I want to stop drowning

debtaghh

Just to throw something else out there but should I use the savings I have towards the 20% one? The savings were earmarked for Xmas etc

BabyStepper

I understand you're confused about the bigger picture and your long term plan. My suggestion is that you stay focused on one thing at a time, DH's BC, and we will all help you think about what to do next when the time comes. That time is not here yet. Try not to waste your energy worrying about what will happen.

Who knows what next week/month will bring? You may get a £10k balance transfer offer (that'd be good, right?) When we think about the entire plan it can be very overwhelming, the more focused we can be the more progress we make. At least that's what I've found.

BabyStepper

How much do you have in savings?

debtaghh

BabyStepper wrote: »

I understand you're confused about the bigger picture and your long term plan. My suggestion is that you stay focused on one thing at a time, DH's BC, and we will all help you think about what to do next when the time comes. That time is not here yet. Try not to waste your energy worrying about what will happen.

Who knows what next week/month will bring? You may get a £10k balance transfer offer (that'd be good, right?) When we think about the entire plan it can be very overwhelming, the more focused we can be the more progress we make. At least that's what I've found.

Can you tell I worry a lot?:rotfl:

BabyStepper

Oh yes, I can be a worrier too so I get it. If worrying helped to pay off debt then I would be debt free by now!

And what about those savings? I think you're worrying about Christmas ahead of time, still months to go before then. And more urgent things to deal with. Like DH's BC!

debtaghh

BabyStepper wrote: »

Oh yes, I can be a worrier too so I get it. If worrying helped to pay off debt then I would be debt free by now!

And what about those savings? I think you're worrying about Christmas ahead of time, still months to go before then. And more urgent things to deal with. Like DH's BC!

So shall I pay that off?

BabyStepper

Not sure how much you have in savings, but if and when you pay off DH's BC then this is what your debt list would look like.

Priority due to high interest and deal ending soon
[STRIKE]DH BC (2) £1359 20%[/STRIKE] PAID OFF! :T
BC (2) £1400 10.2%
BC (3) £3762 0% July 2019

Deals also ending soon but not as urgent as first ones
F Lloyds £2435 0% Oct 2019
Tesco (1) £3826 0% Oct 2019

Longer 0% and low LOB so less urgent again
DH Tesco £4500 0% March 2020
Tesco (2) £3826 0% March 2020
BC (1) £5125 0% July 2020
Halifax £6554 4.9% Dec 2020
F MBNA £4170 0% March 2022
MBNA £13494 4.9% life of balance
DH BC (1) £7801 6.9% life of balance
Nuba £5299 4.9% Feb 2022

I hope this is motivating for you - I got quite excited just looking at it! Progress!

Your next step would depend on how long it took to achieve this first step. i.e. when your BC (3) 0% rate ends it will become a priority.

cha97michelle

Nice to see you posting again. I think sometimes the more decisions there are to make, it paralyses you into doing nothing and going no further forward at all as you don't know what to do.

I really like babysteppers right here right now plan and focusing on what you can do today to get you closer to where you want to be.

Savings is one of those things - yes you could save some interest by paying those savings off your card. Is it right to have no savings though? Maybe you could compromise and put half of what you have saved towards the cards and keep the other half and then replace before christmas. Its still 5 months at least till its likely you will want to start shopping for it.

BabyStepper

cha97michelle wrote: »

Nice to see you posting again. I think sometimes the more decisions there are to make, it paralyses you into doing nothing and going no further forward at all as you don't know what to do.

I really like babysteppers right here right now plan and focusing on what you can do today to get you closer to where you want to be.

Savings is one of those things - yes you could save some interest by paying those savings off your card. Is it right to have no savings though? Maybe you could compromise and put half of what you have saved towards the cards and keep the other half and then replace before christmas. Its still 5 months at least till its likely you will want to start shopping for it.

I agree with all of this. Keeping some savings is a good idea, they can help to deal with unexpected things that crop up. But it would all depend on how much you have in savings.

5 months until you need to worry about Christmas. Put it on the shelf for now.

debtaghh

Morning,

So I was speaking to DH and he like me has concerns to focus on my barclaycard. He agrees to focus on his where we are paying interest of 21% but once that is done he feels we should focus on my tesco. October is only five months away and we don't have a lot of credit left to be offered 0% deals and his worry like mine is that we will really struggle to pay 21% interest on a balance of £7k where as paying 10% on the barclaycard is more manageable.