Looking for some general advice with regards to clearing my debt.
I am 29 years old and have been in debt since I was 18 (since uni days).
Ever since, I have always paid and still continue to pay the minimum payment toward my credit cards each month and have rarely defaulted on payments but all my cards are maxed out and I am just scraping the barrel each month to keep up with these payments and my rent etc.
I have checked my credit rating and its poor due to the amount of debt I have although I have not had any serious issues regarding my credit rating as I have always paid every month without fail (however I may have defaulted a handful of times through forgetfulness for example)
1: - 6000
2: - 6000
3: - 3000
4: - 500
5: - 675
6: - o/d - 1650
TOTAL - £17825
my minimum payments are currently totalling roughly £400 every month.
My Rent is £675 a month so with this, my credit card debt and other living expenses (petrol, council tax, etc etc) I am left with little disposable expenditure every month and as a result often find myself having to use my cards that I have just paid off to get petrol, food etc - jus cant seem to make a dent in clearing the amount owed #viciouscycle
I appreciate my circumstances maybe quite typical for an average man of my age but I am tired of continuing to just pay the minimum payment as I have been doing this for as long as I have been in debt and I now just want to get out of this.
The only solution I can think of is getting a loan to consolidate my debt and I have tried to apply for unsecured loans (I am a private tenant in full time work) but have been declined each time.
What can I do to help start clearing this off without damaging my credit rating any further.
Is it worth speaking with my bank? Would they help? Or what about these debt management companies I have heard about... is it worth enquiring about what they can do for me?
Thanks for any advice in advance.