First steps

cassonova58

Hi - This is my first step to accepting I have problems….I’m struggling with spiralling debt, mainly credit cards. I’m not yet at a point where I can’t afford to pay them off, however if I carry on I will be.

I’ve been debt shifting for years, 0% to 0%. Without actually reducing it. My spending habits are bad. However looking through my budget I’m now have very little disposable income, which with a young family is proving difficult, leading to more borrowing.

I’m not really sure where to go to for help, do I try and get a debt consolidation loan - but don’t seem many options….and in-fact would be more than I’m paying now, reducing my disposable income even more…to practically nothing. 

Any advice would be greatly appreciated.

ManyWays

There is an old saying that a bank will only lend you money when you dont need it! When you have a lot of borrowing, consolidation is often very expensive and should be avoided. 

Could you fill in a Statement of Affairs, our preferred format is here https://www.stoozing.com/soa.php. Please include the lender names and make the expenses as realistic as your can, dont try to reduce because you are sure you can or increase them as you would love to spend more, it helps to see what is actually happening at the moment.

sourcrates

You can`t borrow your way out of debt, if your debts are becoming unaffordable, then some kind of debt solution may be necessary, whether that be a debt management plan, or something more more formal, these things are decided by your personal circumstances.

A statement of affairs will tell us more, if you want to click the stoozing link in my signature, fill it in and post on this thread, suggestions can then be made to help you.