We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply
Transformer
WatFanker
Posts: 7 Forumite
Hi everyone,
Following a year of spiraling out of control, I have incurred a debt of 4k on a credit card. You've probably heard it before on here, but I have struggled with a gambling addiction for 10 years. I won't go into the specifics of it, but this is the latest position I find myself in. I am now 6 months without a bet, and now feel ready to tackle my debt, and begin to save again for my future.
The interest is quite high, but due to a poor credit rating, I doubt I will be approved for any balance transfer.
Anyway, I take home £1415 / month after all deductions and living with parents will allow me to save £250, towards a house deposit, and also pay off £600 or more each month towards my credit card debt. This is provided that I am sensible and disciplined with my spending.
I have a list of things that I wish to buy, such as shoes as my current shoes have holes in them, but don't know if I should be buying these things and just adding to my debt.
The ultimate aim is to pay off the credit card and then focus on raising £10k in total to allow me to move into my first home.
I have already sold everything that isn't nailed down, but I would love to hear from others of ways to generate more income or cut down spending in other areas.
I'd love to have the credit card paid and savings of at least 4k by the end of the year, but that really is ambitious. If I'm in that region I will be delighted. Once the credit card has been paid off in full, I will destroy it. I will only spend money that I actually have (with the exception of a mortgage).
Anyway, I will try and squeeze every last penny out of my salary and live well within my means for a year or so to drastically improve my situation.
Following a year of spiraling out of control, I have incurred a debt of 4k on a credit card. You've probably heard it before on here, but I have struggled with a gambling addiction for 10 years. I won't go into the specifics of it, but this is the latest position I find myself in. I am now 6 months without a bet, and now feel ready to tackle my debt, and begin to save again for my future.
The interest is quite high, but due to a poor credit rating, I doubt I will be approved for any balance transfer.
Anyway, I take home £1415 / month after all deductions and living with parents will allow me to save £250, towards a house deposit, and also pay off £600 or more each month towards my credit card debt. This is provided that I am sensible and disciplined with my spending.
I have a list of things that I wish to buy, such as shoes as my current shoes have holes in them, but don't know if I should be buying these things and just adding to my debt.
The ultimate aim is to pay off the credit card and then focus on raising £10k in total to allow me to move into my first home.
I have already sold everything that isn't nailed down, but I would love to hear from others of ways to generate more income or cut down spending in other areas.
I'd love to have the credit card paid and savings of at least 4k by the end of the year, but that really is ambitious. If I'm in that region I will be delighted. Once the credit card has been paid off in full, I will destroy it. I will only spend money that I actually have (with the exception of a mortgage).
Anyway, I will try and squeeze every last penny out of my salary and live well within my means for a year or so to drastically improve my situation.
Initial Debt Barclaycard - £4,000
Total Paid - £0
Remaining Balance - £4,000
Total Paid - £0
Remaining Balance - £4,000
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards