Credit Cards

norman2105

Hello, I am new to this and could do with some help. I don't work at the moment as I am a stay at home mum. Both me and my husband are trying to sort our finances out but are finding it really hard. We have two credit cards and I have a bank overdraft of £5000.00. My husband has got alot of late payments on one of his credit cards whick might affect his credit score. Where do we go from herre? The hardest thing is paying of my overdraft. It has a rate of £12% so i quite good but due to alot going out and not alot coming in we sometimes go over the overdraft causing big bank charges. Please can you advise.

Thank you

CannyJock

Have you followed the article on doing a full budget and money make-over on yourself?

That'll start with your outgoings and hopefully help reduce it.

If you've got a 5K overdraft and don't work, and your husband has CC defaults and does work then neither of your credit files will be platinum quality for new cards - you need that to get the best deals.

Have you read the article on how to get a free credit report?

You mention the cards but don't say your balance/limit/APR on these.

Look at your credit report and see your full credit situation, make sure that there's nothing there that you don't know about, other loans, interest free offers etc.

Don't think a new credit card is the answer here, but good luck sorting things out all the same. Look at the Debt Free Wannabee board (DFW) it's got some good advice and support.