My name is Stackli and I'm in debt

Stackli

I'm a 33 year old civil servant working in central London and I admitted to myself I had a debt problem two nights ago. I knew I had a problem long before this but I kept my head in the sand. I feel so much better and have admitted to my Mum how much debt I have although she told me she has as much debt, but that is a worry for another day. I'm not going to do the exact details tonight but I owe £5000 in CCs and I have £12,000 left of a loan to pay off. This doesn't include my student loan which comes out of my pay packet - now down well over 50% to £12,000 but I don't think about that, I see it as another tax.

I have just moved to London following ten years living in a box room in someone else's house in Sussex. My commute to London was costing me £450 a month and I decided that it would be better to spend that money on renting nearby. I thought adding together that and the £370 I paid in rent for the box would be a doddle. Although I knew there were bills involved I don't think I really comprehended the scale of travel, higher car insurance, higher contents insurance and all the new things I'd need for living on my own.

All in all, I'm going to have £75 to live on a month - food, clothes, household stuff, petrol and entertainment. It'll be a challenge but I know I can do it.

I'm not going into it tonight but I pay back over £400 a month in loan and credit card fees. It makes me laugh (or cry), if I wasn't paying for a irresponsible decade in my 20's I'd be in a fabulous position. But there's no point in crying over spilt milk, despite the fact I have an anxiety disorder and often don't heed my advice!

I was meant to be going out with a friend tonight but I told her that I could only come out for one drink. In the end all my friends were so lovely, I'm reaping the benefits of being generous to others when I was reckless with my money (not sure if it will last...), I got a pint from a couple of them and then we went to Wetherspoons and I got food and a pint for £5.30. A far cry from the nights we'd go out in the week and spend £100. I then went back to my friend's flat and we drank her home brew.

I thought I was going to be struggling this month and be living on beans on toast but I got home to a CPP compensation cheque - £287.18. It means I can afford the £50 petrol to go and see my Mum this weekend for Easter - give her a huge hug and we can help support each other.

I'm so grateful for MSE for the motivation and just being here to support me.

NHS_worker_bee

Hello

Well done on your lightbulb moment. Don't even think about the student debt for now (I don't!) as that comes straight out of your pay-packet anyhow. Let's concentrate on the big stuff, we can do this.

I too would be in a great financial position now if I didn't spend so much of my income paying off debt. However, look at the positives, by living frugally we can afford to pay it off, which is a very good thing.

I think you definitely find out who your true friends are when you're honest about needing to spend less, it seems like you have been pleasantly surprised and have a good bunch of friends

Enjoy your Easter with your Mum - there are some things money can't buy. I will also be spending Easter with my Mum.

Good luck on your debt free journey