7.5k debt with SOA

Hi All,

(25 years old)

I guess this is a familiar story, took out one credit card to pay for one small trip, and with the increased limit I've slowly ended up working up a debt of 7.5k, it's becoming a burden and while I know I can afford the repayments, the high interest is concerning.

I've ended up paying for a few trips and I know what I've done is not smart and now is the time to do something about this, before it gets out of control.

Just looking for some advice and a way forward here, I can't access any 0% deals due to one unpaid bill (shared house / other tenants not paying their share) which was recorded against my credit file. (this was while at university)

I know the Aqua card is probably the one I should work on first, I've spoken with them and they can't reduce or freeze the interest. Whereas Barclaycard offered a lower rate of 22%

The overdraft fees are 25p per day taken from my account each month, so no growing balance there of interest.

With the credit cards I will definitely be planning on paying a big chunk over the minimum repayment, as I know that's a cycle which won't end.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1550
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1550

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 425
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 90
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 5
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 180
Holiday................................. 300 (To clarify with this one, this is only until the end of September, and then will be around 0, I have a couple of things booked already)
Emergency fund.......................... 0
Total monthly expenses.................. 1140


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Aqua Credit Card...............4611......106.......35
Barclaycard....................1900......40........22
Student Overdraft .............1000......0.........0
Total unsecured debts..........7511......146.......-


Monthly Budget Summary
Total monthly income.................... 1,550
Expenses (including HP & secured debts). 1,140
Available for debt repayments........... 410
Monthly UNsecured debt repayments....... 146
Amount left after debt repayments....... 264

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,511
Net Assets.............................. -7,511


Reproduced on Moneysavingexpert with permission, using other browser.[/i]

All advice in advance appreciated

Thanks,