Advice

[reeree1805]

Hi ill try to keep it short . In a nut shell i have 3 cards quite high i am managing to pay all my bills food etc and to pay more than the min each month on the cards.
I applied for a loan to pay them off have a little left over n it ment with the loan i could start to save as id be paying out less than what i am now . Anyway iv been refused 😭😭 . I dont know what to do now as my car is due its mot and yes if it needs anythin ill have to use one of the cards . Plus it will be years before i pay it back.
Any advice 🙏💸

Have an emergency fund... say £1000. So pay minimum on everything and build up the emergency fund as quickly as you can. Then if the car does need anything you have some money to pay for it - then rebuild the emergency fund back up to £1000.
At that point start to pay off one of the credit cards, whilst paying minimum of the others. Try to concentrate on one thing at a time.
It will take time... probably several years. The more you work, the less you spend, the more you can put towards the debts the quicker you will pay them off.

See this thread for spreadsheet to help with paying off credit cards. When you are at the point of having emergency fund and starting to pay off one of the credit cards, then paying a bit more than the minimum on the others will help. The spreadsheet shows what happens if you set your own monthly minimum payment to go to those cards.

Thank you for the good advice x