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  • FIRST POST
    • CreditCardJunkie
    • By CreditCardJunkie 16th Jul 17, 2:30 AM
    • 16Posts
    • 16Thanks
    CreditCardJunkie
    Credit card junkie!
    • #1
    • 16th Jul 17, 2:30 AM
    Credit card junkie! 16th Jul 17 at 2:30 AM
    Hi everyone,

    I've been reading these boards for a good while now. Here's my debt story.

    I'm 25 and got a credit card at the age of 18 when I started uni. I've been through cycles of having it paid out but always seem to run it up again. The limit on this card was only ever £1000. 2 years ago I read on MSE about balance transfer cards and got a Barclaycard 0% to clear this card for once and for all. Before I finished paying off the Barclaycard transfer I'd kept using my original credit card and every time I ran it close to the limit I did another 0% transfer to avoid paying interest on my original card.

    I'm not struggling with my debt and I have a good credit score but I just want to get rid of it before we start to plan a family. We recently got married and I aim to be debt free before our first wedding anniversary!

    Debts
    Credit card 1: £630
    Credit card 2: £1550 (interest free until July 2018)

    Plan
    Pay off credit card one at £210 pm until October.
    Pay off credit card two at £200pm until April. Until October I will continue to pay £50 pm.

    Spend breakdown
    Wages £1200 pm (( I got a pay rise of around £80pm a few months ago which I am planning to put in a separate bank account for everyday spends to try and stop putting additional spends on my credit card))

    Rent £165
    Car £200
    Car insurance £50
    Shopping £60
    Gas £40
    Tv licence £11
    Petrol £60
    Phone £62
    Horse £140

    Leaves £412. I plan to use £200 pm to pay off credit cards and use £200 pm for our next holiday.

    Fyi some of the spends may seem low, we mostly half our bills but some my husband pays more towards. This is exactly what my spends are per month.

    My plan sounds simple doesn't it. The issue I have is those eff it days where you spend £'s here and there on absolute rubbish! My budgets don't include these ridiculous spends such as £80 on drinks one random unplanned night out or £28 on silly t-shirts for the family I couldn't resist.

    I'd love to cut up my cards but I just love having the security that if I needed money in a genuine emergency I'd have them! I guess that's why people have emergency funds...my problem is that when you're in your 20s you don't want to miss out on holidays etc so all my savings go towards holidays which I have no problem paying for, it's just random absolute rubbish that I keep using my credit cards for!

    All advice welcome
Page 1
    • louby40
    • By louby40 16th Jul 17, 7:19 AM
    • 1,161 Posts
    • 3,176 Thanks
    louby40
    • #2
    • 16th Jul 17, 7:19 AM
    • #2
    • 16th Jul 17, 7:19 AM
    Hello, you'll get tons of support and advice on here. The main thing is that you know you have a problem and need to stop spending.

    Create a budget and put £50 into it for those unplanned nights out, if you don't have the night out you can save it or pay it off the debt.

    I've found that you have to think ahead - for example my son will need new school uniform next month so I need to allocate money towards that, my DP also has a birthday in August, so again I need to think about a gift.

    Nowadays I don't buy coffee when I'm out, or sandwiches. I always take a packed lunch to work. I park outside town and walk in. I think long and hard before I buy anything.

    Good luck
    Parent loan PAID IN FULL
    Emergency fund £670/£1000. Christmas savings £50/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
    • CreditCardJunkie
    • By CreditCardJunkie 16th Jul 17, 9:43 AM
    • 16 Posts
    • 16 Thanks
    CreditCardJunkie
    • #3
    • 16th Jul 17, 9:43 AM
    • #3
    • 16th Jul 17, 9:43 AM
    Thanks Louby! That's a great idea to save £50 and if it isn't used pay it off the debt!

    Sounds like you have your head screwed on! Thanks for the advice xx
    • louby40
    • By louby40 16th Jul 17, 11:17 AM
    • 1,161 Posts
    • 3,176 Thanks
    louby40
    • #4
    • 16th Jul 17, 11:17 AM
    • #4
    • 16th Jul 17, 11:17 AM
    It's only screwed on since spending a year reading these boards and realising things had to change.
    Parent loan PAID IN FULL
    Emergency fund £670/£1000. Christmas savings £50/£600 Car maintenance £50/600
    Kitchen July £12,493 OCT £10,493. 18% paid off
    Barclaycard £233
    Car loan £2890 Mortgage £95,391
    TOTAL DEBT (with mortgage) = £109,024 (without mortgage) = £13,633
    • CreditCardJunkie
    • By CreditCardJunkie 16th Jul 17, 6:10 PM
    • 16 Posts
    • 16 Thanks
    CreditCardJunkie
    • #5
    • 16th Jul 17, 6:10 PM
    • #5
    • 16th Jul 17, 6:10 PM
    Aww I know we all learn the hard way don't we!

    So far today has been a NSD! Had a lovely lie in, played with the dog for a bit then went up to spend some time with my horse,called in to see my parents, came home put a nice gammon in the slow cooker and made some lunch for the hubby and myself.

