managing finances

[chrissiekins]

As a typical graduate, I am in a bit if a muddle with credit cards, overdraft and general outgoings. I would like to consolidate my debts as I'm sure I'm paying too much interest (as I can only afford minimum monthly repayments, and I can no longer balance transfer due to poor credit). who, if anybody, could I go to for a loan?

[PFA]

STEP 1 - Check your rates.
STEP2 - Allocate more money towards the highest rates.
STEP3 - Check for card / account upgrades that give you a cheaper interest / 0% interest for a nominal fee.
STEP4 - Speak to your bank / creditors to reach a payment plan / agreement / rate freeze or some alternative.
STEP5 - Pay them off. I mean PAY THEM OFF. (Do not postpone credit repayment- it will only get bigger!!!)

PS:- This is only a suggested course of action - because you mentioned that you have poor credit.

[Gevs1966]

You don't need to get a loan and if you do you'll regret it. Cut up all your cards straight away. You don't need them. Leave the overdraft til last as if you are recently graduated this should be interest free.

Firstly you need to sit down and write down your outgoings against your income. Be honest and ruthless and write down exactly what you do spend so you can see what you need to pay out and how long it could take you. Prioritse the things you need to pay off, cards etc. Give yourself a budget of �x.xx per week and stick to it. Everything else goes on paying off your debts.

Sacrifice your social life for a while and actually save money pro-actively by changing small things in your life ie taking sandwiches to work instead of buying lunch, walk to places where you can to stop spending so much on transport/petrol etc. If you have a mobile phone on contract, ring up and negotiate a new deal or switch to pay as you go and keep that within your budget.
Get a second job in the evenings and weekends and put all the money straight against a debt you have.

It will be hard work but much cheaper to you than getting a loan to cover everything off, despite what the tv adverts say and once you get into the routine you will find it gets easier and easier and you will notice that you actually have more money than you thought.

Like most people in your position though I bet you'll take the easy option with one of these debt companies rather than actually have to work at it on your own.