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worried about debt.
toweringinferno
Posts: 5 Forumite
Hi, I'm 27 and currently in about £15k worth of debt, accumlated over the past few years, mostly due to moving out of the family home and not getting paid much! About 8k of that is an unsecured loan for a car, and about 6k on credit card and 2k over draft.
The moment I'm currently paying off between £300-400 a month. I'm getting paid a lot more now so the payments are getting more affordable. But I can't really see an end in sight and am feeling quite ashamed by it all. My parents had a fairly strange relationship with money and I feel like I can't speak to anyone about it. I hope to pay off around 5k of it this year, and be debt free by the time I'm 30. Please let me know your stories, I could do with some support!
Thanks x
The moment I'm currently paying off between £300-400 a month. I'm getting paid a lot more now so the payments are getting more affordable. But I can't really see an end in sight and am feeling quite ashamed by it all. My parents had a fairly strange relationship with money and I feel like I can't speak to anyone about it. I hope to pay off around 5k of it this year, and be debt free by the time I'm 30. Please let me know your stories, I could do with some support!
Thanks x
Proud to be dealing with my debts!!
Lightbulb moment - Dec 06
Debts at highest - £18k :eek:
Nationwide Loan - £9k
MBNA CC - 6k
Halifax CC - 1
Overdraft - 2k
Will increase loan to 15k over 4 years to consolidate overdraft/Halifax and 3k of MBNA. Leaving 3k to pay off quickly on MBNA...wish me luck! :T
Lightbulb moment - Dec 06
Debts at highest - £18k :eek:
Nationwide Loan - £9k
MBNA CC - 6k
Halifax CC - 1
Overdraft - 2k
Will increase loan to 15k over 4 years to consolidate overdraft/Halifax and 3k of MBNA. Leaving 3k to pay off quickly on MBNA...wish me luck! :T
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Comments
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Hello there and welcome to MSE. Have a look at Southernscousers sticky thread and complete an SOA. We can then take a look to see if you can make any further cutbacks and get you debt free quicker. I too want to be debt free by the time I am 30, currently I am hopefully gonna be free by the time I am 28.
Good luck, keep posting here.
xXxOctober make £10/day currently £11.020 -
Hi there toweringinferno, I am in similar amount of debt and I too feel really ashamed that I have been so stupid, good luck with sorting it out, everyone on here is very helpful, read some of the threads and you will pick up tips on moneysaving ideas£2 Savers Club - £36 (Started 17.11.06)
20p Savers Club £8.00(Started 19.11.06with proceeds from car boot sale)
MONEY MADE:T
Ebay £83.20
Car Boot Sale 19.11.06 £65
Matched Betting Profits(since 2.12.06) Just over £150
Mutual Supporters Club Member!(Nov 2006):grouphug:
Lose weight 9 member Jan 2007
Proud to be dealing with my debts!
Life is like a ferrari - it goes too fast - but thats ok because I can't afford it anyway!0 -
toweringinferno wrote:Hi, I'm 27 and currently in about £15k worth of debt, accumlated over the past few years, mostly due to moving out of the family home and not getting paid much! About 8k of that is an unsecured loan for a car, and about 6k on credit card and 2k over draft.
The moment I'm currently paying off between £300-400 a month. I'm getting paid a lot more now so the payments are getting more affordable. But I can't really see an end in sight and am feeling quite ashamed by it all. My parents had a fairly strange relationship with money and I feel like I can't speak to anyone about it. I hope to pay off around 5k of it this year, and be debt free by the time I'm 30. Please let me know your stories, I could do with some support!
Thanks x
Speak to us, we're not proud! We'll listen to anyone on here!!!!!:D
Seriously, welcome! :hello:
The good news is that you appear to be in a relatively decent financial position to pay off your debts. 2 things you need to do now -
1. An SOA (statement of affairs) see link here on how to do it....
http://forums.moneysavingexpert.com/showthread.html?t=107280
2. Sort out your interest rates and exact debts then put into the Snowball Calculator ....
http://www.whatsthecost.com/snowball.aspx
This will give you 2 things:
1. A fright :eek: when you see your debt free date, and
2. The order in which to pay your debts off with any extra money
Forget about number 1! When we see your SOA and persuade you you don't need to spend £600 a month on gold plated takeaways or whatever your vice is we'll soon get the date down.
Good luck and get cracking!A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0
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