Finally done it

waterwatcher

As with many have been floating around here for almost a year. I finally sat down tonight and wrote down my debts and totalled them up. Until I've seen it in black and white I've not accepted it, its almost a years salary before tax etc!! Is this whats called alight bulb moment?!
I have a mortage on top of this too but am not going to think about that yet! I am currently on a brilliant fixed deal until October 2010. I suppose my panic is thinking about getting a good deal next time around and know I cant do that with these debts around my neck. I have also seen a lovely house but know I'm not in any position at all to think about moving.
I'm single which makes things harder in some respects. I know I need to put on an SOA but am just recovering from this shock, will battle that tomorrow!

poorandindenial

Yup - your lightbulb just went *ding*

Welcome to the board, good luck for your SOA - we'll all be looking out for it tomorrow now - no pressure

Try not to think of it as a big block of money but set yourself smaller targets to break it up on the way (someone on here, maybe hypno???, has a chart of squares that they colour in so that they can see the progress they are making)

All the best

waterwatcher

Thanks for that. I know it financially doesn't make sense but I want to get rid of some of the smaller debts, i suppose psychologically it makes a difference. Will chart make tomorrow at work! thats what coffee breaks are for after all! ha ha

paybacktime2008

Well done it's a scary moment but the start of a great journey.

fedupandskint

I am in exactly the same position as you. I bought my house with a mortgage last year at the peak of house prices and now they come crashing back down :rolleyes: . That doesn't bother me as it is my home not a money maker. My deal ends in 2010 and I too am worried about what I will be offered then alongside my debts . I too realised I owe as much as I earn a year :eek: and I started 2 weeks ago on this forum. The help and support is invaluable to me in helping me make changes to my life and spending :A .

I am trying the grocery challenge and storecupboard challenge on the OS board and many saving challenges on this DFW board.

Only small steps for now and hope to try bigger ones next year when make some small progress at the end of this year. If only I had found all of this out sooner I would have changed quicker, still better late than never!

I suppose what I a trying to say is take all the support that is offered on this site - it the best free advice you will ever receive and funny how we take notice of those people we don't know more than those we do!

Kind regards and hope all goes well for you in your future

edinburgher

waterwatcher wrote: »

Thanks for that. I know it financially doesn't make sense but I want to get rid of some of the smaller debts, i suppose psychologically it makes a difference.

Yup - very much so! I've seen numerous comments on articles about debt snowballing saying that people get a definite boost from clearing a few of the 'easier' debts first, regardless of the figures saying that they should maybe act differently.

It certainly worked for me - I've gone from 5 debts to 2 (and a tiny amount to my GF). Soon I'll be back down to 2 debts and it certainly makes things easier to visualise.

waterwatcher

I'm going to have to have a proper look at all these challenges I think, it is true all the little things add up. Thanks for your post fedupandskint, its good to have someone who is in a similar position to myself to empathise with!