I found myself in around £15,000 of debt and every penny I earned just paid interest on my credit cards, forcing me to start borrowing to live each month.
It began almost as soon as I turned 18 when I received a pre-approved credit card application through the door within days of my birthday.
Even though I completed the application and got the credit card through the door as was promised, I never used it straight away. I waited 3 months and only used it to buy some Christmas presents which I knew I could repay at the end of the month.
I did manage to make repayments on time each month and didn’t struggle until I was made unemployed without notice and suddenly has no income.
I thought I would only be unemployed for a short period of time and would be able to repay the credit cards once I got back into work. If I knew I would be unemployed for 1 year it would have made me re considered using the cards to survive.
By the time I got back into work my debt on credit cards increase to £15,000 and i also owed family and friends large sums of money.
How I Solved My Credit Card Debt
My friend told me he entered a protected trust deed when he had debt problems so I called a debt advice company. The debt adviser agreed the trust deed would solve my debt problems and i was suitable to enter it.
However I wasn’t able to included friends or family as a debt because there was no formal agreement, however I just came to another arrangement with them.
I am currently still in my protected trust deed and I’ll be debt free in at least 2 years, I’ll not be looking to take out any more credit cards in the future.
[accordion title=”Story By” load=”hide”]John Reid[/accordion]