Credit card

flyingmama

My credit cards are drowning me I have £5k to pay off across 2 credit cards. I pay the minimums off every month and only put necessities on there whilst I have been on mat leave. I just find the interest are swallowing me - I have applied for 0% balance transfer but got rejected. When I start getting paid again I want to get them paid off but I have taken a pay-cut going back to work. I can’t take a second job as paying for childcare will be another outgoing and my partner and I work different shifts. I annoyingly don’t get paid the same every month I have a salary and then get different allowances. My partner already pays for mortgage, bills, car finance. My credit score is decreasing 

Any useful advice or personal experience what will help. Thank you

MyRealNameToo

Go over to the debt free wannabe sub-forum and post a statement of affairs and they'll advise where you can cut costs to allow you to pay off more from the CC. 

By paying the minimum payment only you are barely touching the capital and the vast majority of your payment is paying interest alone. Even a modest increase in repayment will go 100% to repaying the debt which means less interest next month and if you keep up the higher repayments instead of going down inline with the minimum payment even more is going towards the debt repayment. 

Mark_d

I think you need should talk with your partner and essentially see the finances as combined.  I don't think would should be in the situation, even for a short period, where you're spending more than you're earning and therefore getting in to debt.

When my partner has been out of work, my partner has had to go without buying luxuries but I would pay 100% for everything else.

itsthelittlethings

Definitely do an SOA on the debt free wannabe boards. If you don’t want to do an SOA do a general post there for advice. There are a lot of very knowledgeable people there. It sounds like a tough time for you but in the grand scheme of things 5k is manageable. Just wanted to send you good wishes.

gwynlas

You have started the ball rolling by coming on here for advice.

I would  suggest that you think seriously about the up coming festivities and let everyone know that you are cutting back this year.