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2012 - It Starts Here
MiddleWill
Posts: 13 Forumite
People,
I've been a casual reader of this forum for a while. But I've been putting off the day I eventually sign up and begin dealing with my situation.
I'm 22 and have accumulated through a four year university course a credit card debt total of just over £10,000 excluding student loans - to save me from a heart attack.
How does a student expose himself to so much credit you may ask? Well, that's simple. In my third year I began an industrial placement and acquired a few credit cards. This was firstly to purchase a few luxury goods for the first time in my life, where I had the intention of paying it off later - as is the case with most people, I imagine.
Upon going back into education, I realised despite my part-time job (I've been working since 16) and being one of those students who is too rich for grants and too poor to get money from Daddy, I had to use the credit and haven't been able to make an effort to pay off since (due to rent and living).
So what's the situation today? I now have a First Class degree and currently on a graduate scheme with a huge US company. That's the good news. I also have 4 credit cards and an interest free overdraft. The latter is no longer interest-free after 2013 (so we'll ignore that for now) and the former is a little more complicated.
£6k with NatWest and interest-free until Sep-12
£1.5k with RBS and interest-free until Sep-12
£2.5k with Halifax and paying interest.
£500 with NatWest Student Card and paying interest.
Let the games begin.
I've been a casual reader of this forum for a while. But I've been putting off the day I eventually sign up and begin dealing with my situation.
I'm 22 and have accumulated through a four year university course a credit card debt total of just over £10,000 excluding student loans - to save me from a heart attack.
How does a student expose himself to so much credit you may ask? Well, that's simple. In my third year I began an industrial placement and acquired a few credit cards. This was firstly to purchase a few luxury goods for the first time in my life, where I had the intention of paying it off later - as is the case with most people, I imagine.
Upon going back into education, I realised despite my part-time job (I've been working since 16) and being one of those students who is too rich for grants and too poor to get money from Daddy, I had to use the credit and haven't been able to make an effort to pay off since (due to rent and living).
So what's the situation today? I now have a First Class degree and currently on a graduate scheme with a huge US company. That's the good news. I also have 4 credit cards and an interest free overdraft. The latter is no longer interest-free after 2013 (so we'll ignore that for now) and the former is a little more complicated.
£6k with NatWest and interest-free until Sep-12
£1.5k with RBS and interest-free until Sep-12
£2.5k with Halifax and paying interest.
£500 with NatWest Student Card and paying interest.
Let the games begin.
2012 Targets
Halve Debt - £0 / £5,000Saving £2k - £0 / £2,000
Investing £1k - £0 / £1,000
0
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