Best way to clear debt?

debtfreewife

No judgement please. For the first time in our lives we are renting but have a lot of debt most of it credit cards, we’re talking 60-70k. We started our own business 3 years ago and it’s still taking time, although our projections are solid. How can we consolidate our debt without having an asset to secure against? 

EssexHebridean

debtfreewife said:

No judgement please. For the first time in our lives we are renting but have a lot of debt most of it credit cards, we’re talking 60-70k. We started our own business 3 years ago and it’s still taking time, although our projections are solid. How can we consolidate our debt without having an asset to secure against? 

You almost certainly don't want to consolidate is the first thing - that would be a massive mistake before you've solved the issues that have lead to the debt. Consolidating into a secured loan even if you had a property would be a second almighty mistake. 

First step here is to complete your SOA - Statement of Affairs - and then to use that to create a robust budget to work with going forwards - as you need to know your income, your outgoings, and how the two combine. A budget is always the starting point as that is what informs whether you are living over or within your means. Complete the SOA, do it openly and honestly and reflecting the way things are for your right now, then format for MSE and copy and paste into this thread and we can take a look and make suggestions tailored to your situation. The link to the calculator for the SOA is in my signature below. 

debtfreewife

thank you I will take a look at that now