Wanna Be Debt free member

lucy7509

I am devoted to becoming debt free current debt 13074.15 proposed date for celebration - 04/09

Have questioned, I have mixed feelings about putting money in a savings account, due to the fact that I have been unemployed before and was relieved that I had savings to fall back on. I used this nest egg, and now am slowly rebuilding it up, it is only £500, but as my contract ends in Feb, I am reluctant to use it to pay down my debt.

Any constructive advice is welcome.

SunderlandBlackCat

£500 should be enough to cover emergencies. But it is highly unlikely that any savings will generate anything like the amount of interest that your debts are so I would concentrate on snowballing your debts.

moozie_2

Hello lucy7509 and welcome!

Can't really offer any constructive advice until I have more information. If you'd like to post a statement of affairs, including all your incomings and outgoings, that would help to build a picture. Also include all your debts with APRs, limits and how much you pay every month.

I don't disagree with having some savings to fall back on if necessary but maybe there is room for economising iny our SOA that you haven't spotted yet.

Good luck!

lucy7509

My current debt is 13074.15
Broken down as follows:

Egg Card - £2942.90 -16.9% payment - £100.00
Egg Loan - £3354.43 6.9% pay off date Aug 08 payment £161.35
Capital One - £3976.81 6.9% payment £125.00
Halifax One- 2789.56 5.9% payment £60

Rent - 435.00
Utilities including phone £70 per month
Food £25 per wk.
petrol - £65 per month
Take home pay £1106.21

youngandreckless

Can you move your egg ccard balance to a 0% or into your loan account? That is a high APR so that needs to be tackled first, welcome to the club! x