Credit card interests

[flyingmama94]

My credit cards are drowning me I have £5k to pay off across 2 credit cards. I pay the minimums off every month and only put necessities on there whilst I have been on mat leave. I just find the interest are swallowing me - I have applied for 0% balance transfer but got rejected. When I start getting paid again I want to get them paid off but I have taken a pay-cut going back to work. I can’t take a second job as paying for childcare and my partner and I work different shifts.
Any useful advice or personal experience what will help. Thank you

Why is the expense of buying food for your family falling on your shoulders?

My partner already pays mortgage, bills, car finance and when I start getting paid again I will contribute much less but where I can help

Immediate advice would be stop using them completely- cut them up. You and your partner need to be looking at your finances as a whole and finding a better way to fund the food shops, can your partner get a 0% card for example?

Once you’re getting paid again, choose one card and focus on that one. Make the minimum payment on the other card but on your prioritised card throw every spare penny you can at getting it paid off.

I would recommend the forum on Martin's Money Saving Expert.

There is a debt free wannabe board with some very knowledgeable people.

They will ask for an SOA (Statement of Affairs) which they can give you a template for. Will help you understand your outgoings and incomings and will be able to help you find a way through.

You need to budget as a household. Your baby is a joint cost so all money coming into the house needs to be used to pay for essentials.

If your DP has savings or spare money he needs to use that for essentials before saving it or spending it on himself. You've both become parents so both need to take the financial hit.

@flyingmama94

1. As a pp said cut up the cards.
2. I also agree you need to budget as a household.

If you and DP work different shifts one way to potentially earn money is in the last 3 months of mat leave when you are on no pay I.e. SMP has been exhausted. You DP looks after the baby on their NWD and you do your KIT days. There are no childcare costs and potentially you not only get paid but, depending on the time of year, you may get a tax rebate. If you put this “extra” money towards the cc bill it will help.