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Credit Card Debt Credit Card Editors Choice Protected Trust Deed 

Borrowing To Live

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.

Credit Card DebtAt this point I had 3 credit cards and my debt was £4000, although I wasn’t at the limit on any of them which led me use them to survive.

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.

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[accordion title=”Story By” load=”hide”]John Reid[/accordion]

Borrowing To Live
2.1 (42.5%) 72 votes

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