Casual about my debts

TheMysterious1

My first thread in here. Be gentle with me :rotfl:

For some reason I'm a bit too casual about my debts. With all this recession talk I still seem to be quite casual, should I be worried?

I got 2 credit cards that are £4k and £2.5k on it. Got a loan with my bank which is currently at £3k and overdraft at £1.5k (which fluctuates a lot). Oh not forgetting student loan which is about £9k but I know I don't need to really worry about that.

I guess I see it that these debts are manageable even though I make slightly more than the minimal repayment on my cards and change my cards to 0% ones when their time is up. (which I may not be able to do with how things are currently going)

Another foolish thing is I see a lot of stuff around the place which I think if I sold it I would be able to repay my debts pretty much so another factor probably of me acting casual about the whole thing.

Should I be really really worried with what I currently have with regards to debts and the current world crisis, which might require me to take drastic actions or do I just need to get my act together a bit and make sure I try and get stuff paid off.

Thanks for your time

mummytofour

I would be most worried about the OD as lots of banks are taking those away right now. How would you cope without the OD? In addition cc are putting up interest rates when it suites them, up to you to decide if you need to worry? But the head in the sand is not a good routine in general.

thebillet

Sort them. Why run the risk? I drove home the other night, bam! I was hit by another driver, luckily it was only the car that was written off and the fleshy midriff I have developed absorbed most of the impact, a second either way would have seen me in hospital and what then for income etc? Or what if the charges on interest etc go into overdrive to help banks recoup some of their losses. come on you'll feel better once you have done it, or a least not so anxious that you are taking the time to post with your concerns. You know you want to!!

boredofbeingathome

Hi mysterious one, i think you may be a tad worried hence the posting. My advice would be to really look at your SOA and try and make a plan to get rid of the debt. As mummytofour says a lot of banks are trying to pull overdrafts and if you are using it as a cushion then it may be wise to have a back up plan in mind. It is all about recession proofing yourself as much as you possibly can.
Other thoughts may well be to look at the deals where you can transfer to a 0% overdraft through Abbey or one of the other's martin mentioned, simply because if you are using it to overpay your cards then in most cases the overdraft will be at a higher rate.

Nice to see you on here..all newcomers welcome, sometimes i manage to go over to another board..scarey sometimes.
BOBx

SazM030306

Good luck mysterious 1 I think you know what you need to do. Get it sorted then you can relax x

mouseymousey99

Hello - If you were not paying back the cards what would you be doing with the money? (Thinking hols/travel etc etc).
What would you do if you became ill?
Do you want to buy a home at sometime?? I know that we are all told its 'manageable' which is baloney really - it's to keep you on your little hamster wheel for years and years and years...
best wishes

TheMysterious1

my overdraft is still part of my student overdraft so most of it is 0% and as i get paid, sometimes it is low into my overdraft and sometimes it is high.

i have a pretty bad shopping habit so if im not paying my cc's back its probably because im spending it lol bad i know!

i think my concern was am i going to get hit with the big bank paddle and asked to pay everything back at once which will probably make me wince like someone has grabbed my cajones!

i think i should start paying more towards my cc's and get stuff sold on ebay to help pay it back! just trying to get my lazy butt to get up and do it though is another matter! :rotfl:

jinky67

Mysty
you are just worried in case you have to put a stop to your trainer habit arent you?

Cornball

I think that whether or not you should be worried depends on your income level, your job security and if you have a back up plan if you get ill.

Including your student loans you are about £20k in debt which is quite a bit for most people. Ignoring the credit crunch, I would pay it off as soon as possible so that when you want to partner with someone, buy a house, have kids or travel you won't be held back or have to wait.