I want to stop drowning

debtaghh

motivated wrote: »

:hello: Debtaghh

Glad you are back and never threw the towel in. As tempting as it is (believe me I know) keep going. You are definitely going in the right direction regardless of speed.

I think me and you take turns on being up and down.

Fingers crossed your new positive change will come soon

Keep your chin up
M
X

Thanks. Totally agree about taking it in turns.

debtaghh

Hi,

Made another payment today and pegged washing out.

I'll know more about this extra money next week and then I'll do a new soa.

It definitely helps not thinking of my debt as a whole and I say this on here a lot but sometimes I forget this and that's when I get down.

My target is to clear my Tesco credit card - £7007 as that is only on a short term 0% deal. I'll add that to my signature.

[Deleted User]

Sounds like a great first step! Hope you're doing ok.

debtaghh

Morning,

I've had a few changes since I've last posted. I've paid my mum back a small lump sum so the credit card debt has gone up but she needed it. I potentially have a second job, will know def next week. It will bring in an extra £200 approx per month. This should really help our monthly shortfall. Once I find out that this is definitely, I will post an soa.

I am slightly panicking as I have several credit cards with deals coming off. I'm finding now a-days they are offering less deals and even when they do offer them they are for no where near as long. Not sure what credit card I should now be focusing on!

[Deleted User]

Hi debtaghh, good to hear from you. Hope the job works out for you!

As for which credit card to pay off first - is there one that will run out soon that doesn't have a huge balance on it? If so, that's probably a good place to start as they're likely to offer you another deal once it's been paid off. If you post an update on what credit cards you have, with what interest and what deal terms, we could have a look and advise?

wishingthemortgaheaway

Although the credit card debt has gone up, I've always thought, and sometimes said, that it's the family debt that is causing you the most stress and is a massive strain on you.
How much more family debt is there to go?

Good luck on the new job.

debtaghh

wishingthemortgaheaway wrote: »

Although the credit card debt has gone up, I've always thought, and sometimes said, that it's the family debt that is causing you the most stress and is a massive strain on you.
How much more family debt is there to go?

Good luck on the new job.

We still owe them thousands including two credit cards under their name

debtaghh

Hi,

Here goes:

Nuba: £5299- 4.9%until Feb 2022
DH Tesco - £4500-0% March 2020
Tesco- £7652- lots of offers but all off 0% March 2020 ( some off from
Oct 2019)
BC-£10251- half 0% July 2020 - £1400 paying interest now (10.2%) the rest on offer until July 19
Halifax - £6554- 4.9% Dec 2020
MBNA- £13494 - 4.9% life of balance
DH BC- £9160-6.9% life of balance apart from £1359 which is interest (20%)

Family credit cards:

Lloyds- £2435- 0% until Oct 2019
MBNA- £4170 0% March 2022

I need to first focus on the bc that's being charged interest but then what? I'm reluctant to focus on my BC as the I test rate is only 10% where as all the others will end up being double that when their promotion ends.

[Deleted User]

I'd possibly start with your OH's Barclaycard and pay off the £1359 that incur interest. That'll give you a nice little interest saving each month.
Then I'd tackle the Lloyds one next, because that is one that you can actually close off altogether when it's done which will give you a nice morale boost.
However, regardless of interest, if the Lloyds one is one of the family cards, I'd probably tackle that one first despite not having any interest. This is because there's a lot of mental weight involved in the debt to your family and I think it'd be really motivating for you to get rid of one of these debts for that reason.
I think it's good to start off with the smallest debt and keep trying to tackle debts that you can eliminate altogether, because it allows you to set relatively short-term goals which can help keep up the momentum.
Good luck!!

[Deleted User]

I think with your current monthly deficit, is unlikely that you'll be able to avoid high interest as do many of these deals are coming to an end. It's probably a good thing to start accepting this now.
I would make the family debt a priority, because that is what seems to get you down the most, and what seems to keep you from entering a DMP which may at some point become inevitable.
I'd focus on reducing the number of cards you owe to. It'll lessen your mental load, and ultimately help your credit score too, or make a DMP not manageable should it come to that.