My journey to a debt free life.

TmanX · 6 January 2008 at 10:41PM

Im new to this site but have so far found it really helpful in finding new ways to save money and create extra sources of income. My new years resolution was to sort of my debt problem and find a path out of it. These are my current debts:

LloydsTSB Personal Loan: £5000
LloydsTSB Overdraft: £4800
Alliance & Leicester Personal Loan: £9000
Mint Credit Card: £350

I currently earn £1015 a month, paying £370 for essential bill including rent, and £490 in Loan repayments. As you can see this doesn't leave me with much left over for any other expenditures, and my overdraft never has a chance to be reduced. Any advice is welcome.

Ill keep posting my progress.

Snaggles · 7 January 2008 at 12:16AM

Hiya - why not post your full SOA (statement of affairs - see the thread for newbies at the top of the debt free wannabe board) - we might be able to point out areas where you could save money to get your debts repaid earlier. Good luck with it.

Karmacat · 7 January 2008 at 12:20AM

Hi there

What Snaggles is suggesting is the way to go - the statement of affairs shows us how to get you more money from what you earn, to throw at your debts. Two other things that go along with it:
- keep a spending diary. Unless you know where literally every penny is going (even the choccie bar from the canteen, etc) you don't have full control over your money.
- is there any way you can earn extra? Lodger, 2nd job, overtime, whatever.

Till you post an soa, thats the most I can think of.... good luck, and keep posting.

My journey to a debt free life.

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