Hi there,

I am 19 years of age and i am currently in a bit of debt which i am finding hard to shift. The debt is a total of around £2000 pound (I know it may not seem alot but its effecting me extremely).

I currently only have a part time job which is only bringing in around 300 pound a month, i have been looking for jobs for months but there is nothing i can do without qualifications, and i cant go to college as i need the 300 pound regardless.

I have two credit cards and a overdraft. Whenever i get paid i only end up with around 100 pound in my bank as i have to go into my overdraft every month. So today was payday, and i got my 300 pound, which gave me 100 pounds balance (i have a 200 pound overdraft). Then i had to pay over 100 pound in bills (a bit more than usual as i missed payments).

I cant live in my overdraft like i am been forced to do because of my stupidity of getting credit cards as soon as i hit 18.

I was just wondering if anyone knew of any kind of solutions?

Thank you.

I would suggest that you open up a new bank account with no overdraft and get your wages paid into the new one. Then set up a monthly transfer of say £20 to your overdraft and ask the bank to reduce it by that much each month. 10 months later the overdraft is paid off (assuming there is no interest or fees added to the overdraft monthly).

Then use the extra £20 to pay off one of the credit cards on top of your normal monthly bill. This will have a snow ball effect so you will pay it off quicker as time goes by. Once one is paid off then move onto the last one and within a couple of years you will have paid it all back.

Hope this helps

TA

Hi

Can you not get any extra hours with your part-time job? What about a cleaning job either early mornings or evenings? This could earn you an extra £60-£70 per week. If you got one at £65.00 per week over the month that would be and extra £280.00. What about advertising locally for ironing @ £7.50 per hour. You'd be surprised how many people can't iron and would snap your hand off.

Hope this helps.