Totally Fed up with been in debt out of debt in debt............

LS7

Hi, This is my first post so sorry if it is in the wrong place.

I currently owe £1500.00 on my credit card which i am hoping it will be paid off by the end of June 2012. The Problem im finding is i order things off the internet and alot off itunes (Which i have spent a fortune on), i seem to have a care free attitude when i have paid everything off but then i go and spend again on my credit card and then it a hard slog to pay it off im not overdrawn in my current account and i dont owe on anything else.

Im scared to give my cc up in case i need it for emergencies am going on holiday soon and want to take it on holiday what is the best thing to do give it up get rid???

Thanks Inadvance
xx

foxgloves

It all depends on what you see as an 'emergency'. When I was in debt & still spending & failing to do any budgeting, I would have thought that all sorts of things counted as 'emergencies'....for example....seeing a reduced pair of boots & not having the cash on me, being invited out for a meal or weekend away with friends when I really hadn't got any money left for that month, buying things for the house, needing a present for somebody,etc, etc. Now that I've paid back all the debt & have become good at budgeting, I would only use my emergency credit card for real emergencies.....such as (before I managed to put a small regular amount of cash away each month) an unexpected car repair bill, water coming through the roof, that sort of thing. One of the most useful things to get & keep us debt-free has been (& still is!) "If it has to go on a credit card, or I need to take out a loan or go into overdraft to buy it, then that's not my money, that's someone else's, so I obviously can't afford it". So, in answer to your question, if you don't think you can trust yourself not to keep using your credit card for internet shopping & non-emergencies, then probably better to cut it up. If you genuinely mean to pay it off, then keep it only for real emergencies & can be strong, then keep it.....but you'll neeed to be strong.

WeBeBroke

Put your cards in a tub of water and freeze in the freezer?? This is something that's been suggested here before and on the Superscrimpers series. So you have to wait for the ice to melt before you can use it...
Don't know if it affects the card in any way though as I haven't tried it myself!
Another thing is to try and change your habits as suggested by foxgloves. It takes a different mindset to maintain your debt-free status than it does to pay off your debts. Essentially there's no 'debt-free date' to aim for so you are less motivated.
Maybe you could replace these with a 'blow the whole lot on clothes/treats/whatever you fancy- date' instead? So you could put small bits of money aside and then go on a spree - once the money is gone, it's gone but there's no guilt as you've budgeted for it!


Wish I could do this myself but have to get the debts down first.......:o

Verbatim

Before freezing cards put into a watertight plastic bag!

LS7

ARRRRGGGHHHHH, i feel totally fed up!!!!
CC gone up to £2367.63 from £1500.00 i have paid off £368.72 and got part of my wages £500.00 at end of this month to be paid off but thats still £1498.91 plus i will have the interest to pay as well, im transferring £500.00 per month from my wages straight to pay cc off so thats going to be end of July which seems ages away sorry for the moan i know its not thousands and thousands i owe but i had my reality check just see it has its been pointless spending not really needed the items but because its not actuall money and thought oh put it on my cc but now its taking forever to pay it off. I know if i put my mind to it and pay my cc off i will be alot better off, im on a good wage live by myself and hoping to save for a new kitchen and garden gates, again sorry for the moan just feel unhappy at the moment ;( xx

niksyg

LS7 - it could be worse, you could be spendng without a care in the world and not even having a moan on here...so, it obviously is something you want to sort out, otherwise you wouldn't be doing anything about it.

I had an overdraft that I used to use in the same way...I paid it off this week and have closed the account down. If it's a real emergency...and I mean REAL emergency like car falling apart or house falling down then I will talk to my bank and sort out a loan or extended over draft to sort out that particular emergency...but then it will be paid off and I'll have the facility removed. I think that we all try and keep these cards/overdrafts for 'emergencies' and are then justified to keep them open, creating a temptation that is just too much for us to resist.

I know how the 'oh, I'll just stick it on my credit card' syndrome feels and when you get the bill and see how it all adds up, it's frightening!

Get rid of the card, you actually don't need it....you just want it and are justifying it by labeling it 'emergency fund'.

You will feel much better afterwards, I am sure!

LS7

niksyg thank you, i think after much debating shall i shant i get rid of my cc im thinking even though its scaring the hell out of me to get rid of my cc i dont want to been paying off pointless spending i would rather be saving up and paying in full and get some satisfaction of what ive brought!

So the question is do i just shred the cc or do i go into the bank and tell them i dont want the card and will cancel the account as soon as its paid off


Thanks in advance
xx

glasgowsaver2011

Best thing to do is to phone up and close your accounts.

Pay back the minimum plus whatever else you can over the next few months

Like a lot of us emergencies become " I just needed a treat"

Next thing you know the credit card balance is getting higher not lower.

glasgowsaver2011

LS7 wrote: »

niksyg thank you, i think after much debating shall i shant i get rid of my cc im thinking even though its scaring the hell out of me to get rid of my cc i dont want to been paying off pointless spending i would rather be saving up and paying in full and get some satisfaction of what ive brought!

So the question is do i just shred the cc or do i go into the bank and tell them i dont want the card and will cancel the account as soon as its paid off


Thanks in advance
xx

No phone them up

cancel over the phone.

do not let them persuade you to keep it open.

Close the account now.

It will stay open (but you will be unable to use it)

Until it is paid off

niksyg

Agree with Glasgowsaver -

1. Cut it up
2. Phone them up and cancel
3. Ignore their pleading ways to keep it open
4. Have account closed
5. Pay it off
6. Be happy!!