Lightbulb Moment # 4

steven77

Hi All

I've done this 3 times (at least) before, and last night I had lightbulb moment number 4, which has scared me more than 1, 2 and 3 put together.

I've made efforts to clear debts before but to no avail, but as with most things in life, I think I could be a lot better at it if I could be bothered, so as of today I am officially very very bothered. Lightbulb moment happened when I checked my online banking for my MBNA credit card, and discovered that my minimum payment of £90-odd per month, after interest and PPI, meant that I am paying the bank £90 quid for the privilege of me owing them £2 more than I did last month.

I did this. :eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek:

Then I sat down and decided what I was going to do about it. I then checked my other credit card and found the story much the same, despite making payment, owe them more than last month. The really annoying thing is that I know all this, I watch TV, read newspapers, read MSE emails, and yet still have managed to spend god knows how long with my head buried in the sand.

Anyway, my head is now fairly pulled out, and I am on my way to ridding myself of this debt. If I stop posting here I would like someone (anyone) to please come and kick me up the !!!!.

I took over £700 out of a pitiful savings account this afternoon and paid it straight off a card, then another £2 out of another account (to get into the habit of reducing the debt everyday, even if by a small amount)

I feel marginally better, but I have no excuses but laziness, which is probably the worst feeling of all of it.

Ok, rant over, spleen vented. Off to put some things on Ebay.

[Deleted User]

Hi steven,

Welcome to the boards and I look forward to reading your diary.

Tea
x

fizzypops

hi :wave:

keep posting, there are alot of people here who give really good advice and support.

good luck

steven77

Hi Guys

Thanks a lot for your welcomes, greatly appreciated. Had to go Christmas shopping today and spend money, so set a limit per person and then paid a few quid off a credit card when I got in, made me feel better.

YORKSHIRELASS

Personally I needed about 3 lightbulb moments before it really sunk in, and I am now making some headway towards clearing the debts. Good luck with it and keep coming back on here to remind yourself why you are doing it in the first place!

steven77

Thanks a lot Yorkshirelass, hopefully will have a happy outcome at the end!

steven77

Have had an idea to take my debt removal further and faster. Might try putting one item on ebay everyday, sinking all the sales into the debt. Has anyone tried this before?

steven77

P.S. Taken a lot of pride in altering my signature today!! We are on the way!!

steven77

Good afternoon all... today has been a good day and I would like to share it with all of you.
1. Closed an old credit card down
2. Sold 2 items on Ebay for about £20, which will go to paying off the debt.
3. Applied for a new credit card to try and shift some of the debt onto 0%

Tonight I will sleep just that little bit easier (I know it's New Year's Eve but I have a baby son, so no partying for me!)

[Deleted User]

Hi Steven,

Well done on the debt busting so far, you are doing great.

I think your idea to pay off the debts using e-bay sales is a good idea as it all helps. If you have enough you could also do a car boot sale?

Happy New Year x

steven77

Hi All

(I will post regularly this time, I will post regularly this time, I will post regularly this time!)

(New Mantra)

Anyway, just a quick update of how I've been getting on. The debts are moving in thie right direction as you can see below. I also set up small weekly standing orders to both credit cards so that I can keep chipping away at them.

My target for this week is to crunch the numbers on my car, which is expensive to run but in 2 months will be mine outright, therefore might not be worth replacing for something more efficient which also has a payment attached. Choice choices..

Hope all out there are doing ok, I know I feel loads better about my money than I did 2 weeks ago, just doing something has given me a new energy to get things sorted.