Little bit of advice please

nottoosure

Hi - Sorry if this is a bit of a crappy question.

My wife and I currently have about £16,000 worth of debt on credit cards. We can easily manage the payments at the moment and the level of debt doesn't massively concern me.

We both make goodish money and take home nearly £4k per month between us. My question really is, is the level of debt we have something to worry about? Like I said, probably a crappy question.

We make more than the minimum payments per month, and a lot of the debt is on a 0% card. Obviously in the current economic climate, we do not have as much disposable income as we used too, but we do manage quite well.

Thanks for your time.

Kmac_Edin

Hi there not too sure

If you are managing to make the payments and you are comfortable with the level that you owe then personally I dont think you need to worry. However, £16000 of unsecured debt is quite a bit and I'd be working to clear this as soon as possible.

The debt its self can be managed, but really what you should look at is how it occured. Are you overspending in other areas that you need to compensate by using the cards??

Everyone on here has different levels of debt and different reasons for being on here. My debt is less than £2k, however my concern is that I amassed this because I was over spending in my social life and I'm here to get tips on how to scale back my spending so I still have a social life but not spend as much.

Does that make sense?? x

stapeley

nottoosure wrote: »

Hi - Sorry if this is a bit of a crappy question.

My wife and I currently have about £16,000 worth of debt on credit cards. We can easily manage the payments at the moment and the level of debt doesn't massively concern me.

We both make goodish money and take home nearly £4k per month between us. My question really is, is the level of debt we have something to worry about? Like I said, probably a crappy question.

We make more than the minimum payments per month, and a lot of the debt is on a 0% card. Obviously in the current economic climate, we do not have as much disposable income as we used too, but we do manage quite well.

Thanks for your time.

hi ,and welcome. It is a high level of debt and on your income there is no real reason for it to have got to that level . I suspect bad management of your finances has caused this . This buy now pay later life style has to stop .It is so easy for it to go pearshape ! In todays climate one of you could so easily lose your job . With christmas coming up I REALLY THINK YOU SHOULD BOTH SIT DOWN AND READ A FEW OF THE SAD STORIES ON THIS SITE . Hopefully that will kick some sense into you before you get caught out . NOW IS THE BEST TIME TO START SORTING THINGS OUT . good luck

Cyril

I suppose you could ask the question that for a couple on 4000 why do you need to be in debt all. I would get rid of it as a priority as your circumstances may change ie redundancy.

debtmuncher

it might not worry you just now but what would happen if either or both of you lost your job (s) or became ill or whatever else that might happen?

try looking at snowballing (link in my signature) because if you have that much income then you might just be better off having it in your own acc instead of paying out to various creditors. (does that make sense?!!:rotfl: ) then once all paid off bar having a credit card or two putting all the spare money into a savings acc/pension

SunderlandBlackCat

nottoosure wrote: »

Hi - Sorry if this is a bit of a crappy question.

My wife and I currently have about £16,000 worth of debt on credit cards. We can easily manage the payments at the moment and the level of debt doesn't massively concern me.

We both make goodish money and take home nearly £4k per month between us. My question really is, is the level of debt we have something to worry about? Like I said, probably a crappy question.

We make more than the minimum payments per month, and a lot of the debt is on a 0% card. Obviously in the current economic climate, we do not have as much disposable income as we used too, but we do manage quite well.

Thanks for your time.

Can I suggest you put the details of your debts into the snowball calculator.

www.whatsthecost.com/snowball.aspx

Its a useful tool that illustrates how much your debts will cost you, how to clear them as quickly as possible without taking on new debts & also gives a comparison with how much more it will cost you if you consolidate.