Is this debt thing a disease???

Glass_Half_Empty??

What is wrong with me?
I am currently slowly getting the debts down and am due to pay off one debt next week so it will be "tying one up" with x to go which is fair enough and I am looking forward to having one less to go BUT..................
I am due to come into some money, back pay from work which will most likely be around 3.5% in Nov/Dec, total should be aroung 400 after tax. I have put in letters requesting my bank charges from 2 banks and am guessing at least another 800-1000 is owed to me. Now instead of thinking well I could pay x and y off I am already thinking of a holiday to the states, holiday to Dublin, a newer car then the one I have, and just going on a mad spending spree to buy an X-Box 360 and sat nav etc etc.
I swear I have a disease unabling me to ever actually keep any money in my pocket or put it to good use. I could use the money to upgrade my license to a class one HGV and up my wages by between 5-8k a year but I am thinking more about buying things then sorting myself out :mad:
What is wrong with me?
Is anyone else out there with simliar problems?

Penny_Saved

Hiya

Apparantly me too, I've just done my SOA and I spend far too much money on nothing - well it must eb nothing because I don't have the money and don't seem to have anything to show for it :rolleyes: At least you're aware of what your naughty side is trying to do to you!

saubryn

Tell me about it Its so hard to stay motivated sometimes, it feels like you're not getting anything good out of your money when you're putting it towards clearing debts, and sometimes that makes you want to spend it on other stuff.

I compromise - half to debts, half to having a life - I know thats a bit naughty and I'd be better off if I just cleared everything, but theres no good being 'better off' if getting there drives you insane!

The most important thing in my opinion is that you've stopped running up debts - they are now going down If you were thinking of buying holidays using a loan or credit card then thats bad! At least this money is more 'yours'.

That said, can you not upgrade your license and buy yourself a cheaper holiday as a treat? Or does it really cost all that money to upgrade your license? I think you'd really appreciate that higer wage if you could get it.

Glass_Half_Empty??

If I was to upgrade it would take around 800 pounds if I passed forst time, but I have recently tried to get a car on finance worth 6k and was quoted either 100% or 50% interest :eek: Luckily I decided not to bother but as my first catalogue debt is only 50 quid away from being cleared I am already thining I might wait till they send me the letter saying "buy now pay next year" and then topping up my wardrobe or buying my x-box 360 and god only knows what else :rolleyes:
I am trying so hard to resist the temptation but it seems I have been this way so long now it is the only way I know

Biddyrolo

Upgrading your license (sp) can be seen as an investment as it increases your earnings potential but buying stuff you don't really need when you are doing so well at paying off debts is a backwards step really. Be firm, you can do it.:D

Donedoingdebt

I can understand how you feel. If I won £3000 on the lottery, would I put it towards debt repayments or have a family holiday 'cos it was money I shouldn't have had? I honestly can't answer that but I suspect the lure of the sunshine would come out on top.

jellycat40

Whatever you do with the money once you actually have it is entirely up to you. Personally the holiday would win out with me.

BUT do not spend any of it until you actually have it and definitely do not do the catalogue buy now pay later idea. We all know it does not work. You will not use the money to pay it off you will have re prioritised by then.

Be strong, wait until you have it.

Good luck

Louise

saubryn

Ouch @ that car finance!

I would clear that catalogue debt, then lock up the catalogues! Buy now pay later is the last thing you need when you're already paying other stuff off IMO. It might not be this way for you, but its a budgetting nightmare for me and I usually make the later a bit too late, and end up paying interest

If you must have a 360, why not get a Core system pre-owned, then save up a bit more for a hard drive later. I survived several months without the hard drive, only getting one when there was a game on Live arcade I desperately wanted, and didn't have space for on the memory card.

If you get one pre-owned you are probably looking at 120 quid now for the console+controller and memory card. Some of the games are down to 15 quid pre-owned (although a lot of them are more expensive) then 70 quid for a hard drive later down the line. Works out essentially the same cost, but its easier to spread out.

Why not go for the upgraded license, then if you pass first time blow the rest celebrating? If you don't pass, then invest the rest in trying again? Or would that be too much pressure, instead of an incentive?

roswell

just think your 360 will be a lot cheaper in the xmas sales, anything you buy on credit will increase in cost each month and decrease in value.

Be strong and pay some debts off first then use 1 3rd or half to treat yourself.

roswell

If i was you id clear these with the money

Additions 390
Littlewoods 100
G/f 210
Credit Card 1000

Glass_Half_Empty??

roswell wrote:

If i was you id clear these with the money

Additions 390
Littlewoods 100
G/f 210
Credit Card 1000

I know it is probably what I should do, although Littlewoods will be gone next week as I am paying off the last 50 quid to clear it intaed of going to watch Forest and Additions will be down possibly even gone by the time my money comes back to me.