not too sure where to start

pennypincher86

Hi everyone,

I am new to the forum so forgive me if I am posting in the wrong place etc!!!

Throughout university and during my 2 years since I have graduated I have racked up a bit of student debt....with the lack of decent graduate jobs arounf I am working in a job I really like but I ak earning a poor £12,300 PA which works out as around £867 after tax.

I am living at home at the moment (luckily rent and bill free) but I am wanting to move out with my partner of 5 years hopefully in the new year but seriously need some advise on how to get my bills down as I just do not know where to start!!!! I am sick of not seeing bills budge! This is what I have monthly...

Halifax credit card - balance approx £3800 (minimum payment £77)
Topshop store card - balance of £300 (minimum £12)
Dorothy Perkins store card - balance of £225 (minimum £10)
Student Overdraft - I owe £1600 but this is interest free till July 2011
My phone bill is around £30

I don't even know if this is a lot of debt for someone of 23 but I am really wanting to get it down before I fly the nest. Any advise/tips/ideas on what to pay off first would be really helpful

Thanks

RAS

You need to fill in this http://www.makesenseofcards.com/soacalc.html

it will tell you how to pay the debt off most effectively: you snowball.

theoretica

When you move in with your partner you will presumably be splitting the expenses? Running a flat can cost something like:
£500 rent
£120 council tax
£60 utilities
£50 land line/TV etc
£150 food for two
insurance etc
half of this is not far off £500 a month.

I don't know what you are spending your money on at the moment, but assume you will need to get used to spending £500 less a month by the new year- so suggest you start by paying at least £500 off your debt every month before all the expenses of moving out kick in.