At Christmas I went a bit crazy and bought loads and loads of presents for my family and friends. 2012 was a very good year for me; I got a great new job, met the man of my dreams and I just felt like spoiling everyone. The problem is that now I’ve got my credit card bill and the minimum repayment is way too much. I felt sick when I saw it and there’s no way I can pay it. What should I do?
Big Spender, by email
Dear Big Spender,
It’s a lesson we all learn and most of us never do it again. If you don’t meet the minimum then you are going to be locked into crippling interest rates. Get yourself to your bank, explain what has happened and ask them for a short-term loan for the total amount. Repayments on that can be scaled down. Then give them your credit card and ask them to cut it up and dispose of it for you.
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