Bad times trying to stay positive

dangermike365

Hi guys 1st post so hello everyone.

Ok 100 day challenge sounds good, although will not cure my debt problem.

Total debts = £25,000 exacly.:eek::eek::eek::eek:

These are 2 loans and 1 credit card.

Sainsburys loan = £14,000 14.9% - 60 months repayment - 50 months left.

Tesco loan = £5,000 7.8% - 26 months - 26 months remain

Halifax cc = £3,788 19.9% :mad: - whoknows when it will be clear.

Earnings £2050 p/m

- outgoings = £1,712 including loans and minimum payment on credit card.

Feels so awful owing this with nothing to show for it, lead weight around the neck.:(

I hope to clear this asap as will be trying for a baby later this year.:o

Tixy

Hi mike and welcome

Well done for posting. Have you worked out a detailed monthly budget to come to your outgoings figure of £1712? does that include all costs such as groceries etc? or is that just your dds etc?

If you haven't already it might help you to do a really detailed budget where you make sure you include 1/12 of annual costs such as road tax, car servicing etc and then items like presents and clothes that you might not buy each month but do need a provision for. When you have done this you'll be able to see what you have spare to start overpaying that card (and how long it might take) - this is the format we recommend to people - http://www.makesenseofcards.com/soacalc.html

If you also post the results on here people can give more detailed suggestions on your figures.
Do have a look at the different challenges to see which might help you, some are to help you not spend, others to increase your income and others to just make sure you are paying as much as you can off your debt. List of challenges 2010

dangermike365

Hi many thanks for the reply, yes that is everything listed in detail to give thetotal sum. The only thing is clothes i have not counted as i wouldnt know what i spens p/a on them.

Also i have overtime at work sometimes allowing me to take home £2150 so i count this extra £100 as my budget for that.

tbourner

I can recommend the snowball calculator as well:
http://www.makesenseofcards.com/snowcalc.html
As it did a good suggestion of my debt payoffs, it should show you how quickly you can pay off that card.

dangermike365

Many thanks.