Debt Free Diary...

jlbilling
jlbilling Posts: 9 Forumite
in Debt free diaries
Ok...So yesterday i decided to add up all the debt im in and finally do something about it. I knew it was bad, after putting a new car and half of a wedding on it (deposits for this July) but I was a little bit shocked tbh.
Ironically Halifax, (who my credit card is with) are the ones who have triggered my lbm by telling me they are putting my interest up to stupid levels which i would no way be able to pay back. So im going to cancel the account and hopefully never use credit again. This means saving enough money by July to pay for the wedding myself, and then starting on paying back the balance. Should be fun! I am a waitress, so maybe i'll just have to be a bit nicer to people so i get more tips =)

Debt totals-
Loan-£4000
Virgin credit card-£6,121.58
Halifax credit card-£10,718.12

total-£20,839.70

So im thinking i'll start working on the virgin card first as its the smallest debt, and it would be nice to wipe out a whole card. No idea how long this will take because of the wedding, so i'll just have to see how it goes =)

Right, off to the park for some free fun with the baby&dog

Jen
Debt as of 13.05.15= £15,746.80

Debt as of 01/07/16=£15,826.80

Paying interest only and getting nowhere 😔
Time to sort it out. Start (again) of a very long journey 01/07/16

Comments

  • beanielou
    beanielou Posts: 90,179 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Hi & welcome :)

    You need to concentrate on the debt with the highest APR first.
    Good luck!
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • jlbilling
    jlbilling Posts: 9 Forumite
    Well, I have discovered that things are going to get worse before they get better!! boo =(
    I was obviously seriously deluded when i thought i could cancel my card and pay for the rest of the wedding in cash. What i didnt realise is that I have another £1881 left to find! I can raise £425 of that, but the rest, well who knows. Other than the lottery, overdraft here I come. That and a whole lot of extra shifts. Maybe if I cut back on the shopping too. Not much else I can do!
    Not good. I will keep plodding along! x
    Debt as of 13.05.15= £15,746.80

    Debt as of 01/07/16=£15,826.80

    Paying interest only and getting nowhere 😔
    Time to sort it out. Start (again) of a very long journey 01/07/16
  • blue-bells_2
    blue-bells_2 Posts: 167 Forumite
    Could you do a SOA and post it on here? People may be able to suggest areas you can cut back on etc :)
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