Debt Help Question?

Indiejim91

Hi all.

I have around £1000 (I know it’s not a lot to some people but is to me.) of debt with various store cards. Each month I only just manage the minimum payment. Then throughout the month the interest goes up and I don’t really see any movement on the total going down. 

What would be the best course of action for this? I’m thinking a credit card of some type with low interest to pay off the store cards and then just pay the new card off?


thanks for any help. 

TheAble

Cut back to the fullest on all other expenditure and get it paid off asap.

enthusiasticsaver

Debt problems are rarely solved by more borrowing.  You have to pay more than minimum to get anywhere with the store cards.  Can you get any 0% cards?  If you can get a money transfer card then you could use that to clear it but you must then close the cards down as otherwise you are likely to make the situation worse.  The ideal way of getting rid of it is to cut back.  What is your income? 

John_

Indiejim91 said:

Hi all.
I have around £1000 (I know it’s not a lot to some people but is to me.) of debt with various store cards. Each month I only just manage the minimum payment. Then throughout the month the interest goes up and I don’t really see any movement on the total going down. 

What would be the best course of action for this? I’m thinking a credit card of some type with low interest to pay off the store cards and then just pay the new card off?
thanks for any help. 

The best course of action would be to cut your outgoings, increase your income, and pay it down as quickly as possible.
Have you anything that you can sell, to out towards it; do you drink alcohol, smoke, or eat out,,or have takeaway meals? These are all things that you can cut back or stop for a few months until you get it cleared.