Just had my lightbulb moment.. (SOA)

llol_slim

and i feel like smashing it
I know that there are people who will see my debt and wish they had it, but it feels bad to me. (i apologise if you have larger debts than me and hate me for feeling bad for what i owe)
Really need some moral support right now and any suggestions.

I am 22 and a manager and have been paid today. Thought now was the best time to sort it.
Income : £1100 per month

outs :
rent : £100 (living with very kind parents)
food : £150
Mobile phone : £30
Barclaycard : £150
Capital1 : £150
Loan : £107
car : £50 incase of repair, tax etc (starting this month)
Petrol : £50
clothes : £15
Total £777
Leftover £323

i have just spoken to my lenders to get the info, hence

Barclaycard Balance : £488.85 (@ 17.90 apr)
Limit £1300

Capital 1 Balance : £2512.12 (@ 14.93 apr)
Limit £3300 - Balance TFR rate would be 14.93 + one off payment of 2% maximum transfer of £674 (charge £14)

First Direct loan Balance : £2241.33 (@ 8.145%) (21 payments remain)

total owing : £5242.30

that total scares me.
i am thinking that I can pay £150 more each month at the least, and any extra i have left over will be going on to these bl**dy cards.
The snowball calculator says that December 2008 will be my end date.Thats too long for me. It will be before that.
Thats paying 225 off each card and 107 off my loan.

I must admit that I am a gadget freak and have spent alot in the past on gadgets instead of paying extra off my card (for example a wii and a ds in the last 2 months and I part-exchanged my surfboard for a long board for £260. I am a regular surfer and its the ONLY way to forget about work and my debt)
I think i am addicted to buying gadgets (i am not joking) and I am trying VERY hard to stop this habit. I thought seeing exactly how much i owe will help scare me out of it.

Sorry for the long post.
Oh this weekend i will apply for my credit reports for experian and equifax.
roll on the suggestions.

alidadas

You need to include in your budget ann allowance for clothing, and you haven't included anything for petrol.

You say you're going to put £225 towards each card a month - I would consider paying just the minimum payments towards Capital One and putting the rest towards Barclaycard as this is the highest interest. This will save you money overall and will probably bring your debt free date down.

dancingfairy

Hi and welcome :hello: I notice you've forgotten to include things on your SOA what about Car insurance/mot/ haircuts/birthdays/christmas/magazines/smokes/choc bars etc? This would help to give you a more accurate picture.

Also can you apply for a cheaper credit card as you have quite high interest rates and that should save you a lot. Also don't forget to pay any extra money to the debt that has the highest interest rate.

Can you cut the food bill down at all - I reckon you could save a bit there - head over to the money saving old style board for suggestions on that

Good Luck

bananakinz

Hi!

What are you spending the Leftover money on? Might be an eye opener to start a spending diary and see if theres anywhere to cut back on to throw at the debt instead?

See if you can get the interest rates reduced by phoning them and saying you are going to balance transfer.

Good luck

llol_slim

ok thanks I just updated it. I spend next to nothing on clothes, i hate buying them.
The food .. i pay for myself and put some in for my girlfriend as she goes to uni and only works 1 day a week.
i dont smoke or go out and any mags come out of whats left over.but nothing regular, maybe 2 a month..if that

EDIT : updating due to the quick responses!! (THANKS)
thanks banaskinz i will start my diary today as I got paid, ideal time to start)

my snowball in anyones interested or if its helpful (link to large version)

black-saturn

Food is rather a lot for one person living with their parents.

llol_slim

food, yeh i pay some for my girlfriend.
I should also say .. and I know this was foolish. Car insurance was bought on credit card, as i didnt have the cash at the time, and they wouldn't let me pay monthly without wacking a massive deposit on top.

bananakinz

You could still cut down on the food even with bying stuff for your girlfriend, get over to the old style board for LOADS of ideas and suggestions!

llol_slim

bananakinz wrote:

You could still cut down on the food even with bying stuff for your girlfriend, get over to the old style board for LOADS of ideas and suggestions!

on my way now. i have used it before, but now I know what exactly the state of my finances, im gonna frequent there

bananakinz wrote:

See if you can get the interest rates reduced by phoning them and saying you are going to balance transfer.

do you mean like ring barclaycard and say unless my interest rate goes down im transfering? Only slightly better worded?!
-=EDIT=-
Ive just paid off £360 off my barclaycard :j

bananakinz

Yep, exactly - you've got enough space on your other card to move it if they call your bluff! Then see if you can transfer without incurring the fees or lower the transfer rate!

bananakinz

Just seen your edit - well done!