Where to start

Hi,

Feels like i've had debt most of my adult life.

Currently just worked out I have £14500 in credit card debt. All at 0%

Minimum payments are £317 per month

I don't know if I should just get a loan and pay it off. I know that will incur interest but at some points i'm going to have to juggle the 0% around which will cost in fees

Any advice?

Scary knowing how much I owe

Comments

  • The best place to start is with an SOA (Statement of Affairs). If you complete your SOA then you will have your full financial picture. Once you have an SOA you will be to use it to plan your way out of the current situation. Please format your SOA, by clicking on the format for MSE button, near the bottom of the form. You will then be able to post your SOA in this thread.
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  • Why on earth would you move debt on 0% to a loan charging you interest? Raise the monthly payment if you want to make more progress.

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    Link to soa: https://www.lemonfool.co.uk/financecalculators/soa.php

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  • As said above and to help us get a better idea of where your money is going and for us to suggest savings etc you may want to fill in a statement of affairs http://www.stoozing.com/calculator/soa.php - format for MSE! Would be useful to add in when the 0% period ends too.

    Also you may want to join the MSE Credit Club which you can put your details into to see if you could get a 0% balance transfer. If will only do soft searches so they won't leave a mark on your credit report. https://www.moneysavingexpert.com/creditclub/
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  • lopsyfa
    lopsyfa Posts: 472
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    The best thing is to cut down on everything and pay as much of the debt off while still on 0%. This will allow you to be eligible for further 0% deals when your current deals are about to end (or it may even be possible to pay everything off without balance transfer depending on your budget).

    Post your statement of affairs using http://www.stoozing.com/calculator/soa.php (select format for MSE at the bottom) and the experience posters here will be able to help you identify where you can make some savings.
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