Please help, i'm stuck in debt

scooby1607

I got into debt 3 years ago, getting credit cards to pay off other cards, but then more things came up, christmas and birthdays etc..... so i needed to spend on my credit cards....minimum payments went up and up and i just couldn't afford to keep paying them every month... I am a student nurse at the moment due to graduate in 2006, I am seconded so i get paid a bit of a wage every month. In 2003 I had to get help with my debts, so i contacted payplan, they sorted out my cards and debt so that I pay £208 every month to them and they spread it out to each of my debts under an agreement, I finish paying this in sept 2006. But I have now got a debt of £3671 on a credit card again and the minimum payment is £73, I applied for a virgin credit card that has a 0% on balance transfers but they were unable to approve my apllication probably because they see me as a risk! I don't think that I can cope and survive keep paying this monthly repayment of £73. I wanted to keep a credit card because I know that they are essential for certain things. HELP please if you can, because I can't see a way out

Smiley_Mum

I mentioned CAB and The National Debtline in my PM so they would be able to help you. I'm no expert but if you draw up a detailed list of all your income/outgoings etc (See Martin's budget Planner at the top of the page). Also, on a daily basis keep a detailed note of everything that you spend so you are able to see exactly where your money is going. I'm sure there will be others along to give further help. HTH a little bit anyway. Welcome to the site and I'm sure things will get better for you. Good Luck.

debtbuster2K5

scooby1607 wrote:

But I have now got a debt of £3671 on a credit card again and the minimum payment is £73,

Hi,
Without being too harsh, you are clearly living beyond your means and do not budget for all the essentials in life.

A good start would be to make a realistic budget. Make sure you include such things as Car Tax, MOT(Divide the annual cost by 12 and put this away monthly) , Haircut etc etc. Then you HAVE to stick to it.

Credit cards are essential for some things, but until you deal with the problems of continual spending without a proper budget, this WILL happen to you again.

As I said, this sounds harsh, but it is meant in good faith.

Good luck and keep posting

Regards