In Debt At The Age of 19

dcampbell86

unfortunaltly the bus servicei use doesnt have a weekly/monthly ticket

and i cannot use another service to get to work

us,thecat&thedebt

use that £200 you wanted to pay this mate to pay one of your credit cards!!!
tell him your in debt and these things come first if he dont like it the oh well hes not a mate i owe my brother i law £800 but he accepts we have to pay bills first..
please please please get rid of these mates!

its good to hear you have given your mum your cc welldone

how much are your cc at the moment each?

HLK

dcampbell86 wrote:

i would not let my cards be 5k a piece!

i have 4 contracts sorry

If you look at some of the amounts in other posters signatures on here .. you might notice vast amounts of debt, mostly due to credit cards.. I'll go and find that snowball thing for you and get back. It will help you prioritise your debts, and in the meantime you need to find out the APR's (interest rates) you are paying on each card and your loan so you can fill it in.

ps - ppi is payment insurance on your loan...

back sooon :wave:

dcampbell86

£500
£200
£1179

those are the balances on the CC's

gizmoleeds

dcampbell86 wrote:

unfortunaltly the bus servicei use doesnt have a weekly/monthly ticket

and i cannot use another service to get to work

I wouldn't worry - that's actually very cheap. I would have to pay £3 a day (although I buy 3 month passes which work out at £2 a day).

Friends in the country have to pay £3-odd one-way :eek:

hobo28

Like all the others say, real friends wouldn't ask you to pay for them to stay. In fact, real friends wouldn't even accept the money! You're only young but please please realise that you don't need friends like that. So if the "mate" you "owe" £200 to wants to stop being your friend cos you've not paid him for staying then he's no friend at all.

Earning what you earn and with your outgoings, you should be able to clear off your debts relatively quickly. Possibly within the year if you are VERY strict with yourself but again at your age I do wonder if you'll give into temptation. Esp. if you get a GF or a new shiny "must-have" gadget comes out.

Have a good think about what the root cause of your overspending is? Certainly having wrong friends is one of them but this could be down to something more fundamental like a self-confidence problem. Sorry to sound harsh.

HLK

Here you go... http://www.whatsthecost.com/snowball.aspx

You need the interest rate as well as the balance.. e.g. 18.4 % ..... or whatever for each card.

us,thecat&thedebt

dcampbell86 wrote:

£500
£200
£1179

those are the balances on the CC's

ok so use the £200 to pay off one first then tackle the others..

we owe money to several creditiors and theres no feeling like being free of each one.. so get rid of the small one first then tell the cc company you do not want the account anymore

me and partner have a peice of paper on the fridge for one of our biggest debts every time we make a payment we knock it off the list to show a reduced balance it gives you a sense of achievement seeing it go down..

AussieLass

If the $200 ( I don't have a pounds symbol) is made up of a payment of $100 to stay at your place & $100 he lent you I would forget about the first $100 and pay the remainder in instalments once you've worked out a budget. Then wipe him as a friend and chalk it down to experience.

With the cc debt, I'm not sure on this but is it possible you can transfer them to one bill with a lower rate of interest and pay off each month. Of course, any extra money would be additional payments. Then possibly look at a debit card. This comes out of your actual savings in your bank account, and not from credit which if you feel it could spiral again will be a good handbrake. :xmassmile at your age.

You can use a spreadsheet to work out all your income & expenses and get into a habit of updating each week. Good luck.

gizmoleeds

AussieLass wrote:

If the $200 ( I don't have a pounds symbol)

Hold Alt and press 0163