    Cleaned the house and now just chilling out before dinner. Made some extra at lunch time for my lunch at work tomorrow. Thinking about freezing my credit cards but worried it will affect the chip and pin lol. Maybe I'll just take them out of my purse
    • CreditCardJunkie
    • By CreditCardJunkie 17th Jul 17, 7:59 PM
    • 16 Posts
    • 16 Thanks
    CreditCardJunkie
    • #6
    • 17th Jul 17, 7:59 PM
    • #6
    • 17th Jul 17, 7:59 PM
    Another successful NSD! So much easier when you're at work! Scorching hot today! Off to enjoy what's left of the sunshine ��
    • CreditCardJunkie
    • By CreditCardJunkie 19th Jul 17, 11:40 PM
    • 16 Posts
    • 16 Thanks
    CreditCardJunkie
    • #7
    • 19th Jul 17, 11:40 PM
    • #7
    • 19th Jul 17, 11:40 PM
    Didn't have time to post yesterday as a relative was taken into hospital. Everything should be fine fingers crossed.
    Tuesday wasn't successful work was hectic and the lunch I brought wasn't going to cut it so bought lunch and ice lollies for all my co-workers as it was scorching hot. Cost £8 which I'll borrow off myself until payday. Also put £20 in the car and spent another £5 buying decent lunches for the rest of the week. Total £33.
    Today (Wednesday) has been a NSD but I am STRUGGLING! Spotted a dress online id like for a party in a few weeks. It's £15 so won't break the bank but I'd be using a credit card to buy it before pay day. The struggle is real! Battling myself! Night all x
    • CreditCardJunkie
    • By CreditCardJunkie 13th Aug 17, 11:25 PM
    • 16 Posts
    • 16 Thanks
    CreditCardJunkie
    • #8
    • 13th Aug 17, 11:25 PM
    • #8
    • 13th Aug 17, 11:25 PM
    Haven't been posting but I have been behaving! Decided to 0% balance transfer to clear cc 1. Fee was £29 but the full payment was 1 day late (don't worry id already paid more than the minimum balance for the month) so still got charged 14.02. Was so annoyed but my own fault for being indecisive about doing the transfer or not.
    Have been sticking to my budget and payment plan well so I'm very chuffed with myself.
    Balance transfer gives me until next Nov to clear some of it but my aim is to have it all paid off by end of next May.
    My motivation is thinking of what I'll have left over from my wages each payday when I've no debts to pay!!
    Car service light came on so have it booked in for a few weeks time and tax is due at the end of the month but have worked it into my budget and all should be grand!
    • Hiddenidenity
    • By Hiddenidenity 13th Aug 17, 11:31 PM
    • 4,230 Posts
    • 26,372 Thanks
    Hiddenidenity
    • #9
    • 13th Aug 17, 11:31 PM
    • #9
    • 13th Aug 17, 11:31 PM
    As for not wanting to cut the cards up but then it's easy to spend on them. Best tip leave them locked away at home. Remove them for your purse, removes the temptation. Take them off any saved websites (amazon/paypal/stores you use online)

    That way in a true emergency they are somewhere safe if needed but can't be used at the spur of a moment.

    Good luck
    • CreditCardJunkie
    • By CreditCardJunkie 16th Aug 17, 10:33 PM
    • 16 Posts
    • 16 Thanks
    CreditCardJunkie
    Thanks hiddenidentity! I already have taken them off websites. Then had to get hubby to buy the cheap henry hoover bags off eBay for me. Double money saving lol.

    Packed lunches the past few days and haven't had any unexpected spends! Will have to put an extra £10 petrol in the car to get to work as I did all the driving at the weekend but otherwise sticking at it!!
    • CreditCardJunkie
    • By CreditCardJunkie 17th Aug 17, 9:53 PM
    • 16 Posts
    • 16 Thanks
    CreditCardJunkie
    Today was a bit of a spend day. Spent £3 on lunch out and £5.50 in the garage on necessary toiletries and doggie treats. The pooch is well pleased though so I don't have any regrets ��
    Waiting on eBay releasing almost £200 of funds to my PayPal account for stuff I sold but otherwise everything's gone to plan
    • CreditCardJunkie
    • By CreditCardJunkie 15th Nov 17, 9:14 PM
    • 16 Posts
    • 16 Thanks
    CreditCardJunkie
    August really?? I know I've been avoiding this place because I've been overspending. Total on cards back in July was 2180...today it is 2484... things definitely aren't going in the right direction!
    Need to be more aggressive or I will spend my life like this!
    Definitely find myself as an emotional spender....some people eat, I use my credit card to buy things I know I can't afford.
    Get paid on friday so time to lose some of those pounds!!!
    Have worked out if I stick to the payment plan I've set out I should be credit card debt free by the beginning of July!
    The only other debt I have is a car on pcp but I don't consider it as a debt, I have a very long commute to work so need the security of a reliable car.
    • CreditCardJunkie
    • By CreditCardJunkie 16th Nov 17, 11:23 PM
    • 16 Posts
    • 16 Thanks
    CreditCardJunkie
    I'm back...and today proved to be a big spend day.
    Primark £10 (Christmas gifts)
    Card factory £18 (Christmas cards, wrapping paper and bottle bags)
    Argos £13 (Christmas gift)
    Starbucks £9 (x3 hot chocolates it was my turn to buy)

    Plus side is all I've left to buy is a secret Santa which I can click and collect with my shopping.

    Exhausted and looking forward to the weekend!
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