Credit card debt

Emmia

bargainhunter121 said:

Is he better going for a loan to pay them off? Only asking because he's only got a choice of 2 x 0% cards now. Werehopin gin June the childcare will no longer be required so to use that money to help pay off the debt. Would he be likely to have the option of further 0% cards after the 5/6 months are up? (We're still awaiting to hear if he's been approved for the 0% card). Also can he apply for 2 x 0% balance transfer cards at the same time? 

No, unless you completely close all cards once they're paid off (and don't reopen new ones) this strategy can lead to your debts doubling.

TheAble

As the others have said I'd stop wondering about how to shift the debt and ponder more on how it's been accrued. Suggest your husband's low income is probably the cause? He might like to focus on how to give that a boost.

bargainhunter121

My husband earns 2300, I earn 1145. He's been spending it on coffees and deliveries mostly although some of it was paying the car finance off (he told me he had the savings so we split what was left on it but he used card to pay this and I didn't know). I do my best to keep our outgoings low but there's only so much I can do. I'm not willing to use my cash to help him out with this and I'm scared of the house becoming involved. I don't want us to lose our home over this. Most of the equity in the home would be me as well as I had my own house before and sold to buy our home together now. I will lose the most here. Should he focus on paying off the mand s card first and trying to close it down somehow? To reduce it to 2 cards at least then? He has aspergers and has never managed money great but I honestly didn't think not was to this extent. Our bank accounts are separate thankfully. I just want to protect myself and my kids as best I can here, whilst trying to help him too.

bargainhunter121

Also I've spoke to him about doing overtime at work, which he's willing to do but it would currently effect our universal credit and the help we get with the childcare costs. 

Emmia

Does he have anything that could be sold to assist with the repayments?

Otherwise don't let him add the debt to the mortgage, don't open cards in your name (thereby taking on the debt).

I'd definitely make sure he feels in control of this process, as it's him who needs to make the changes. i.e. stopping/reducing latte's out and the "deliveries".

bargainhunter121

Also the last time he applied for a credit card was 1.5 years ago but still he has very few options. 

bargainhunter121

I know Emmia, I thought this too, but he hasn't got that many possessions. He's gonna sell a retro games console and a laptop, might sell his current phone and use an older one. 

Emmia

bargainhunter121 said:

I know Emmia, I thought this too, but he hasn't got that many possessions. He's gonna sell a retro games console and a laptop, might sell his current phone and use an older one. 

So what was being delivered?

bargainhunter121

Fast food, coffees etc. That's all it seems. It's nuts.

MEM62

bargainhunter121 said:

Is he better going for a loan to pay them off? 

There is no need for a loan.  There's well over £1,000 left in the household pot after bills are paid.  Throw that at the debt and you'll have it cleared in around a year. 

You guys are not in too bad a position when it comes to attacking this debt.