Debt concerns

Town74

Hi really need some advice,   I have credit card debt which I can’t see I’ll every pay off.  Like everyone else the bills go up but income doesn’t.
a couple of the credit card companies have contacted me as I’m classed as in persistent debt.  They suggest options to pay more each month.  But i really can’t pay anymore then the minimum payment.
I watched the Martin Lewis show last week where he mentions to concentrate on paying more on the credit card with the highest apr,  but if I do that that I’m left we no spare cash,  however then I get a letter today from one of my other credit cards to pay more.  So what do you do.  I just give up :-( 

[Deleted User]

You pay the minimum on both and then as much as you can on the one with highest rate. It may leave you with no 'spare cash' but you'll get a heck of a lot richer.

If you're unable to make minimum payments, then you'll need to talk to the lenders re a temporary arrangement or, more likely, defaulting.

But before any of that, get to the DFW boards and complete an SoA.  They'll help you go through your options as a whole.

Town74

thank you zx81,  sorry what is a SoA?  Sorry if I am being stupid 

Ebe_Scrooge

Town74 said:

thank you zx81,  sorry what is a SoA?  Sorry if I am being stupid 

Statement of Affairs.  Basically it's a detailed breakdown of your income and outgoings, which allows you (and others) to see where you may be able to reduce your outgoings in order to pay off your debts faster.  All the info is in the sticky on the DFW board: https://forums.moneysavingexpert.com/discussion/6027800/updated-debt-free-wannabe-sticky-links-to-important-topics-help-and-template-letters-are-here#latest