Really need to get a hold of my debt - advice please

jaybee1982

Hi all,

So I brought and moved into a house last year, and at what began at using credit to get household essentials, has now got out of control somewhat.

My salary is currently 40-50k a year (this can depend on overtime etc), and my debt is below;

Barclaycard - £4,500
Virgin - £4,500
Tesco - £7,000

= £16,000

This is way more than I'm comfortable with, and although I'm not stressing about the situation (yet) I do really want to get a hold of my finances.

At the moment the debt is being swapped around the three cards via balance transfers to minimize the interest paid, and I'm wondering is this really the best option?  I'm fortunate enough to have a good credit rating (haven't missed a payment in years), but this is now falling in-line with my increased spending versus availabile credit.

Just really looking for some tips, and what many of you would do in this situation?

[Deleted User]

Post on the DFW boards. You need to tackle the debt, not just move it around. On your income, it's not an unsurmountable problem by any means. 

Disregard your pretend credit rating. Lenders will assess you based on your history and circumstances and lending criteria are tightening. Now is the perfect time to cut your costs and get the debt cleared.  But you also have to get your spending under control.