can anyone help?

nichmcg

i don;t know what on earth i am doing, me &hubby are in about 22k debt, on various cards of various interest, i don't know how to pay it off. we do both work but i am the only one who seems worried about it.

should i look for loan to pay it off then pay the loan or does debt consolidation actually work. at the moment we are just about doing minimum payments.

i just got a job online text chatting am so frustrated this morning after spending 2 hours solid doing it, knowing that i only made a tenner! what's the point!

Broken_hearted

On the whole consolidation loans don't work as you run the debt up again, even more likely as your hubby isn't bother by the debt. You need to work together.
It might help to do a SOA (see sticky) to see if there are any areas you vould make cutbacks on.

SarahNeedle1872

TBH consolidation rarely works..... most of us here have consolidated at some point, then just sspent again.
What you need to do is establish what you spend on, and why.
Checko ut the post for newbies at the toop of the DFW fromt page, and post up an SOA - we will be able to help u see whats going on, and where to cut back etc....
I found it helped that I grabbed all the bank/CC statements I had to get a true picture of where the cash is going

HTH

Sarah x

4littleone

hi,
don't panic! I'm sorry you're feeling so frustrated.
The first thing you should do is post a statement of affairs on this thread. List all income monthly, and then all outgoings including food, household bills, savings for hols,christmas, clothes, eating out etc etc.
Then list your debts, the min payments monthly and the outstanding balance together with apr's.
Then the lovely people on here will have a look and see how you could save money and pay off debt quicker.

I wouldn't advise consolidation, all you are doing is moving the debt around and the temptation once your monthly payments have been reduced is to run up more debt.

ms_london

Hello! Welcome to MSE!!

I think different people have different ways of worrying about things. Perhaps find a time to sit down with him (perhaps once youve done your SOA) and calmly explain the situation you are in, that you are worried, and how you can help each other.

If you post a SOA on here I am sure youll get heaps of advice!

Do you have a good credit rating for a consolidation loan? I am not a fan of them personally, only because I've taken out 2 in the past, and then spent on the credit cards that I was meant to be cutting up. Ooops!!

Your current creditors may be able to freeze or lower interest, its worth asking them or playing them off against the other - or even try and get a 0% credit card to balance transfer.

My credit rating by the time I had the fulll extent of my debt, was appalling and the only way I could be debt free is to manage the creditors separately - all I wanted was a consolidation loan, but so pleased I didnt - plus in the end I ended up playing a lot less interest.

Good luck xx