wot-a-mess debt crisis

wot-a-mess

wot-a-mess indeed.,

Debts are very high. I reckon circa £40k.

Time to unbury head from sand and do something about it.

Shall do some numbers tomorrow & post on here once I stop feeling sick about the debt crisis.

wot-a-mess

I decided not to sleep on it. Went online & checked all the accounts

Total debt is a shocking £37,529 :eek:
1. 2,065 loan
2. 2,409 credit card
3. 2,773 overdraft
4. 3,634 credit card
5. 4,374 credit card
6. 7,830 credit card
7. 14,444 credit card

I really need to do some calculations & put some sort of debt reduction strategy together.

Restless night ahead I reckon. Don't know how I'm gonna get out of this mess.

wot-a-mess

Not the best sleep I have ever had. Tossed & turned all night. Can't believe what an idiot I have been for letting the debt spiral out of control. I feel stupid, irresponsible & ashamed.

But I have a clear head this morning & simply must face the realities & do something about this financial mess.

ani*fan

Hi there wot-a-mess :wave:

Welcome to the boards; it's great to meet you.

The first step is working out a statement of affairs. Basically, all the money you have coming in and everything you have going out.

If you're really brave, you could post it on here and the lovely DFW peeps will offer some advice. If not, keep it to yourself and work out where you can save money, how much you can pay off debt every month.

Lightbulb moments are hard. I'm starting to think mine has been life changing...but in a good way.

Look forward to seeing you around.

AFx

wot-a-mess

Hi ani,

Thanks for the warm welcome. I have scanned thro quite a few diaries this morning & actually feel much better now. I need to sit down later & work out some sort of plan as you suggest. Need to go to work now.

geek83

Hi wot-a-mess

Well done for admitting the problem and posting on here, its the hardest bit.

I'm new here too....I'll subscribe to your thread so I can keep up to date with your progress.

I'm becoming obsessed with saving money at the moment! Its actually quite fun, and I actually slept well for the first time in ages last night.

There's so much support on here...good luck!

Laura

Horace

Welcome to MSE.

https://www.makesenseofcards.com/soacalc.html - is what folks on here use for their statement of affairs. List everything on there incomings and outgoings, credit cards with interest rates etc. The good folks here will advise on what can be cut back on or gotten rid of.

It may help you to call the debt charity CCCS - they gave me loads of helpful free advice and I am working to clear my debt.

Have a good look around the boards too - the Oldstyle Board is great for helping with shopping/groceries. On the Debt Free Wannabe board there are challenges on there for NSD (No Spend Days) and Make £10 a day.

wot-a-mess

Thanks for all the advice so far.

I have listed incomes & all outgoings & it's not-so-bad news & not-so-good news. The not-so-bad news is that income is higher than expenditure but the not-so-good news is that after everything is paid there is very little left which is probably why the debt has spiralled. Paying for holidays on credit cards, buying things generally on credit cards.

I really need to take a good long hard look & simply must change lifestyle. Payments towards debt includng interest is almost £900 / month :eek:

1st thing Iam going to do from today is STOP using credit cards.

I cannot see a short-term solution so it looks like a long (very long) haul if Iam going to sort this mess out.

Beencounting

Hi wot-a-mess

Well done on getting your diary going - it really does help!!

Your debt level is very similar to mine so we'll be on the road together.

Good luck with your journey.

Been

Horace

If you can - post your statement of affairs on your diary and then folks can pick through it and give you ideas on where to save money. Stick your credit cards in a tub of water and put that tub in the freezer.

BEAT_THE_DEBT

Hi and welcome. Martin Lewis always says that there is no debt problem that cant be solved! And good news on your income being higher than your expenditure. You will win one step at a time you are oon the road now and that debt will only go one way and thats down!!!