I'm not sure where to start.
As of next week I'm about to take a significant cut in pay and I'm not sure how I'm going to afford the payments on my cc and other outgoings.
Brief history
I have an mbna cc which has a balance of approx 6800
Boi cc balance of 4100
Overdraft boi 1850
My mbna cc was over 8000 a little over a year ago. I haven't had a valid card since 2009 and am just paying interest.
In the past 24 mths I've cleared a 7000 credit union loan and 4000 car loan.
I have a house which I bought in 01 with my ex that I haven't lived in since 05 or 06. My ex and I have 2 kids which I pay maintenance for but she pays the mortgage on the house as its her home and it was agreed she'd keep it if she paid the mortgage. It's worth about what's left on the mortgage but I know she has arrears on it.
I've been in debt since our split. Cc balances going nowhere while I got rid of my other debts. 6 years is a long time to remain in debt and it's about to get worse.
The majority of my income is for rent and maintenance keeping me firmly going nowhere. I have no social life as i could never afford it and rarely buy clothes or waste money. I've paid thousands in interest to mbna and boi over the years.
I'm wondering what's the best way to approach the cc debt now that my wage is being reduced?
Be pre emptive and call them or go into arrears and wait for them to call me?
Tia
As of next week I'm about to take a significant cut in pay and I'm not sure how I'm going to afford the payments on my cc and other outgoings.
Brief history
I have an mbna cc which has a balance of approx 6800
Boi cc balance of 4100
Overdraft boi 1850
My mbna cc was over 8000 a little over a year ago. I haven't had a valid card since 2009 and am just paying interest.
In the past 24 mths I've cleared a 7000 credit union loan and 4000 car loan.
I have a house which I bought in 01 with my ex that I haven't lived in since 05 or 06. My ex and I have 2 kids which I pay maintenance for but she pays the mortgage on the house as its her home and it was agreed she'd keep it if she paid the mortgage. It's worth about what's left on the mortgage but I know she has arrears on it.
I've been in debt since our split. Cc balances going nowhere while I got rid of my other debts. 6 years is a long time to remain in debt and it's about to get worse.
The majority of my income is for rent and maintenance keeping me firmly going nowhere. I have no social life as i could never afford it and rarely buy clothes or waste money. I've paid thousands in interest to mbna and boi over the years.
I'm wondering what's the best way to approach the cc debt now that my wage is being reduced?
Be pre emptive and call them or go into arrears and wait for them to call me?
Tia