Large credit card debts

[aibutohavethisusername]

I’m struggling with £10,000 of credit card debts over 3 cards. I’m well within the card limits but it is overwhelming me daily.
I suffer with my MH too.
just not sure even where to begin with getting them to a manageable level,

There is an app called Debt Payoff Planner (light blue background with a white bird) the free version is great you can put all your debts on there with details of each card APR, 0% end date and then you enter each time you make a payment and it produces graphs which are motivating. It will also calculate which is the best one to payoff first, when that end date will be etc

What’s more detrimental to your health - being in debt or working more? How many hours do you do in your first job?

I work 29 hours a week, on average, I can’t work full time. I’ve tried but been sectioned or had burnout before now.

Sorry to hear of your troubles. What sort of job do you do? Just wondering if a change is as good as a rest. Eg if you spend all day with people would 5 hours a week in a warehouse be ok? It would really make a difference to your debt.

I work in retail.

I think if working more hours/higher paid is not an option, you have to cut back a lot. £400/ month (can you get this up any more?) should clear the debts in about 2 years. Then, you'll have more free money each month x

I think you have already made headway with the new 0% deal you secured, nice one! Others have also given you sage counsel. Please get all balances onto 0% deals of at least 18 months.

If you have an excellent unblemished credit rating, you should have no problem getting a new balance transfer rate. I've had higher balances than you for many years in the past, but I've never paid any interest, just the initial balance transfer fee if I have had to switch to another provider.

£400 per month on a £10,000 debt is not too bad, it's 4%. They key is not adding any more takeaways or holidays to the balance. £400 per month, with no interested increasing your balances would clear the whole debt off in just 25 months. If you cut your takaways in half and missed a holiday for one year, using all saved money to pay off the balance, you would probably clear it off in 18 months, possibly less, with a great weighs off your shoulders. Or, at the very least loads of spare credit limit to eat takeaways and go on a banging holiday!!! (Joke).

If you take steps to close any unused cards, then after 6 months of not having an account with them you will qualify for a new customer balance transfer deal. Also, log into some of your emply cards as they may offer balance transfer or cash advance rates at 0% interest for 'x' amount of months. I keep a few cards empty that always offer regular balance transfer deals, which is very handy when needed.

I think your key here is to cut down on expenditure for a period of time, make takeaways a rarer treat or pay from your bank account only. Definately ensure you get everything onto 0%. If you have any credit card that charges interest and you only ever pay the minimum, the card will never ever be paid off. Once upon a time, we went through the same situation. We cut out takeaways for at least 6 months and every time we fancied one, we withstood the urge and cooked at home, but more importantly, we would send an extra payment to a credit card for the value of the takeaway. This really accellerated how quickly balances cleared.

Good luck OP!

Also make sure you are tackling the overspending. Presumably the holiday is part of the 10k.

Why the takeaways rather than home cooking and packed lunches? Is it the cooking, or the planning, or do you buy takeaways as a treat? Getting on top of that will make a difference (and good food may help your overall health too).