What do I do now???

Lightbulbmoment_2

fairybird30 wrote: »

by reducing your mortgage payment do you mean switiching to interest only?

Yes, seriously now you see why I'm in this mess.

Lightbulbmoment_2

angelflower wrote: »

hi

Well done on the steps so far. Can I just suggest it woudl be a mistake to take a holiday on the mortgage payments to meet credit card payments. You are essentially paying a secondary debt then before a primary.

Please look at the top of the post for a list of debt management charities which can help. Despite being in debt for years, I have only recently contacted CCCS and filled in their online calculator in which they will talk you though the next viable stages. I would suggest this is a much more productive use of time than meeting the mortgage company (at this stage anyway)

Good luck - please keep coming on to let us know how you are doing

I just want to get rid of the credit cards, I feel they stress me out, always shifting from one to the other, paying charges I just dont know where I am with them.

I will however look at the charities to see if they can help. Thank you for you support.

fairybird30

You are right to switch to interest only for a while, if you don't need to increase the equity in your property its wiser to pay off the most expensive debt first and work down from there and your mortgage is likely to be the cheapest debt you have.

If you can reduce your mortgage by a few hundred you probably wont need a DMP, I will warn you it will be hard going but worth all the economizing when you are finally debt free. Good Luck!

Nargleblast

You have some good suggestions to be going on with there. If you haven't done so already, compare different supermarkets for prices. Places like Aldi and Lidl can save you money on some things. Also think about buying fruit and veg from a greengrocer or market stall, cheaper than supermarkets. Meat from a real butcher shop often works out less cost than packets of meat in supermarkets. When planning a shopping session, list what you have already incupboards, fridge and freezer and do some meal planning, just 3 or 4 days at a time, using some of the stuff you have already. Then you only buy what you need for those meals. I find it easier to plan meals 3 or 4 days at a time rather than the whole week. And think about your usage of the car - only drive somewhere if you can do two or more errands in one trip.

Lightbulbmoment_2

I think I just need to be less lazy about the whole money thing, I think Ive been fairly ignorant and let my husband get on with it and I think the responsibility has been too much pressure on him.

I am comitted to getting us out of debt now and ill do anything now.

I was thinking if I moved my mortgage to interest only for 2 years, put that extra money into a savings account, plus pay my Credit cards, (which are all 0% at the moment) at there minimum, then at the end of the two years we would have saved some money and gained interest, plus continued to pay off some of the CCs, by the end of the two years we may be able to up our mortgage payments and start paying it off properly. THEN NEVER GET CCards again.. or any debt come to that..

Thanks again for everyones support, it really has motivated me and helped me to look for other ways of living sensibly.

C

Nargleblast

I think the lesson is never ever get a credit card unless you are really strong willed and always pay it off in full every month. In other words - be the kind of customer that credit card companies absolutely loathe because they will never make any money out of you!