What to do next?

Avinitlarge

First of all i would just like to say a big hello to everyone :hello:

I am after some advice on how to deal with my debt problem because i am at a total loss on what i can do to get myself out of this situation and i am getting more and more depressed by the day (Im being serious to)

I am as we speak £13501.33p in debt (Im also very embarrassed by this) but enough is enough and it is time i started to think possitive and dig myself to finacial freedom (With a little help)

My debt is all on credit cards (Which i have now cut up) although i am having trouble paying them, Although for now i can afford to pay them i have no money at the end of each month once the payments have been made which has led me to use them again (Big mistake) and now i am getting into a situation where i will not be able to cope with the payments and interest they charge

I have been reading various posts and found a lot of usefull information which has lead me to think i should start by doing a budget planner?

I am a little lost at what to do after i have done this though and i would like to know if anyone is or has been in a simular situation and what to do or even who i could talk to about my problem

I would appreciate some help as i am now at my wits end and this is effecting not only my sleep but my health although i am determined to get myself out of this hole and start to live my life again

I would like to become a debt free wannabe :cool:

niccatw

Hi Avingitlarge

Welcome to the forum and well done on cutting up those cards! Have you had a look at some of the DFW diaries on here - I'm constantly ranting about the difficulties of keeping up my spending diary in mine They'll give loads of inspiration and motivation - and if you take the plunge and start one, they are fab for keeping you on the straight and narrow!!!!

If you post your SOA http://www.makesenseofcards.com/soacalc.html I'm sure you'll have seen how many suggestions people can generate. Some of them won't be feasible for your situation but they will open your eyes to things you maybe haven't thought of before.

There's also a snowball calculator on the above site so you can have a play about and see what order is best to pay off your cards.

I'd highly recommend pulling out all your paper work and sorting it out, so you know APRs etc etc. This really helped me - though I'm still working up to looking through last year's bank statements to chaeck whether my budget is realistic for me or if it is the budget I'd like to have/aim for. That might be a place to start with the budgeting - and if you do so, let me know and tell me to get my finger out

I'm sure you'll be able to work through it with a bit of determination and a lot of compromise on what you do and spend. We're all here to offer encouragement.

Good luck

Avinitlarge

niccatw

Many thanks for your reply, I will do the SOA and post it up asap and also i will have a look at some of the diaries to.

Sam1984

Hi, Avinitlarge! :hello: Havent got any advice im afraid as have just started on here too! But its so nice to know that there are people in the same boat! Good luck with your debt free journey!!

bluebag

Hi Avinitlarge, great stuff admitting to the problem, no need for the embarassment, it's easy done (bit more tricky to get out of!) But you've made a great start and I'm sure you will enjoy the challenge of becoming debt free....it's quite an adventure.

Get your SOA done and I'm sure there will be lots of good advice, hits tips and support to help you become debt free.

This place has saved me loads of money.
All the best.
bb