1 Year to clear debts

quiche4

Hi all

Im currently in a situation where i am hoping to go away for 6 month snowboarding in Jan 07. To be able to do this i need to clear my credit cards which total just over £6000.

I have 3 cards, one on 0% another on about 8% and another on 16%. I tried trf all to the 0% balance trf but they didnt give me enough to be able to do this.

Any idea as i have only one year to clear these debts, how can i do it quickly.

Im currently at the stage of trying to budget myself with £40 a week to cut down on my spending. This starts on Friday. Wish me luck guys.!!!!!!!

Q
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:xmassign:

[Deleted User]

You've certainly set yourself a task but if you have regular income and can be disciplined to go without a few 'luxuries' it can be achieved.

Don't give up on trying to transfer the amounts on the highest APR cards to 0%. If you really cannot transfer - you need to clear these cards FIRST and stick to minimum payments on the 0% whilst you do it.

There are oodles of threads on these boards about budgeting and cutting back on things.

good luck

climbgirl

To clear debts you need to either cut your spending or earn more money, there's no real magic formula! Post a statement of your incomings and outgoings each month and people here will advise on cuts that can be made.

The other option is to take on a second job, evenings or weekends. Will stop you spending and will bring in much-needed cash to clear the debts/start saving for the snowboarding trip

MORPH3US

As climbgirl said, sit down, work out how much money you have coming in and everything that you spend.

Post the lot up on here and everyone will be more than willing to help show you where you can cut your spending. Be honest about your spending habits though, no one will judge you!

Then the other part is earning more. Are you able to get a 2nd job (bar work, weekend work doing gardening, web design in the evenings) basically anything that will give you more pennies in your pocket.

Finally, is this 6 months of snowboarding for fun or could it be combined with work e.g. as a chalet hand so you can snowboard and still earn money while you are out there.

If you are any good at snowboarding then I may even let you give me a few tips, i'm rubbish! Had lessons at Tamworth snowdome but went travelling for a year so have forgotten now!!

M

crossleydd42

........and use the budget planner higher up this page on the blue line just above the first post. Remember to cut out the desirable and only keep the essential when it comes to expenditure.

quiche4

Thanks guys, i have applied and been accepted for another credit card at 0% for 9 months. I can trf the two balances that i am paying interest on at the moment. yay!!!!

I am having trouble getting the Budget Planner to work though. My system wont let me enable the macros, it says security reasons. Can someone help me please?

Cheers
L
xx

mummytofour

can you use the online version?

With regard to the debt, it may help if you break it down workout how much you need to pay each month, I guess about £500 pcm if its a 6k debt, so 125 a week!

Good luck

Vxx

save-a-lot

Hi

Remember to cancel the credit cards with high APRs as you clear them onto the 0% cards. This way you can be accepted again in 6-9 months time as a new customer again with them and maye take advantage of their intro offers again. Good luck with getting rid of the debt.

Phil