How to get started

One_Eye_3

Hi,

I wouldn't describe myself as being terribly in debt rather I'm in a state of being in perpetual debt. Ever since I was a student 7-8 years ago I have had an over draft of £1500 and a few other little bits no more than £2000 in total but the problem I have is I'm a bit of a yo-yo dieter but of the debt world. I clear my over draft and then very quickly end up in the red again. I asked the bank about agreeing to close down my over draft a bit at a time but they weren't that keen. I also worry that I shouldn't get rid of it as it would be useful in an emergency. The trouble is I always spend up to my limits.

My question is whats the best way (I know its obvious, spend less money!) to get started to being debt free? Should I work out a budget or just go cold turkey or what?

Thanks

National_Debtline

Hi OneEye

Doing a budget or SoA (Statement of Affairs) as it's more commonly known on this forum is definitely the way to start. Going cold turkey is fine in theory but if it were that simple you know you'd have done it by now! It sounds as if the bank is more than happy to let you perpetually run the overdraft as it's no doubt very lucrative for them.

If you want to put up your SoA here for feedback and suggestions, try this:

http://www.stoozing.com/calculator/soa.php

Regards

Dennis @NDL