How to tackle credit card debt??

GoalDebtFree

I have taken a job recently with this lower income for various reasons - and now find myself for the first time going into my overdraft on a monthly basis - so have been scared into thinking about how to reduce my monthly spend and credit card debt before it gets any bigger. Any suggestions appreciated....

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1124
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1124
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 18
Gas..................................... 0
Oil..................................... 30
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 6
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 80
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 3
Car Insurance........................... 22
Car maintenance (including MOT)......... 3
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 30
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 667

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................1080.74...22.06.....12.9
Credit Card....................1148.25...25.77.....12.9
Credit Card....................1893.23...20........0
Credit Card....................1800......20........5.9
Credit Card....................558.29....25........20
Total unsecured debts..........6480.51...112.83....-

Monthly Budget Summary
Total monthly income.................... 1,124
Expenses (including secured debts)...... 667
Available for debt repayments........... 457
Monthly UNsecured debt repayments....... 112.83
Surplus(deficit if negative)............ 344.17
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total Secured debt...................... -0
Total Unsecured debt.................... -6,480.51
Net Assets.............................. -3,480.51
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

piglet39

GoalDebtFree wrote: »

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1124
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1124
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 18
Gas..................................... 0
Oil..................................... 30
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40 - could you go to PAYG?
TV Licence.............................. 6 - Is this right - most peeps are 11.95 per month?
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 80 - how many is this for?Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 3
Car Insurance........................... 22
Car maintenance (including MOT)......... 3 - this seems v low £36 per month?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 - Are you sure you don't nee this?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 30 - this seems high - can you cut back/go to salon on a student trainee night?
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 667

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................1080.74...22.06.....12.9
Credit Card....................1148.25...25.77.....12.9
Credit Card....................1893.23...20........0
Credit Card....................1800......20........5.9
Credit Card....................558.29....25........20
Total unsecured debts..........6480.51...112.83....-

Monthly Budget Summary
Total monthly income.................... 1,124
Expenses (including secured debts)...... 667
Available for debt repayments........... 457
Monthly UNsecured debt repayments....... 112.83
Surplus(deficit if negative)............ 344.17 - this is good news!
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total Secured debt...................... -0
Total Unsecured debt.................... -6,480.51
Net Assets.............................. -3,480.51
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Hiya

Well things certainly balance at the mo but you say you are going into your o/d each month. Maybe keep a spending diary for a month to track where your excess income goes.

Have you tried the snowball calculator on makesenseofcards.com to see the difference it would make at throwing all your excess income at your cards on at a time IYSWIM

HTH

Piglet

CLAPTON

currently your SOA shows a massive surplus each month of £344
if you're going into your OD each month then presumably that isn't the case

your first priority is finding out where all that money actually goes
keeping a detailed spending diary is pretty essential; once that's done I'ld suggest you post up a new SOA.