In Debt At The Age of 19

AussieLass

After all the good advice everybody has been giving you shouldn't you be now posting your plan of action.that's if you are serious. You've had nearly 2 weeks to take every thing on board. So tell us, what are you going to do?

Haushinka

dcampbell86 wrote:

What is the CC company you went to?

British Airways American Express, you need to be earning a minimum of £12,000 for the card and i think you have to be employed for a certain amount of time also.

ddclutch

My guess is that your Parents won't drop the £150 a month rent if they know that at the same time you are giving money to your "friends"
I used to charge my daughter £175 a month rent. What she didn't know was that money was being put into a high interest account for her and eventually wasused to pay off one of her loans. It was a form of enforced saving.

Another idea is for you to set up a Direct Debit into a savings account. It is much easier to avoid the temptatrions of spending if a regular amount is "top sliced" as soon as you are paid. With the best will in the world, if you try and operate on the basis of only saving what you have left over at the end of the month, then it just won't happen. A regular fixed amount - £50, £100 or whatever will soon be hardly missed. If you have debts being charged at high interest rates then set up a regular DD payment to eat into these instead of into a savings account. Once you have set the DD you can forget about it and not be tempted to spend the money on other things.

---lee---

dcampbell86 wrote:

What is the CC company you went to?

The last thing you need is a cc. Trust me.

---lee---

AussieLass wrote:

After all the good advice everybody has been giving you shouldn't you be now posting your plan of action.that's if you are serious. You've had nearly 2 weeks to take every thing on board. So tell us, what are you going to do?

I second that.

janjan

Could you stay with your "friends" and them pay you to stay with them?
Seriously this is crazy. Sort out your priorities pay off your debts and find better friends!
Tell us what you are going to do. May be a new years resolution is on the cards!

Ghost

dcampbell86 wrote:

Ghost,
What is the one thing I could do to give myself more peace financially?

The question was for you to answer, not me.

Only YOU know the full facts of your situation. You know what you need to do. Surely there must be one thing, above all other things, that you CAN do - right now - to give yourself more peace financially.

What is that one thing? Perhaps it's posting your plan of action on this board, that would be a good start. Or put a stop on your spending until you've devised your plan of action. Only you can answer this question.

However, you're still evading the question that many on this board have asked, and that is, why do you need to pay your friends for their friendship?

rjcm

Come on then DCAMPBELL86 - what is the situation now, what are you doing? I hope you stayed well away from those consolidation loans, they are evil things.

K9cuddles

rjcm wrote:

Come on then DCAMPBELL86 - what is the situation now, what are you doing? I hope you stayed well away from those consolidation loans, they are evil things.

I think staying away from he's so call friends would have been more benefical!!

hilstep2000

Okay,so your credit cards, get 0% ones, transfer the debt to these, DON'T SPEND ON THEM! Check the APR on your loan, Northern Rock is one of the cheapest at the moment, change it if there are no penalties, but don't pay for PPI Insurance). Get a monthly bus pass, or walk, take your own sandwiches. When you are empted to buy something say "Do I want it? Do I NEED it?" the answer will probably be yes to the first, no to the second!
Then set a budget, and stick to it. If you really can't budget, do what my 19 year old does, she transfers ALL her wages to my bank account, and we work out how much a week she can have, then I draw it out and give her the cash. I hold her bank card, so she's not tempted to draw it out herself.
We've been doing this for months now, and she says it's the only way she can manage!
GOOD LUCK!