pinzo

Cut up the credit card(s) and learn to budget.

Can your parents or brother help you out of the debt?

livermanl

Do you live at home? If not could you?

You are not in bad debt yet but obviously it would be a whole lot easier on your situation if you could pay it off as quick as possible! As someone has mentioned have you called the banks to tell them that you are struggling to make payments. There is also the option of bankruptcy (I wouldn't really recommend this unless you are in total peril).

What part of Canada do you live in?

If you are looking to move to England then you have every right to try but I would advise that you dont move to run away from money.

Before you make the move make sure you can afford to send money back to cover anything that you would otherwise pay back or you could be in serious trouble...Talk to the banks you owe money to and explain to them you are making the move and ask for a few months grace period so you can establish yourself.

ann m

Don't run away just because of money. Things would be no different in the UK and "you" would still be there ! Without parents and a brother for support.

$30k is really not a huge amount of money - not really, in the grand scheme of things - and is not an insurmountable sum to sort out. It might take a year or three - but why run off to the UK, presumably broke, only to get into the same cycle again.

I wish you well - a long deep breath is required, and a clear head. And then maybe a long chat to family too, to see what guidance they can offer, starting with an option to consolidate the debt into one payment at a lower rate of interest, while attempting to pay off a bit more each month than previously. Interest rates are actually very low at the moment - so if you are working, I hope you can see the wood for the trees very soon

dunroving

Maybe I missed it - any equity in the house? If so, why don't you sell it and pay off your debts?

HimnHer

I think you were right.............Do a runner!!!!!!:

dollface

You're 30 years old, and considering running away from your debt? You've spent the money, so face up to the repayment, act like an adult and pay back the debt. Why do you think you should shirk your responsibilities??

If you feel you can no longer afford to make regular payments, talk with your bank, advise them of your current situation, and tell them you can only pay back X per month. They will accept it as they would rather have something than you bogging off and leaving the debt outstanding.

If you did "bugger off" you realise that you could never return to Canada, not even for a visit?. Not really worth it i'd say................

Thydney

Declare bankruptcy

dollface

Or face up to the debt you owe.

cricket1again

Understanding the impact and nature of your own personal debt and how you've ended up with it plus taking the proper and responsible approach towards it will help you enormously.

Firstly, please realise that the reason the whole world is now experiencing the credit crunch is because of the immoral lending to people who thought they were in a 'sweet shop' and could have anything they wanted. Unmanageable personal debt is what's brought the global economy to near bankruptcy.
Many companies and businesses are going under for the same reason. The level of their borrowing is huge and in many cases it's being wrongly spent. Because of this, businesses cannot borrow to maintain their existing debt so they are going bankrupt.

There is good and bad debt. Good debt is where you borrow to invest in something that gives you a good return. A shrewd property deal for example will give you a return over the long term. This is called an 'asset' and in this case, it's a good debt because your investment is growing in terms of building your own capital.
Bad debt is where you invest in something that depreciates, like a car for example. As it's value does not grow, this then becomes a liability.

At the moment, a lot of people will be seeing the current crisis as an excuse to declare themselves bankrupt. A lot of limited liability companies will deliberately go bankrupt just so they can liquify assets, close down, and start again without a conscience. Because they are a limited company, whoever owns them escapes any personal liability.
It's not the smart thing to do especially for the individual. Bankruptcy always has major drawbacks for at least 5 years afterwards.

Your debts are bad debts but they are not insurmountable. The shocking truth that's emerging is that so many people have debts of $30,000 and more on credit cards alone. This is stark raving mad if the percentage rate is at 17.5%. Banks and credit card companies are being blamed but they have met a demand for cheap money over the years so they are not completely at fault. You and many like you are equally to blame for not being more responsible towards accruing a bad debt.

If you can understand all of this, and accept responsibility, you are half way to tackling the problem. Look at the rate you are being charged on your credit card. Then look around to see what other rates are being offered. There are many good low rates being offered on credit cards so once you find a good deal, swap all your debt onto a much lower interest credit card. Once that deal expires, swap the remaing debt onto another low interest rate card and so on. This is a good way to use and manage credit card debt as it's the high interest rates that maintain a high level of debt.
Talk to a debt advisor on how to manage your current level of debt so that you can live with it.
Sell anything you can to get it paid off early, take an extra job if possible and live really carefully until you get it paid. Give up some luxuries even if it hurts for a while.

Your big focus shouldn't be running away from your debt. It's your problem, you have to fix it, so get advice and make it your top priority to work at reducing it until it's paid off. If you're struggling, again get advice and work out a proper payment plan so that you can manage.
Hope this helps.

Mummy in the foothills

I'd google Dave Ramsey and get out of debt on your own, being single it shouldn't take too long. Then you'll feel wonderfully free.

AIT

Well stone the crows! Thank's for all the interest people. I was'nt going to 'bugger off' because of my personal debt I was going to bugger off because I so badly want to be in England I was ready to 'do a runner' because it would take me a year or two to get sorted out and I miss my country that much that I want to be there by tommorow.

cricket1again

Ask a simple question eh? :-)You can pay your debt from the UK. Just arrange it with whoever you owe money to. If you do the right thing, the right thing will be done to you. It doesn't need to be a ball and chain.

AIT

Hello mate,

I actually just got off the phone to a company who basically cuts the debt in half for one flat fee and then you make monthly payments with no interest to pay off the remainder of what you owe.

So all going well..

AIT

Boll***s Spain are one nil up.

cricket1again

That's good. Tell others what you've learned and help them too. It all comes good in the end.