Feel like Debt getting out of control

Tilly78

Hi my debt is spiralling out of control I’ve sat down and wrote all bills and debts (what I’ve put off for months) kept spending on credit cards now I’ve sat and calculated everything and I seem to be spending more than we are earning credit card bill a month is crazy and can’t afford it. 

got 4 loans some finish in 3yrs, 3 credit cards all maxed out and going to be over the limit 😢 soon I feel it’s getting out of control I tried for consolidated loan but I have no equity in my property 
do I do debt consolidation? To possibly reduce monthly amount? Before things get worse  
I have a car what I need scared if I done this they would take my car away? Any advise would be greatly appreciated thank you 

cymruchris

First off, you're in the right place to begin understanding your current position a bit more, and you're acknowledging that you're struggling. There are plenty of people on the boards with the right experience to help you understand your options and point you in the right direction - but to do so, we need a bit more info than you've provided. You've mentioned that you've sat down and worked it all out - it would be useful if you could transfer that info onto a statement of affairs, so we can see your ins and outs, the credit you have, the APR's that you're paying - and try and give some useful suggestions on what to do next. There's a SOA template here: 

https://www.lemonfool.co.uk/financecalculators/soa.php

Fill it out and post the results below and then you'll hopefully get some useful feedback. It's likely that the journey to getting debt-free will be challenging - but you have to start somewhere - and here is as good a place as any. 

elsien

Debt consolidation is rarely a good option.
there are many people here who have tried the deck consolidation route and just ended up with more debt because of not understanding the reasons why the debt had got so big in the first place.
and turning unsecured debt into secured debt on a property is a bad idea.

You say you’ve gone through and worked out your debts and what you owe, which is a good start. Have you also gone through your budget to try and work out what you are spending where and why - what sort of things are going on the credit card for example?

That’s where the SOA comes in because it gives a really clear picture of incomes outgoings, and the gaps that people can try to suggest help with.
There is always an answer although it may not be an although it may not be an easy one , but you need those figures first.