Credit Card Debt

G

ger2003

Guest
Hello I need some advice. I owe €8300 on my visa. We are a single income family of 6 and have a tracker mortgage of €180k (25 yrs left). We have no arrears but have tended to pay for things like car tax, clothing and petrol on the visa. I recently had my hours/pay cut and can see trouble ahead paying the vis bill. We have cut out luxuries as much as possible . Any advice greatly appreciated?
 
the 8300 is racking up interest all the time, maybe its costing you 50 a month or so just in monthly interest. you just need to stop using the cc. perform a detailed analysis of your weekly/monthly spend and ruthlessly eliminate unneccessary spending. to tackle the 8300 balance either get a personal loan from eg credit union to pay it off at once or do a balance transfer to a new cc which would have 0% interest for 6 to 9 months, close the old cc and pay off the 8300 balance on the new cc as much as possible during the 0% interest time period. The 0% interest period on balance transfers would give you some breathing space as no interest being charged. you have to be disciplined and pay off any spare cash every month off it.
 
Hi ger2003,

Welcome to AAM.

It might be a good idea for you to post your figures on the Money Makeover Forum using the template provided. You may get some helpful advice to enable you to trim down the c.c. debt.

The top 10 suggestions may be slightly dated but may still be relevant.

Best of luck with your endeavours.
 
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