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FlyingBlue

I started getting credit cards/overdrafts at 18 when I went to university, as I believed debt was 'normal', and everyone was in the same boat. Now, at 22, I'm tired of paying out money every month, being in debt, and living beyond my means.

Since January, I've cut up my credit cards, and replaced them with 1 debit card in my wallet (scary only having 1 card in your wallet after having multiple for so long), on a new bank account with no overdraft. I've turned down holidays (that I'd usually jump at and put on the card) and left my rented room to move back in with my parents rent free. I've tried to live within/below my means.

Here's what I owed on 1st January (this makes me cringe)

Halifax CC - £2000
CapitalOne CC - £800
BarclayCard CC - £3200
Halifax OD - £2000
NatWest OD - £1750
HSBC OD - £500
Littlewoods - £120
Total = £10,370

Today I've managed to get this down to

BarclayCard CC - £3000 (0% - 12 months remaining)
Halifax OD - £2000 (£32 per month)
NatWest OD - £1750 (0% - 12 months remaining/graduate a/c)
HSBC OD - £200 (19% I believe)
Total: £6,950

I've recently taken a large hit to my salary, after being let go from my job. I've managed to get part-time work whilst I look for something more permanent.

The drive and willingness of owing £0 is powerful. I didn't think getting out of debt would be a whole lifestyle change, training yourself to say no, I can't afford it, and buy now pay later is not the norm.

Reading this forum is interesting, and inspiring. Hopefully I'll see a few of you on the other side. For now, I've got to go to work to pay off that 2 weeks all inclusive I put on the credit card. :beer:

NHS_worker_bee

Hi FlyingBlue

I'm in a similar situation, I have found this forum hugely inspiring and am now converted to the 'lifestyle change' needed to get debt free.

You've already made a lot of progress since 1st January.

Keep up the good work!

Mrs_Arcanum

FlyingBlue wrote: »

I started getting credit cards/overdrafts at 18 when I went to university, as I believed debt was 'normal', and everyone was in the same boat. Now, at 22, I'm tired of paying out money every month, being in debt, and living beyond my means.

Since January, I've cut up my credit cards, and replaced them with 1 debit card in my wallet (scary only having 1 card in your wallet after having multiple for so long), on a new bank account with no overdraft. I've turned down holidays (that I'd usually jump at and put on the card) and left my rented room to move back in with my parents rent free. I've tried to live within/below my means.

Here's what I owed on 1st January (this makes me cringe)

Halifax CC - £2000
CapitalOne CC - £800
BarclayCard CC - £3200
Halifax OD - £2000
NatWest OD - £1750
HSBC OD - £500
Littlewoods - £120
Total = £10,370

Today I've managed to get this down to

BarclayCard CC - £3000 (0% - 12 months remaining)
Halifax OD - £2000 (£32 per month)
NatWest OD - £1750 (0% - 12 months remaining/graduate a/c)
HSBC OD - £200 (19% I believe)
Total: £6,950

I've recently taken a large hit to my salary, after being let go from my job. I've managed to get part-time work whilst I look for something more permanent.

The drive and willingness of owing £0 is powerful. I didn't think getting out of debt would be a whole lifestyle change, training yourself to say no, I can't afford it, and buy now pay later is not the norm.

Reading this forum is interesting, and inspiring. Hopefully I'll see a few of you on the other side. For now, I've got to go to work to pay off that 2 weeks all inclusive I put on the credit card. :beer:

Have you looked at changing to a basic bank account with a different bank? Currently you are paying nothing off the Halifax overdraft as you have the £1 per day charges all the time. £364 + a year would be better spent getting the debt down.

FlyingBlue

Mrs_Arcanum wrote: »

Have you looked at changing to a basic bank account with a different bank? Currently you are paying nothing off the Halifax overdraft as you have the £1 per day charges all the time. £364 + a year would be better spent getting the debt down.

Hi, thanks for the reply. I'm not sure entirely what you mean, but I've already switched banks so no longer use Halifax. I haven't paid any off the Halifax overdraft as unless I throw the full £2k at it, then I'll still cost me the same, so it seemed it was worth paying off credit cards before that overdraft, particularly the Halifax CC, as the APR was huge.

I doubt I'd be able to get another overdraft to pay off Halifax, as my debt to income ratio would probably mean most banks wouldn't lend me a further 2k, like Nationwide (free overdraft).