Help!

Trollfever

over the past 2 yrs including wedding costs we have accumulated about £6000 on credit cards.

Visit the Debt Free Wannabee Board for advice on budgeting and lots of <<<<<<<<hugs>>>>>>>

hcb42

Your parents are almost certainly correct.

If you know that an income reduction is imminent i.e in next two years, then cut up the cards, do not consolidate the debt but focus on paying it off in the next two years before the kiddies come along. You might also need to consider building up a saving pot for the time you plan being out of work, and perhaps offsetting this against the mortgage as well. Don't add to the mortgage, as if prices drop and you need to move you could find yourself in a bigger mess.

the DFW board should support managing the £6K debt

CheeseCat

I really don't get it when people ask for advice on here and then sit here doing the equivalent of sticking their fingers in their ears and going LALALALALA when the advice isn't what they want.

£6k essential spends (when you don't have it!) on a Wedding? Please.

littlelisa922

I asked for advice not to be chastised.

Those who have helped and offered advice on already outstanding debt, not debt that is still growing, I thank you.

ManicMum

Plus that probably isn't the end of it. I got married on a lot less. It's only 1 day and goes like a flash. I repeat, it's just a day, like going out for dinner for your birthday. it marks the occasion. After that lays the real hard work. I am sorry but I am not flowery, I can not say it was the most amazing day ever. My beautician was late and messed up my nails, my car broke down and we then missed the drinks receptionl. SO glad i didn't have the financial hangover as well.

getmore4less

littlelisa922 wrote: »

I asked for advice not to be chastised.

Those who have helped and offered advice on already outstanding debt, not debt that is still growing, I thank you.

In your first post you said it is not all wedding debt

My partner and I are getting married next month and over the past 2 yrs including wedding costs we have accumulated about £6000 on credit cards.

How much is wedding debt, how much is overspending and what has changed for that to have stopped?

densol_2

The difficulty with adding the debt onto the mortgage is that there is a danger that you will re-spend the money on the cards and then have the £6000 on the mortgage and then another £6000 on the cards. This is something ( a while ago now) that I have done ( and so have many others) - as its easy to slip back into overspending - and this is something your mum and dad realise may well happen.

The only way to do this is to put it onto the mortgage ( shorten the term slightly) so you are paying back faster and then also try and overpay a bit if you can. Destroy and CLOSE all credit cards so you are not tempted - and just live within your means. If you start spending again on the cards ...its the slippery slope to a lifetime of debt. As said above putting on the mortgage is more expensive as you pay over a longer period - but at the end of the day £6000 is not so much its worth losing sleep over. Obviously I dont know your loan to value etc but you need to make sure this sum does not take you over the 60/70/80% limits so you end up paying a higher rate.

Hope this helps.

Denise

kingstreet

Mrs_Arcanum wrote: »

You have to ask yourselves are you getting married primarily because you want to spend the rest of your lives together? Or, has the whole "getting married" bit taken over or been taken over by relatives and the occasion.

The former just needs a few friends and a registry office (very cheap). The latter needs a good look at how your relationship is at the moment, and a bit of a break from wedding planning & spending may get you back on track as to why you are doing this.

You neatly hit the nail on the head with how my sister and her boyfriend are getting married next month, with how my wife and I got married eight years ago.

This advice is excellent. Keep on saying what a good few don't want to hear!

hillcats

There is good advice here, it is best not to put your CC debt onto your mortgage as all you are really doing is hiding the debt it doesn't go away like that, work harder and pay it off asap.

I understand it is so easy to just spend using a CC but if you don't have the money to pay the amount at the due date then you simply cant afford it that month. (Harsh but TRUE)

We pay for 98% of our purchases by CC then we move the money from our current account into a saving account (all accounts are linked and offsetting against mortgage) until the CC bill arrives then we always pay IN FULL every month as we know the money is there as we would've moved it as described and we make sure we don't spend what we don't have, also our money works harder for us as it is still offsetting for longer.