like you ALSO need to get your SOA completed and then start your own thread here to post it in. Also - I'd strongly advise you against consolidation at least until such point that you have your spending under control and you're not using credit any more. At this point if you consolidate all that will happen is that you'll continue to use the cards and will build up and even bigger debt - then in a couple of years time you'll be back with a hefty consolidation loan and the same amount again on cards.
For any other newbies - consolidation rarely works at least at the first attempt as it doesn't solve the problem - ie deal with the overspending that is causing the debt - it simply hides the debt that has accumulated from view. This is the reason why we generally advise against it.
Please don't do this.
The reason I say that is that people who consolidated debt very very rarely learn their lessons and are tempted by their now cleared cards to overspend again, ending up with debt on a credit card and loan.
What you need to do is post your incomings and all your outgoings and then people can make suggestions as to where savings can be made so you can throw that money at the debt.
Best of luck!
Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money: