OMG I want to cry!

canidothis

I had my LBM a few weeks ago and ever since I seem to have a calculator permanently in my hand doing a variety of sums - calculating bank balance, calculating possible savings, calculating this that and the other. THEN yesterday I added up my monthly outgoings to CC and Loan multiplied it by 12 and realised that I was paying £6,000 per year!!!:eek::eek:

£6,000!! Its obscene and has made me feel sick - what I could do with that money if it was really mine. Although I feel like crying at least it has turned on a few more lightbulbs - I never want to use a CC again - has anyone slipped back to their previous ways despite a lightbulb moment? At the moment I cant imagine slipping back but is it a bit like losing weight, you lose some you gain some if you take your eye off the ball?

Where's my tissues I need a good cry!!!

YORKSHIRELASS

Hi, I think at some point everyone slips a bit - unless you are incredibly strong willed. The important thing is to say to yourself its just a blip and get back on track. I think the other thing thats important is that for most people its going to take a long time to get debt free and you have to see it as a journey with lots of ups and downs along the way.

I pay back a similar amount to you and my life would be so different if I didnt have the debts. I try not to think that way though, its too tempting to think "I will never pay it back what the point in trying" - many people on here have cleared their debts and I intend to join them one day.

I also think in the beginning there is a temptation to cut back so much that you are scared to spend anything. My sister has just been to visit and we have had some days out which have cost quite a bit of money. I dont see my sister very often and we have had a fantastic time so it was worth it and although I feel a bit guilty I know how much I have spent and know that it was a one off. I am now back to watching every penny and trying to make up for the overspend.

Good luck, I am sure you will do it.

May2013

Dont cry ....you've had your LBM and you're in control...that's a great place to be!!!

I'm paying £13,656 towards my debt every year and have roughly paid that amount for the last 4 years, with literally thousands of pounds being swallowed up in interest.

In two years time when I finally arrive at my DFD I will effectively have a tax free 'pay rise' of £1138....every month!!!....I can't tell you how good the thought of that feels.
Now that the end is in sight (haha, I can't believe I'm saying that with 2yrs still to go) I've started thinking about what saving might look like....me saving?...that will be a first!!

If nothing else while traveling on my DFW journey I've learnt how to budget along with knowing the difference between needing and wanting to spend money.....will I go back to paying £1000's in interest because I couldn't wait to save up...not a cats chance in h3ll!!

Good luck on your debt free journey....if you have a moment of weakness just think of your £500 a month 'pay rise' when you get to the end, it'll be worth it

canidothis

YSL and May2013 you are both right. I think I am worried about spending anything - I realised that when I didnt want to meet a friend for coffee cos I was worried about the cost, I havent seen her since New Years Day so its hardly going to hurt! and May2013 I do feel in control and yes it is a good feeling, I actually look forward to my CC statements so that I can budget and plan (there was a time I wouldnt even open the envelopes!!)

Im trying to use the £6,000 per year as a positive, something to aim for to have in my bank account, rather then thinking 'i give up, I'll never do it'

BUT I cant help going round repeating in my head £6,000:eek:!!! Gosh if anyone needs a LBM they should add up their outgoings for a year!! With all the bulbs lighting up we wouldnt need street lighting:rotfl:

david_hellier

CCs are the main cause of consumer debt in the uk. They should not be used. Some one will come on and say, "yes but......"

canidothis

david_hellier wrote: »

CCs are the main cause of consumer debt in the uk. They should not be used. Some one will come on and say, "yes but......"

And at this point in time I agree with you whole heartedly, they are also the main cause of stress!! I guess someone will say if you can pay off in full each month.......but we're not all that savvy or strong:o

wigwam

Sounds like the best LBM you've had so far!!
As everyone has said - we will all get through it and I for one am determined that once the cc companies have had their mammoth interest payments from me they wont be getting a penny more.....

Based on minimum payments only I'll have £650 available extra per month so wont be going back down that route again.

Its a hard lesson , but a valuable one. I'm using it to show my son about credit too and the real cost when access to those shiny 0% deals run out!

Stay positive and good luck xx

January20

david_hellier wrote: »

CCs are the main cause of consumer debt in the uk. They should not be used. Some one will come on and say, "yes but......"

yes but all of us think/ thought we could use them sensibly... until we learned otherwise

or sometimes we had our back to the wall and no choice!

SeriouslySeekingtoSave

canidothis wrote: »

And at this point in time I agree with you whole heartedly, they are also the main cause of stress!! I guess someone will say if you can pay off in full each month.......but we're not all that savvy or strong:o

Unfortunately that is true. I've used credit cards all my life and never paid a cent but I am one of the very few. After reading far too many tales of people having their life stomped over I am a fan of big law changes whereby any money owed is reported in a monthy statement which would look something like this (all following figures are totally wrong and just for impact value)

Money Owed to Us: £2,000
Monthy amount paid back to us at 19% interest £10
Amount of Interest in that £10 - £9
Total amount deducted from the total -£1!
Money now owed to us: £1,999

Time it will take to pay back that £1,999 at 19% assuming you only make the minimum payment - 99 YEARS
Amount of interest you will make us - £35,000

X would like to thank you for you custom

I reakon there would be a LOT more LBM's going on around the country if the above had to be pointed out to be in big bold red writting!