Debt depressing

rachel52

Hi,
I have been in debt for the pass couple of months and have no-one to talk to about it as it seems to run in the family. I have 3 credit cards maxed out and paying the minimum payment on them, I have an overdraft that I am always in and sometimes past and I don't know what to do I feel like I should be in this debt at such a young age I just don't know where too start. I opens another bank account thinking that I could just transfer my wages and debits into it but realised that I would still have a 800 overdraft to pay off.
Any advice is much appreciated

Saturnalia

It sounds like you have a steady job and a regular wage coming in? That's a flying start to begin with!

Can you post your SOA so we can have a look on it, there are some fab posters who will come up with all sorts of ideas to trim your outgoings, then you can throw more money at the debts.

The trick is to keep making minimum payments on all the debts except the most expensive, this is the one you plough all of your spare money into until it is gone, then put that money onto the next-most expensive, and so on.

Sarah75

Hello there,

I'm not really in any position to offer you advice as I'm in the long haul club - it's going to take about 8 years for me to pay off my debt. But I just wanted to say you're not alone. I have a good job and earn decent money and most days I feel bad that through my own fault I owe all this money. But the good thing that you and I have done is to recognise that we need to sort out our debt and have started to do something about it by coming here. So we can feel good about that

elaine12022

Hi don't worry there are lots of experienced helpful people on here.

I would say if you do open another account make sure it's not with a bank linked to your current one. It does sound like a good idea though, if most of your money goes into an overdraft it's very depressing, psychologically being in credit makes you feel much better (it does me anyway, lived off an overdraft for a while, only managed to pay it off with a compensation pay out, have less income now, but I am still in credit :j)

There is a link to the Statement of Affairs at the top of this forum, if you post it people should be able to help.

jenevieve

Hi Rachel,
I agree with the other posters; you have come to the right place and will get a lot of support and help here.
Posting the details of your income and outgoings and debts will give people a chance to see what's going on.

It's horrible how debt makes you feel but there is always something that can be done so hang in there. We are with you!