My situation isn't quite as serious as others I know but I could really do with advice on how best to get rid of the debt that I have.
I have two credit cards, one has 2.5 k on it, the other 4k. I was studying and wasn't working over a period of 6 months this year and managed to kill off the other credit card that had 1k on it, but I had a loan from credit union taken out over 12 months ago of 6k which was to cover an old cc and holiday and some miscellaneous. I have cleared this 6k just now as repayments were 400 pm and I lived very frugally during past year. I have 1000 in savings there at the mo and my last payment on this loan goes out next week.
I earn c. 500 per week after tax. Rent is 425 per calendar month. I have those two credit cards, total debt on them is 6.5k.
My car broke down, was old and beyond repair, and I am now looking to buy one at 4.5k mark.
So technically I need 6.5k to clear credit cards once and for all, and then I need 4.5k to cover car. I will not be changing car for at least three years so that is why I am spending 4.5k on it and not a 2k one.
So... I had been working a bit while studying but only on Sundays and started the full time job I am in now in October, so I am just nearly two months working there. I haven't seen much of the money, it has all been going toward debts and bills and I am happy in one way they are just 6.5k now but I want to consolidate all of this debt and cut up the credit cards. I have learned my lesson!
So what can I do re. loans to consolidate the existing? I am just working two months and I'm thinking the banks and even credit union won't think that's good enough.
What do ye reckon?
What's my best way out?
I want to get the car in January and it is a necessity at this stage as I will no longer have lifts to work,etc. by this time.
Thanks for any any advice.
I have two credit cards, one has 2.5 k on it, the other 4k. I was studying and wasn't working over a period of 6 months this year and managed to kill off the other credit card that had 1k on it, but I had a loan from credit union taken out over 12 months ago of 6k which was to cover an old cc and holiday and some miscellaneous. I have cleared this 6k just now as repayments were 400 pm and I lived very frugally during past year. I have 1000 in savings there at the mo and my last payment on this loan goes out next week.
I earn c. 500 per week after tax. Rent is 425 per calendar month. I have those two credit cards, total debt on them is 6.5k.
My car broke down, was old and beyond repair, and I am now looking to buy one at 4.5k mark.
So technically I need 6.5k to clear credit cards once and for all, and then I need 4.5k to cover car. I will not be changing car for at least three years so that is why I am spending 4.5k on it and not a 2k one.
So... I had been working a bit while studying but only on Sundays and started the full time job I am in now in October, so I am just nearly two months working there. I haven't seen much of the money, it has all been going toward debts and bills and I am happy in one way they are just 6.5k now but I want to consolidate all of this debt and cut up the credit cards. I have learned my lesson!
So what can I do re. loans to consolidate the existing? I am just working two months and I'm thinking the banks and even credit union won't think that's good enough.
What do ye reckon?
What's my best way out?
I want to get the car in January and it is a necessity at this stage as I will no longer have lifts to work,etc. by this time.
Thanks for any any advice.