How best for me to go debt free

pompeymike

Hi all

I'm trying to develop a plan to get debt free as quick as possible. I owe approximately £11,650 comprising of:

loan with £3000 outstanding, ccard with £5500 balance, cc with £800 outstanding, ccard with £1000 outstanding and ccard with £1500 oustanding.

The debt built up as I went through university and had a period of 3 or 4 years before I was earning a decent wage whilst at the same time supporting my other half who was ill and not able to work.

I am now taking home a wage after tax of £2000 so in some respects my hard work has paid off but as stated above, not without a financial cost.

My monthly repayments are £271 for the loan, £139 for card with 5500 balance, £38 for the card with 1500 balance, £35 for the card with 1000 balance and £20 for the card with 800 balance - all cards are on minimum repayment only which I know is costing me but not sure how best to tackle hence posting on here.

After bills each month I have about £300 spare.

My loan will be repaid in 11 months time which will then give me more room to maneouvre but until then I am very keen to do whatever I can to reduce my credit card debt.

I already shop according to the debt free wannabee rules, i.e. dont buy things I dont need and when I do buy, I shop about, so its not like i'm spending willy nilly, more that my past circumstances are hindering my ability to move forwards!

Any help or suggestions would be much appreciated.

Thanks

pennypusher

Hi pompeymike, post up your statement of affairs then you will get lots of help. Don't forget to include the interest rates on your loans and credit card bills.