Is there a way out?

MarieGxx

Hi everyone i'm hoping this is the right place.

I have a barclaycard, and my credit limit is £1000 which i have already reached. I'm doing my best to pay off what i can, and have a direct debit set up for £15 each month.

It feels like it will never end, i have severe depression and it just makes me feel like i'll but stuck with this till the day that i die. I honestly wish i hadn't been so stupid in the first place.

I don't know what else i can do,because it could take me up to 6 years or more to pay my debt off and that seems like a lifetime.

I've already thought about cutting down on as much things as possible to be able to pay more off on my barclaycard. I.e not going out, stop smoking, not buying christmas presents etc. I'm just so confused

iolanthe07

Stopping smoking would be an ideal good start. You could throw money that is literally going up in smoke (and damaging your health) at your credit card. £1000 isn't huge in the scheme of things, and you could quickly get it down. How much does your smoking cost each month?

MarieGxx

Roughly about £30 a month i spend on the smoking, i need the will power to stop and get my butt into gear. I know it's not a lot in the scheme of things, but i hate the idea it could hang over my head for a long time.

fermi

As said on the other thread, think about posting an SOA.

DFW Newbies Guide: Challenges, Honour Roll, Nerds, SOAs & Where to start!

There is plenty of help here, Plus there is the rest of the site/forums where you can find ways to save money and clear this quicker, or even make some extra each month to help get it down.

SnowTiger

MarieGxx wrote: »

Roughly about £30 a month i spend on the smoking, i need the will power to stop and get my butt into gear. I know it's not a lot in the scheme of things, but i hate the idea it could hang over my head for a long time.

Presumably you mean you've set up a Direct Debit (standing order?) to pay an additional payment of £15 a month on top of the minimum payment, because I don't think £15 a month would be enough to cover that.

Anyway, how about this as an incentive and perhaps to make you feel a little better?:

Go to http://www.whatsthecost.com/creditCard.aspx, tap in your outstanding balance, the current APR on the card and the minimum percentage of the outstanding balance you need to pay off every month (Google suggests it may be 2.25%) and see what you get.

Looks pretty depressing, doesn't it? Now opt to pay an extra £45 a month (the extra you intend to pay plus your fag money). I don't have your figures at hand, but I suspect you could get rid of the whole thing is less that two years.

And you could pay it off even faster if you throw every spare penny you have at it.