Debt Free Wannabe - Any ideas?

worriedtooyoung

I am 24 years old and currently have 3 loans, 2 credit cards, 2 overdrafts which is £22K in unsecured debt. I live with my parents, have a good job but finding it hard to pay off more than the minimum each month.
I started in debt when my family got into financial trouble and without them finding out, borrowed to help and have been ever since. It has now come to it where I am no longer giving hand outs but it has got to the point where I have a serious relationship and really want to pay off my debt fast to start saving for a house.
I have tried, but because of how much credit I have I can't apply for any loans or cards to get another deal.
So, to try and solve the situation I have change my jobs to get more salary which now I am in a job which I love and earning a good wage which I intend to pay more off the bills each month but it gets me down.
My partner knows about my debts but my family don't and they don't understand where all my money goes. But I know if I told them they would be disappointed.
Is there anyone with any suggestions? I want to cut my debt by at least a third by the end of the year.

Help please.

pink_numbers

I really feel for you. However, your family shouldn't be disappointed, if those debts were to help them in the first place. I would explain this to them, not to get their help but at least back off about where all your money is going.

The best way to save money is to keep track of all your out goings. That way, you will see where you can cut down.

*big hug*

kimdegsidash

Hi worriedtooyoung
What a fantastic thing you have done, helping your family when they needed it. I'm sorry that you feel you can't explain where you are right now - have you thought about telling them? OK, so it would be hard, but if you are close enough with them to have helped them out in the past, are things not equal the other way round too?

Congratulations on the relationship front - it sounds like you are looking forward to the future which is only a good thing. And at 24 you have the right attitude. Well done :T

Right, pracital advice. You need to go to the Sticky on page one and draw up your SOA (statement of affairs) or Budget to you and me. Be honest, include everything and estimate on monthly terms (so if paid weekly for example times by 52 and divide by 12) then post back here for friendly advice on how to cut back and pay off the debts.

With luck, determination, the support of your partner and family, and good advice from the people on this forum you will get there.

MyLastFiver

Have a look at the Snowball form, which shows you how to prioritize your repayments. It's basic stuff that you could work out for yourself, but there's something very motivating about seeing it all laid out on a spreadsheet :-)

http://www.whatsthecost.com/snowball.aspx

OberonSH

And don't forget to join in on this forum! It helps keep you on track, and makes you realise that you're not on your own.

I bet your family would feel worse knowing you're debt through helping them out. So don't beat yourself up about it. Just crack on spending less. If your partner's aware that should make it a lot easier - if the family asks why you're not flush you can tell them you're saving for that house.

Take up one of the challenges - the ebay one is a great one to start with - clear the clutter and pay a whack off a debt at the same time.

bank_of_slate

Use this site to complete your SOA https://www.makesenseofcards.com/soacalc.html
...Linda xx