bad credit cant shift balance help!!!!!

jpaine

hi wondering if theres any advise going free. my husband has had a credit card for about 7 years the balance has been at 1500 for most of that time. we pay about 50 a month but not getting very far as have alot of other outgoings . we have tryed to get a new card and do a balance transfer but his credit history is so bad they wont even go there. we cant get a loan either so i feel like were stuck in the same rut and the balance is going nowwhere. does anyone have any advise.

CLAPTON

If he has been paying 50 per month for 7 years then he has paid 4,200 back.

I would suggest he reviews his spending and sees where he can cut down and start making a serious impact on the balance. A little bit of pain now could prevent him paying another 4,200 over the next 7 years.
Or alternatively maybe he could get a part time job to increase his income and use this to clear this debt faster.

I'm afraid low or 0% interest rate cards are usually only given to people with good credit records.

jpaine

thanks but a part time job is out the question. ive never worked it out before but that amount of payback is mad. i think the only way to do it is to temoraraly cut back payments on other stuff. grrrr

jpaine

on other stuff not the card.

GeorgeUK

Check out the snowball calculator here to see how long paying it back should take.

http://www.whatsthecost.com/snowball.aspx

mum2one

Alo post a SOA (statement of affairs( incomings and outgoings, ) I did that and got al ot of help, may be worth doing that

Well done for looking at ways of getting it sorted. x