Newcomer

Chick08

Hello,

Even though i have been a mse member for a while now this is my first post on this debt free board.

Basically im 30 and in debt which i hope to clear end of this year or earley next.

I have a credit card with Mbna total:£1172
Argos Additions account:£432.62
Next Account:£398.19

Not sure which debt to pay first or whether to tackle them altogether.

and i owe my parents £3600 which i am hoping to pay off after i have cleared the above.

I really feel silly as i never seem to learn and punish myself afterwards, so i am going to be extra hard with my self from now on.


Thanks x

Tixy

Hi and welcome to DFW.

Have you found out the APRS for all your debts? Usually the best advice is to snowball your debts, that is pay the minimum to all but the most expensive and then pay everything else you can afford to the most expensive debt. Once that one is gone you snowball that ones payment into the next most expensive. There is a calculator here which if you know your APRs can show you the difference this method can make.
http://www.whatsthecost.com/snowball.aspx

Chick08

Thank you very much for this it has helped a lot and it doesnt look as bad when you have spread out for you.

Fedupofbeingindebt

Welcome to the DFW board. You'll find lots of friendly advice and tips on here to help you with your debt free journey. Good luck to you!

GeorgieFTB

Chick

One other thing you might want to do is use the website Tixy put you onto and fill out an SOA... some post it up here for help, its quite a scary thing to do but it does give you lots of things to think about... even if you don't post it, fill it out, add everything, it is very detailed.

This will give you a budget, if it is realistic then you need to stick to it... only you can figure out why you have racked up the debts, you need to do this so it doesn't happen again. If it is day today spending then cut down (this is easier said than done but post it up here and we can help), impaitience (sp?) work out the cost difference between now and saving, is it worth it? Or my personal downfall, the top up shop! I can walk in to only buy milk... and if I take my card I would bet that I could spend another £5, and do you know what... I walk past that shop twice a day...

Gx

Triggles

No, actually, I don't think that by paying her other debts first she is showing that she values her parents less. That's rubbish, IMO. As long as she is paying something regular to her parents (and her parents are okay with it, as most would be), she would be smarter to take care of the higher interest debts first. As a parent to adult children myself, I would be annoyed if they allowed the interest to rack up on their other debts while they pushed to get a debt to us paid off. We would be happy to take a lesser regular amount and insist they focus on the other debts first, then boost up the repayments to us when the other higher interest debts were taken care of.

In future, it might be nice if the OP wasn't given a guilt trip as well, by implying that by taking care of her other responsibilities that she is in some way devaluing her parents' role in her life. Especially by someone who claims to be an "official representative" of something.

Chick08

Hello,

Just a quick update i have managed to clear my Argos Additions debt and have now closed my account fully with them so thats one down so far.

Thanks

dark^knight

Well done! Keep going on to the next one!

Angyles

Well Done! x