Debt is a problem that we all tend to get into in this day and age. I'm not a great fan of debt, but it is an easy thing to get into, even when you are moderating your spending. In my case, I had to finance a move from the USA back to the UK. The cost should have gone onto my UK credit card, but it went onto the USA one instead. This then made the logistics of paying back the debt a real case of juggling finances.
My debt is very low, yet with a low paying job - i.e. I am stating up my own business - the principal is not being reduced.
Well, the principal needs to be paid off. Paying the minimum each month only prolongs the time of total repayment. Check all of the out-goings on the debt as you may find items that are more than you thought or you were not aware of. Do not wait to find out what these things are.
It turns out that I was able to request to hear the recording of the call where I supposedly signed up. I have been advised by a friend who works in a similar industry that even though these recordings are tamper-proof, it is possible for the operator to sign you up for something without your permission and then "loose" the recording. It is my bet that I will be told the recording is missing.
When seeking compensation in a case like this, it is in your best interest to demand only that you are returned to the financial position you would have been in, if the mistake had not been made. By being resonable, the liable party may well pay a token compensation.
So, what options do you have repaying your debt when it is across multiple credit cards? Well, your final gambit, in the USA but definately NOT the UK, is to declare bankruptcy. This should be thought of as a one time "get out of jail free" card and you should only play this card when you have started coming out of debt. In other words, do not apply for bankruptcy if you still have no means to reduce your debt. When you have a job, when you have started to have money in your pocket after paying your debts AND if the debt is so large that you feel you will not be able to repay it, THEN consider banckruptcy.
A consolidated debt may well have a low monthly repayment, but the length of the repayment may be twenty five years or more and the total amount to be repayed may be an excessive amount.
Be quite clear if your consolidated debt is SECURED or UNSECURED, what the monthly repayments are, how many YEARS it will take to repay the debt and what the FINAL REPAYMENT amount will be. Do not be frightened to shop around for the best rates and terms.
With these facts in your hand, you will find you are in a better position to make an informed choice to get yourself out of debt.
Suggesting places to look for debt consolidation can be a contentious and risky business, however, you have got to start somewhere and I take no responsibility for the content of external websites. With that said, in the UK, you might try :
Abacus offers UK Debt Advice, Consolidation loans & Management programmes.
IMPORTANT NOTICE : I AM NOT A FINANCIAL ADVISOR, I CANNOT BE HELD RESPONSIBLE FOR THIS ADVICE. THIS INFORMATION IS WHAT I HAVE LEARNED WHILST GETTING MYSELF OUT OF DEBT. PLEASE USE THIS ARTICLE AS A REFERENCE ONLY. I DO NOT ADVOCATE ANY PARTICLUAR MEANS OF DEBT RELIEF AND CANNOT ADVISE YOU. YOU NEED TO INVESTIAGE TO FIND OUT WHAT IS RIGHT FOR YOU. With that, good luck getting out of debt.