Can't seem to escape this debt

Omg

Hi all,

Been lurking on this forum for ages and its often such an inspirational read. I see posts from others and it gives me a positive boost to get debt free but I never seem to do it. All my available credit is maxed out, I pay the minimums on everything, i got paid this week and already £840 has left my account on its way to payday-sharks. I seem to spend everything I have every month and have been stuck in the gradually increasing payday lender trap for about 6 months now.

I don't know where I'm going wrong because I earn a pretty decent wage but it just seems to fritter away and my level of credit card debt has been the same for about a year.

I've been working for a good 15 years of my life with nothing to show for it!

StressedSteph

Hi welcome to MSE

I am sure there is a way out, there usually is.

Best place to start is by completing an SOA (Statement of affairs)
This will help the good folk on this website to help you cut back and maximise the amount of money you can throw at your debts.

http://www.stoozing.com/msoc/soacalc.php

You will be surprised at how much help this website can be.

Welcome xxx

LadyV2508

Good evening to you and well done on taking the first step to tackling your debts, the first step is always the hardest!

My advice would be to firstly look at your outgoings and see where cutbacks can be made - if you share your outgoings with us on here there are some great people who can advise you what to do and where cutbacks can be made.

You need to cut things back to a bare minimum in terms of spending - see if you can free up any spare cash at all (or look at possibilities of earning extra money) and throw whatever you can at these debts.

The buzz of spending will soon be replaced by the buzz of saving and being in control of your debts - its not an easy ride but we are all here for help and support!

StressedSteph

LadyV2508 wrote: »

The buzz of spending will soon be replaced by the buzz of saving and being in control of your debts - its not an easy ride but we are all here for help and support!

I would never have thought this is true, but it is. I had to draw out £20 tonight to pay a bill and I was REALLY annoyed as it ruined on of my NSD (No Spend Days).

LadyV2508

Haha im exactly the same, i love getting through a day without spending anything! :rotfl:

Omg

Wow thanks for the quick replies. I know I overspend, in particular with the groceries. I will go through my list of direct debits and card bills later tonight and fill in an SOA. I'm dreading the outcome though!

MrsPorridge

Omg check out the old style moneysaving boards on here - especially the ones around meal planning and shopping. When I plan my meals I save a small fortune. Even if you work all day you can still cook meals from scratch - and many in less time it takes to get a take-away.

National_Debtline

Hello there.

You'll find a world of help, advice and support right here on the MSE forums; you've certainly come to the right place.

To help you further, we've written a guide to dealing with debts which you can download here:
http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#4

We've also a guide to dealing with payday loans, you can find it here:
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=41_payday_loans

Best wishes,

David @ NDL.

asparagus1968

Hi there,and welcome

if its groceries that you over spend on try:

going through cupboards/fridge/freezer and make a list of EVERYTHING

concoct a weeks meal plan based on what you have in

make a list of what you need to top that up

go shopping later in the evening when there may be reductions

try and stick to the list though!!

downshift a brand (read martin lewis' guide)

join in the grocery challange

phew, bit of a list there,sorry.

good luck!

LadyV2508

Yes you will notice a real difference if you switch to the "basic" range at supermarkets and start buying your fruit and veg etc from a little shop if you have one near you. Personally i find ordering my grocery shop online works out cheaper for me becuase im not tempted by all the goodies i see at the superkmarket!

If you set a little bit of time aside to make things such as soups and pasta dishes you can make them in bulk and then have them through the week - i also like to bake a nice cake on a Sunday night and take a slice each day to work with me as a little treat with a cup of tea! :drool:

vasseur

Omg wrote: »

Wow thanks for the quick replies. I know I overspend, in particular with the groceries.

It's easily done because I used to be the same. Fortunately it's also one of the easiest things to make cutbacks on. You have been given some great advice from the posters above. Check out your local A1di and Lid1 if you have them near you, meal plan for the week and go with a list. I have saved a fortune this way.