Scared to give up credit cards

Red_Helen

Hi all,

I have been lurking around here for sometime and thought it was about time I stopped burying my head in the sand and started to get my finances straight.

My situation is that I had to change jobs (which was on my doorstep) Thankfully I managed to get a new one. The trouble is, it's further away than my last job and I am therefore paying out more in petrol to get here PLUS I don't get any bonus with this job so while my basic salary is exactly the same, my outgoings have increased. On top of this, my mortgage provider has just increased their rate. to be honest, I have been spending on credit cards for some time, and although I (kind of) didn't realise (or didnt WANT to realise!) I have mainly been putting essential items on the cards (petrol, food, vets bills) and now I find my self in a situation where I have run up quite a bit of debt and am paying an awful lot in interest. I havent missed any payments, but am mainly just paying the minimum.
I know in my heart of hearts I need to sit down and contact the CCCS, but I am worried that once I have done this all my "safety nets" will be gone - ie; my credit cards. I keep thinking "what if there's an emergency bill like a washing machine repair or emergency dental treatment needed" - the credit cards are there as reassurance for me - so I dont know whether to continue to live as I am or to contact the CCCS and arrange a DMP.

I feel a bit silly really. If I hadnt run up so much debt on these cards I would be OK. any advice would be gratefully appreciated.

Thanks

Deep_In_Debt

Hi

Well done for posting.

CCCS will allow a budget for emergencies and dentists. I have gum disease so have some expensive dental bills from time to time and CCCS have allowed for this in my budget. They will also allow an emergency budget for things like washing machine repairs etc.

Good luck.

talisker78

Don't be scared and you are not silly!

Giving up your 'safety net' and the credit cards is a big step. CCCS will sit down with you and work out all you ingoings, outgoings etc. including an emergency fund so that you will always have that.

You clearly know what you need to do and its always the first step that is the hardest. Personally, I was in your position one year ago and I didn't go for the DMP. Instead I continued paying the minimum and I think I ultimately managed to pay back about £200 of debt and racked up over £2000 on interest. Everyone situation is different, but i wish I had taken a DMP earlier.

You can see where it is heading if you keep putting the basics on credit. You are clearly a very sensible person and the fact that you are thinking about CCCS and a DMP shows you have taken the first step already. If you can let go of the credit cards, you will find that you will manage and even have money aside for emergencies - that hopefully will never happen!

Good luck

lizzy23

Red_Helen wrote: »

Hi all,

I have been lurking around here for sometime and thought it was about time I stopped burying my head in the sand and started to get my finances straight.

My situation is that I had to change jobs (which was on my doorstep) Thankfully I managed to get a new one. The trouble is, it's further away than my last job and I am therefore paying out more in petrol to get here PLUS I don't get any bonus with this job so while my basic salary is exactly the same, my outgoings have increased. On top of this, my mortgage provider has just increased their rate. to be honest, I have been spending on credit cards for some time, and although I (kind of) didn't realise (or didnt WANT to realise!) I have mainly been putting essential items on the cards (petrol, food, vets bills) and now I find my self in a situation where I have run up quite a bit of debt and am paying an awful lot in interest. I havent missed any payments, but am mainly just paying the minimum.
I know in my heart of hearts I need to sit down and contact the CCCS, but I am worried that once I have done this all my "safety nets" will be gone - ie; my credit cards. I keep thinking "what if there's an emergency bill like a washing machine repair or emergency dental treatment needed" - the credit cards are there as reassurance for me - so I dont know whether to continue to live as I am or to contact the CCCS and arrange a DMP.

I feel a bit silly really. If I hadnt run up so much debt on these cards I would be OK. any advice would be gratefully appreciated.

Thanks

hello, this was exactly us just meeting the minimum and not actually paying anything off, i woke up one morning and realised that i had to take my life back, we were existing not living.
My hubby was the same about losing his cards, he kept saying what if the van breaks down, or what if the car breaks down we have nothing to pay for it with , so when i have done our outgoings for Debt remedy i have included the maximum that cccs will allow for these things and i have also included things i don't spend money on, in addition this month i have sent token payments to my creditors and i intend to save the money i would have sent them as an emergency fund to get us started, hopefully doing this will put us on an even keel to start with.

Yes its scary, as i said to the lady at CCCS this morning it scares the poo out of me, but i can't go on like i was anymore.
Give them a call and have a chat and good luck with it

Mort

Red_Helen wrote: »

I have been spending on credit cards for some time, and although I (kind of) didn't realise (or didnt WANT to realise!) I have mainly been putting essential items on the cards (petrol, food, vets bills)......
I havent missed any payments, but am mainly just paying the minimum.

The credit cards are not your safety net, they are a millstone around your neck.

Prior to my LBM we were doing exactly the same sort of thing, buying the weekly shop on credit etc... It is hard to make the adjustment and ditch the cards but it is worth it. As was starting a DMP.

thehappybutterfly

Since entering into a PTD, our monthly debt payment is more or less the same as when we had creit cards and loans except there are no interest or charges so are much more manageable but the best thing? No credit cards. And it's so liberating and the best feeling ever! I will NEVER get a credit card again - not even for "points" etc. They certainly felt like a safety net at the time but they weren't - like Mort say, they're a millstone.