The start of the change

OneLife_OneShot

iwishidbeenmoresensible wrote: »

I really need to move my debt onto 0%. Problem is, I can't believe anybody would offer me more credit with the amount of debt I'm in.

Any suggestions welcome.

I'd love a 0% card but it will be a year before I can get one I am just concentrating on paying off as much on my CCs as I can.

miketaff1408

iwishidbeenmoresensible wrote: »

It's 1:30 and I can't sleep. I can't believe I'm 17k in debt. This is horrible. What have I done. :-(

If you have truly had your LBM then you MUST be disciplined enough to have no holidays until the debt is paid off. Plus your entertainment budget could be halved (or more!)

Reduce your gifts and present budget as well. £480 a year on presents is too much with your current debt levels. Explain to your loved ones your present situation and I am sure they will be more than happy for you not to buy a Birthday/Mothers Day gift etc. What about £10?

So that would be an extra £100 + £50 + £30 = £180 extra per month to throw at your debts.

iwishidbeenmoresensible

It really does all add up. I suppose that's also how I got into this mess!

Thrifty_Pixie

i highly doubt anyone will give you a 0% card or even a consolidation loan (although i wouldn't recommend this anyway) with your debt to income ratio.

therefore what i would suggest:

cut out your holiday fund: £100pm
cut your entertainment fund :£50pm
plus excess as per SOA: £527.50
makes a total of: £677.50 towards your debts each month.

having said that i would advise you keep a spending diary as i suspect your SOA isn't exactly accurate when you add a few things like toothpaste, snacks etc.

use the snowball calculator, list all your c/cs in interest descending order and throw all excess money at them one by one...cutting up the cards and closing accounts as you go!

foxgloves

Agree that having a holiday fund is a luxury while you need to clear this level of debt. Many people have trodden the same path as you. Consolidation loans rarely help a debt situation as the old behaviour generally continues. I don't say this in judgement. We consolidated 3 times before we decided to change & continued to run up cards/overdrafts. You have a choice now. You can cut the expenses previous posts suggest & throw everything at your debts or you can panic a bit, feel stressed but not really turn it into any practical strategy. As your debts start to reduce, you will feel more motivated. You have obviously spent a lot of money....if you have anything to show for this that can be sold, do get it on ebay, every little bit of extra money made is another potential debt payment. For this to be successful, you need to make yourself a budget every month when you get paid & stick to it like glue. Every £1 saved on the most boring everyday things will add up. As you are able to live rent-free at your parents', make the most of this by committing to living a couple of very frugal years. It'll be worth it to clear this lot & start again. Remember that if you don't turn your plans into a budget, though, you are likely to slip, as without that, money has a nasty habit of leaking away. Good luck with it all.