Bloody credit card debt

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I basically ran to a fair bit of debt whilst I wasn't earning much. I am now paying it off slowly and wondering if it was a mistake. It allowed me to keep my mortgage going but it's so much interest and the cost of living increases and fuel etc are difficult. I'm also worried that the credit card companies can cancel the arrangement at any point. Is that a real risk?

Whether it was a mistake or not, you have the debt so you need to pay it off.

Transfer to interest free

I have been declined more credit, presumably at limit of credit that is sensible for my income. I realise I need to pay it off, it suddenly seems more daunting in current financial climate.

Credit cards can’t ask for everything back tomorrow is that what you mean by “cancel the arrangement” you can ask for better deal or look around for new cards with zero rate and keep paying off as much as you can.

Do you have space for lodger even short term? If you had sofa bed in living room?

Can you apply for an 0% APR card abs transfer balance over, which credit card company do you have the debt with ?

Please please post this on the moneysavingexpert site where you will get sensible relevant advice on your options.

Mumsnet isn't the place for good advice on this.

You'll need to state the number of cards, interest rates and minimum monthly payments.

If you want to keep the house you will probably need to keep to the DMP but the site will also advise on structuring budgets to help you manage funds. Good luck.

I've applied and been declined. I figure I keep paying another year and apply again. My credit rating is just about "good" but lower than it was before, I assume due to the debt amount. Can't take a lodger but earning a little more so have increased repayments. It's looking like 3 years at best though before cleared. Although maybe I can get a better interest rate in a year or so.

Credit cards can’t ask for everything back tomorrow is that what you mean by “cancel the arrangement” that is what I meant so good to know thanks.

Thank you @Bagpusssays. I will have a look on there.

Can you apply for a loan instead? That's what I did, it was a lot cheaper and meant that it was paid off over 2 years.

It's looking like 3 years at best though before cleared

I know that feels like a long time I had the exact same thought but 2 and a quarter
years into that, mine will be paid off this December I cannot bloody wait.

The time will pass anyway.

Turned down for a loan but again maybe in a year that will be an option.
3 years is with living very frugally but hopefully doable. @FTEngineerM that must feel good! Well done. It does feel like a very long time stretching ahead.

Have a look on Moneysavingexpert.com, they sometimes list credit cards with zero interest on balance transfers for people with less than great credit scores. Otherwise yes, see if you can convert to a loan. The interest rate is bound to be significantly lower than your cc interest.

I have tried all the likely credit cards and loans unfortunately, looking on moneyexpert now though. I don't think there is no an answer other than try again in a year when my credit rating may have improved. But I will keep reading.

3 years is achievable, well done on achieving what you have so far.
Keep in mind that applying for multiple cards/loans in a short period of time also has a negative impact on your credit rating as it implies you are desperate. As you say, focus on paying over & above the MP and always in good time and apply again in 12 months.

Martin Lewis Credit Club is a great free platform where you can track the changes in your credit rating each month, view your credit report and also provides suggestions of likelihood for being accepted for cards & loans. That saves you applying for things you have no chance with and wasting a mark on your credit report. Well worth it. Take time to review your credit report and make any changes requires. For instance, years ago I noticed I was still financially linked to an ex, despite having had zero contact for almost 10 years. I applied to have that link removed and score went up a bit over next few months.

Yes applying for absolutely everything was probably an error! I find myself going over the same calculations every day and checking balances every day. I have set a very tight budget and feel bad for DC that such a huge chunk of their childhood will be spent with little money. But actually if I wasn't thinking about it so much we'd probably be ok.

Something else to bear in mind is that if they put the interest rate up, you can cancel card and carry on paying at the same interest rate. I did that with Barclaycard many years ago.

Don't waste energy wondering if it was a mistake- it's done now, you kept your house which is great and now the debt needs dealing with.

Could you take another job to help pay off the cards sooner? Evening working at a pub? Something like that? Take away deliveries?

Can you contact Stepchange? www.stepchange.org/
They can help you work out a realistic plan to reduce and pay off your debt.

I think Stepchange might be useful - to run the figures past someone else. I don't have capacity to work more. Already work 6 days. It occurred to me that maybe I need to allow longer to get debt free.

I didn't realise I could cancel card and continuing paying @SpiderinaWingMirror. One card did up the interest rate.