Newbie 6k debts, where to start?!

Girlfriend-in-a-coma

Hello everyone

After ages and ages of reading through the forum I have finally decided to join and make a concerted effort to do something about my debts!

I am a 26 yr old woman, a teacher, and as my username suggests I have sleep-walked into more than £6,000 worth of debt, just from being a student, letting things slide, being dim and not understanding numbers brilliantly. :eek:

The reason I have decided to do something now is basically because, for the first time ever really, I am in love and have found someone I want to build a proper life with and have children with. and to buy a flat with (one day!!) And to do that I am going to need cash!!

So really as a first time poster, long time reader, I am looking for some advice. My credit rating is, I would imagine, okay. I was only turned down for credit once and that was 2 yrs ago for a credit card with an APR better than I deserve. So- as I want to be debt free in a year- what should I do? What's the best way forward for me, a loan, 0% balance transfer etc etc? I earn just over 30k and in theory am in a good position but I am terrible with money and always skint!!

Sorry if this in the wrong place, just excited and eager to get started. I have had my "lightbulb" moment! :):)

sarah_84

Hi!

I'm in a very similar boat to you! Similar age, similar debt, got myself into debt in the same way! Only difference is I've married the someone and we have kids and I'm pretty sure he's as bad as I am!

Maybe we can kick each other into action!?

loubie_lou

Have a look at this thread. We are all a friendly bunch and we are keeping each other motivated to pay off ALL debt in 2012.

https://forums.moneysavingexpert.com/discussion/3613807

Catslovelycats

Hi GIAC
Hope you don't teach maths!
People normally recommend you fill out an SOA to help you look at your budget before peeps give advice.
Someone here will post a link I'm sure!
All the best.

BitterAndTwisted

On your sort of salary you should be able to clear all of that debt inside 12 months quite easily. Without an SOA people will not be able to advise you, as no-one but you knows how much your fixed costs are. In your shoes I would cut out all non-essentials immediately for at least three months. No going out, no clothes, nothing and devote every single spare penny to your debts. Once you've seen how much of a dent you've made in it should provide enough motivation to keep going

Debt_free_by_2012

A statement of affairs is the best place to start. If you don't know where your money is going then start with a spending diary instead. I had a similar situation to you, £7k of debt on two credit cards. I used a 0% balance transfer to put it all under one roof. It made it so much easier to handle. If you can't get both onto a 0% then see if either halifax or b/card will offer one.
All the best.

Girlfriend-in-a-coma

Thanks for all the tips and friendliness! I am definitely going to try and get involved in this forum so I have motivation and make some new friends with similar aims. Here's to dealing with our debt! :-)