# How to get on top of credit cards?



## daff1 (10 Mar 2011)

Age: 33
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 65000
Annual gross income of spouse: 0
Type of employment: IT

In general 
(a) spending more than earning

Rough estimate of value of home  350000
Amount outstanding on your mortgage: 260000
What interest rate are you paying? 3.25
Other borrowings – car loans/personal loans etc
Personal loan  12000
Do you pay off your full credit card balance each month? no
If not, what is the balance on your credit card? 
7700 & 9000 & 1000
Savings and investments: None
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: 2 & 4 mths
Life insurance: Yes 58 per month

What specific question do you have or what issues are of concern to you? 
Just looking for advice on how best to tackle debt.  Got advice from debt consolidation company but don't know if this is best way to go about it (blacklist on ICB for 5 years etc.)


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## niceoneted (10 Mar 2011)

What is your net take home pay per month?
You will also get childrens allowance.
What is your mortgage payments per month and is this interest only or capital and interest?
What are the minimum payment requirements on the CC's and what are you now paying off them?
What is the payment for the personal loan and term remaining?
What other expenses do you have? Utilities etc.

If you want good advice you need to give the best of information which would include the above.


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## peterwilson (14 Mar 2011)

Almost 18K cc debt.
If you don't mind me asking what habits led to those massive debts?
What were you buying or paying for?


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## 44brendan (14 Mar 2011)

Priority must be given to getting rid of the CC debt. You need to sit down and do a full budget of income and outgoings. Discretionary spending needs to be paired to the bone. Set yourself a budget and stay within it.
Assuming that you are paying P&I on your mortgage approach your lender. Under MARP process you can seek a reduced mortgage payment or interest only. Credit card interest rates are a multiple of what you are paying on your mortgage so it is practical to get rid of htis debt as soon as possible. 
Priority in achieving this is to set a realistic and achievable budget and keep to it.
Good Luck!


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## sunnywalk (19 Apr 2011)

> Under MARP process you can seek a reduced mortgage payment or interest only. Credit card interest rates are a multiple of what you are paying on your mortgage so it is practical to get rid of htis debt as soon as possible.
> Priority in achieving this is to set a realistic and achievable budget and keep to it.



sorry i know this thread is over a month old .. but i have similar cc debt.. ( not quite as high but close) and i anxious to pay it off.. I have a tracker repayment mortgage and I was wondering about getting this to interest only while i cleared CC debt.. just not sure how to go about it.. What is MARP process?

thanks


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## mum2009 (4 May 2011)

Mortgage arrears resolution process - 5 step process AIB have a good booklet on it


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## DrMoriarty (4 May 2011)

Available [broken link removed], but the link seems to be down at the moment. Here's the [broken link removed], and the [broken link removed] from FLAC.


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