Credit card help (newbie)

twoleftfeet · 17 December 2009 at 9:51AM

:embarasse I think this is where I need to post,this is my story.

I have run up credit card debts of £20,000 due to leaving the family home a few years ago,I am now back home but struggling to repay the cards.

I have my own house and I have a 50% share in a good business but cant remortgagae the house as I did this to get the loan to buy the business!

Every month is a struggle to pay the cards and I know what sleepless nights are.
I always pay my mortgage and other household expenses but the credit cards are a real struggle,I just seem to be paying interest and I cant seem to make a dent in them.

I dont use the cards anymore but I need some advice on what I can do to get rid of the debt.

Any advice would be really appreciated to help me get things back on track financially.

Thanks.

GeorgeUK · 17 December 2009 at 10:21AM

The firs thing that would help is if you could post up a statement of affairs. Format for MSE and we'll see if there are any arteas in your expenditure where you can save money.
http://www.makesenseofcards.com/soacalc.html

You may be able to get a new credit card offering a 0% promotion. This will allow you to transfer some high interest debt to 0% and if you can clear one of your existing cards, you may be able to get another transfer offer as an existing customer - this would usually not require a credit check.

Lookingtothefuture · 17 December 2009 at 11:08AM

twoleftfeet wrote: »

:embarasse I think this is where I need to post,this is my story.

I have run up credit card debts of £20,000 due to leaving the family home a few years ago,I am now back home but struggling to repay the cards.

I have my own house and I have a 50% share in a good business but cant remortgagae the house as I did this to get the loan to buy the business!

Every month is a struggle to pay the cards and I know what sleepless nights are.
I always pay my mortgage and other household expenses but the credit cards are a real struggle,I just seem to be paying interest and I cant seem to make a dent in them.

I dont use the cards anymore but I need some advice on what I can do to get rid of the debt.

Any advice would be really appreciated to help me get things back on track financially.

Thanks.

Hello Twoleftfeet,

Firstly dont panic my lovely... you have done the right thing by coming here and asking for help. There are so many lovely, lovely, helpful people here who can help. I too am a newbie to posting however I have been lurking around these forums since May when I found out that I was pregnant and needed to take responsibility for my actions.

The first thing I would suggest is sitting down with a nice cuppa :coffee:and doing is SOA (statement of affairs, which is basically a run down of your income and outgoings per calender month) so that we can see if you can cut back in any areas at all, even if it is by just a few pennies (always count the pennies and the pounds will keep themselves;))

Secondly post on here where your debts are, you say Credit cards, so how much on each card, what the credit limit is and how much the APR is too. This is a pain in the bum I know but could help.

Take these first two steps, I'll subscribe to your post and see if I can help.

Also may I ask, you say that you own your own house but are back at home??? I am a little confused does this mean that you have been working away or that you have a house and have moved back in with your parents?

As I say please try not to panic. Sleepless nights are not going to resolve this situation, you are now taking positive steps to taking back control.

Big Hugs :grouphug:

Credit card help (newbie)

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