help me become debt free!! pleasee!!

steffyjane

hello I really need your help. I'm 24 years old and struggling with debt. it started when I was 18 when I got my first credit card. I now have 6-7k of debt and I'm struggling to find a way out, Iv just started a new job which I love but its only part time so I'm not going to be able to pay much off of my debts. I don't buy expensive or lavish items I have simply used credit to help me get by in the last 6 years as I have never been on brilliant wages. I am a coupon fanatic so I use coupons as n where I can. I don't know what to do now so I'm turning to the money saving experts for advice please. anything will be greatly appreciated thanks stef x

JHiggins91

First things first you've made a fantastic step forward acknowledging that you want to get this sorted. I'm the exact same age as you and have roughly the same debt, so I feel confident in saying that it can be done and that you're in very capable hands when it comes to support on here

You've mentioned there that you're a coupon fanatic which is great as that will save you money with regards to food etc, so that's a great place to be in.

I'd perhaps look at posting a statement of affairs to see exactly what you have going in and out each month, you mentioned it was a part time job but with this info I'm sure a lot of us will help you look at where you could potentially cut back and overpay on those debts!

J

DCFC79

How has the card debt got so high ?

Keep a track of the spending.

yasmin2

Post a statement of affairs - you will be surprised at how you can find ways to shave money off your monthly spend.
Then budget, budget and budget. Speaking from personal experience allocate yourself a small amount of treat money but others may advise differently. I personally find that if I am too strict with myself, I tend to have a massive splurge and then end up worse off than when I first started.
What did you spend that money on? Can you find cheaper/free alternatives? Did you spend when you were feeling low?bored? Can you pick up extra hours at work? Is a bar job possible and then you get to do something fun as well as hard work lol..
Sign up to a challenge or few.:D

Finally good luck and all the best. You will be wonderfully surprised at all the support and advice you get on this site. And it's also reassuring to know that you're not on your own.:)

AnotherJoe

JHiggins91 wrote: »

You've mentioned there that you're a coupon fanatic which is great as that will save you money with regards to food etc, so that's a great place to be in.

Yes but it can also be a bad thing if for example it becomes a reason to spend, eg "ooh I'll buy this thing I wouldn't otherwise because it's half price with coupons" or spending ten pounds to "save" five when you could have spend eight. So, don't let the coupon be the end, just a mean to an end.

JHiggins91

AnotherJoe is absolutely right here, hadn't thought about it that way before, so just make sure if you are using coupons it's when you had already planned to buy that item anyway and try not to fall into the trap AnotherJoe has outlined above

ReadingTim

steffyjane wrote: »

hello I really need your help. I'm 24 years old and struggling with debt. it started when I was 18 when I got my first credit card. I now have 6-7k of debt and I'm struggling to find a way out, Iv just started a new job which I love but its only part time so I'm not going to be able to pay much off of my debts. I don't buy expensive or lavish items I have simply used credit to help me get by in the last 6 years as I have never been on brilliant wages. I am a coupon fanatic so I use coupons as n where I can. I don't know what to do now so I'm turning to the money saving experts for advice please. anything will be greatly appreciated thanks stef x

The way out of debt is to spend less and earn more, and it seems like you've always have a problem with the 2nd part of that equation. I'm pleased that you've started a new job recently and that you love it, but love doesn't pay the bills - money does!

You therefore need to think of ways to up the income - a 2nd job, a full time job, maybe even a job you love a little less, but pays a little (or a lot!) more. How about getting additional qualifications (evening classes etc) so you can get a better job?

I'm sure you're not living the high life, but the harsh mathematical reality is that your income doesn't support your lifestyle, unlavish as it is.

National_Debtline

Hi

I agree with the others that posting a SOA up here is a good place to start. There’s a template you can use here:
www.stoozing.com/calculator/soa.php

Have you looked into whether you can get a 0% balance transfer credit card? There’s normally a fee to make the transfer but if you can have a year or two without paying interest you can start paying more off the balance each month.

James
@natdebtline