One thing that is worrying me tonight is the vicious circle we are in. Husband told me tonight that we are paying a grand on our two credit cards each month but this is simply paying off the interest. And it's actually going up because our debts are going up each month. It just seems so frustrating that we are paying off a grand purely in interest. Husband says no other credit card with 0% interest will touch us because of all our debt. Feels such a vicious circle : (( and I really don't see any way around that. If we are simply paying off the interest our debts will never go down at all. Despite all this hard work.
Have you/he actually applied for balance transfer credit cars, or is this just what he thinks?
Do you have any empty credit cards that do balance transfer offers? Or have a look here about balance transfers and the eligibility checker - it doesn't hurt to try.
However, if it really is the case that you are throwing money at the credit cards and most of it is being swallowed up by interest, then is the time to start looking at more formal debt solutions like a debt management plan, because otherwise, you could spend years trying to pay off the credit cards and get nowhere.
Thanks Catwoman - husband seems to think that simply applying for credit cards and being turned down somehow impacts on our credit history. He is therefore reluctant to try. Our credit history is squeaky clean and we are determined to keep it this way because ultimately a mortgage is the final goal. DMPs would kill that dream forever, despite how far away it seems at the moment. Will do everything we can at the moment to avoid more formal solutions.....
So husband is correct - and I expect everyone knew that apart from me. I have looked at the elegibility checker but am too scared to try it - just in case it does actually get noted. DMPs are also not an option as husband would lose his job - they don't hire anyone with bad credit history. It would just make life terrible. So we need to do this on our own. And do it we will.
Husband says he has some kind of plan. He said he could take a temporary loan for some of it from the company and pay off the credit card. He could then juggle some of the rest onto the other card - then get a new card and put the money back into the company accounts. It all sounds terribly messy but the thought of spending a grand each month on interest is so depressing. Husband says this isn't the solution - we just need to make another 20 grand a month and pay it off. Sigh. Head still firmly buried.
Question - if I decide one day I shouldn't have written this diary am I able to delete it? Just a little worried about writing everything on here and yet it is such a great place to come and vent. But worried about making a permanent footprint on the internet......
Hi Anna, would never dream of taking out more credit - just trying to think of a way of getting our debts onto an interest rate of 0%. That way we can pay off some of the debt rather than just £1,000 of interest each month.
Hi FT, have followed you over and subscribed! Wishing you all the very best.
So with your husband's plan to bring in an extra £20k does his plan include how to not only pay off the debt, but to stay out of debt and also save for the future?! It seems to me that even if this £20k appears all of a sudden, that the moment the debt goes, he expects to carry on as now and the vicious circle you spoke about earlier regarding another matter, will manifest itself in this way.
I know it will be hard for you; I know you will either wish to bash your own head against a wall or very much bash his head, but keep plugging away. In hindsight I wish I had done more to reduce my debt quicker than I am doing, but I know I will be debt free in 4 years and I very much hope to bring that down to less than 3.
Keep focussed; know that what you are doing is for the best, even if OH doesn't. He might continue to rail against you and your plans until you are debt free or one day he might suddenly join in. Either way, if you continue and don't give in to him (don't let the cleaner compromise become the norm for every money saving issue!), you can remain positive in getting out of debt. I know I am, even when I see £300 per month going on paying my creditors rather than saving, but I know it will go!
Even knowing what I know and having been on this site for getting on for 10 years, you have inspired me! I spoke to my OH this weekend and with us both knowing that we want to save to buy a house, there is more we can do to keep our spending in check each month, so from today (new month and all that!) I'm going to keep a record of what we spend each day and see where we can save more.
FT; Keep Going - after all your hard work over the last week, you deserve to succeed in your goals!
QBxx
Official DFW Nerd Club #20 :cool: Proud To Be Dealing With My DebtsDFW Long Hauler #109
Slowly, Slowly = Oct '09: £30693, Aug '15: £14820. Could Be Debt Free April 2020, but hoping for sooner!
Thank you for your lovely, lovely post. You are obviously an expert in this field compared to me so your post really did make an impression. Thank you! And yes, I really will work as hard as I can. I just wish we weren't spending a grand on interest each month. That hurts!!!!!
Replies
Have you/he actually applied for balance transfer credit cars, or is this just what he thinks?
Do you have any empty credit cards that do balance transfer offers? Or have a look here about balance transfers and the eligibility checker - it doesn't hurt to try.
http://www.moneysavingexpert.com/credit-cards/?tab=sect1
However, if it really is the case that you are throwing money at the credit cards and most of it is being swallowed up by interest, then is the time to start looking at more formal debt solutions like a debt management plan, because otherwise, you could spend years trying to pay off the credit cards and get nowhere.
Well done on talking to the in-laws and the car...
Keep on with what you're doing - whatever you do DON'T take out more credit
x
So with your husband's plan to bring in an extra £20k does his plan include how to not only pay off the debt, but to stay out of debt and also save for the future?! It seems to me that even if this £20k appears all of a sudden, that the moment the debt goes, he expects to carry on as now and the vicious circle you spoke about earlier regarding another matter, will manifest itself in this way.
I know it will be hard for you; I know you will either wish to bash your own head against a wall or very much bash his head, but keep plugging away. In hindsight I wish I had done more to reduce my debt quicker than I am doing, but I know I will be debt free in 4 years and I very much hope to bring that down to less than 3.
Keep focussed; know that what you are doing is for the best, even if OH doesn't. He might continue to rail against you and your plans until you are debt free or one day he might suddenly join in. Either way, if you continue and don't give in to him (don't let the cleaner compromise become the norm for every money saving issue!), you can remain positive in getting out of debt. I know I am, even when I see £300 per month going on paying my creditors rather than saving, but I know it will go!
Even knowing what I know and having been on this site for getting on for 10 years, you have inspired me! I spoke to my OH this weekend and with us both knowing that we want to save to buy a house, there is more we can do to keep our spending in check each month, so from today (new month and all that!) I'm going to keep a record of what we spend each day and see where we can save more.
FT; Keep Going - after all your hard work over the last week, you deserve to succeed in your goals!
QBxx
Slowly, Slowly = Oct '09: £30693, Aug '15: £14820. Could Be Debt Free April 2020, but hoping for sooner!