Have I done the right thing

rising_from_the_ashes

Id also suggest closing down all the accounts so you dont have access to them -so theres no risk of running them up again

Looking at your sig (which i appreciate you may not have updated) looks like youve still access to what im assuming was your total credit prior to you paying off the debts

It certainly wont help you when the time comes to get a mortgage

If you can trust yourself with a credit card - keep one with a low limit, use it for something like say your fuel spends and clear it in full each month - that will help you build your credit rating back up

enthusiasticsaver

I think you have done the right thing in paying off the debt but the way you have gone about it is secretive and could be damaging to your relationship both with your wife and your dad who gave you the money. I gave both my daughters money to go towards a property and I think I would be quite upset if I found out that it was used for another purpose altogether even though it does make sense to get rid of debt before taking on a mortgage.




The reason for this is mainly because on your income you should be able to live within your means and clearly you have not been, is the debt only yours or was it your wife's as well? Even if it was mainly you who incurred the debt your wife also needs to realise the extent of the debt you built up presumably between you. Clearing it in one fell swoop as you have means you have not gone through the learning curve of managing a budget and making the connection on how you fell into debt in the first place and making sure you do not do it again. I would come clean with both your wife and your dad and say you will be saving hard for the next six months and would hope to have the deposit then and hope for their understanding.
Good that you are getting to grips with YNAB and get rid of at least three of those credit cards so you are not tempted to fall back into bad ways.