Finance: Too many credit cards

I am paying a huge amount each month is only MINIMUM payments and it's never ending!

Over time I have accumulated a number of credit cards and now each needs a substantial payment each month just to stay clean!

I've tried to get an interest-free transfer but that's getting rejected

SO what can/ should I do for the best?

Comments

    • tony
    • 30 Jan 2024
    • 11:36

    Firstly, credit cards are a very expensive form of medium-long term debt
    and paying only the minimum each month WILL NOT reduce the balance any time soon

    So pay MORE than the minimum if you are able so that the balance - and the interest - reduces more quickly
    OR
    See if you can consolodate your credit cards debts into a more friendly (lower interest)  longer term loan
    AND stop using the credit cards
    AND/OR
    Take the advice of a debt counsellor - there are many and their services are FREE
    They can help you restructure your debt, make a sustainable budget
    and more importantly
    stop worrying

    Good Luck!