I want to stop drowning

BabyStepper

How's the debt busting going, Debtaghh?

debtaghh

Hi,

The debt busting feels very slow but maybe that's because I want it gone quick! Dh managed to get some overtime last week £100 plus he thinks he may get more this week too. I've managed to pick up a few extra shifts at my work which will bring in approx £200... all helps!

[Deleted User]

Role model parents 👌🏻 Well done on the busting. It will start to snowball soon 😆

debtaghh

DH has found out that he has £100 worth of overtime tomorrow. Both lots of overtime won't come through until August I think so will put it towards debt then.

My aim by the end of the year is to be under 50k at least for cc debt.

motivated

Good luck with your aim debtaghh. This would be a big boost for you
M

[Deleted User]

Good news on the overtime!

That's a very ambitious goal with less than half the year left to go, especially as that half has Christmas in it. How much can you realistically pay off a month - to reach your goal you'd have to lower your debt by £1,400 every month - I'm not sure how that would happen with your current SOA? I think lowering your cc debt by a couple of thousand in that time would be a lot more realistic.

I don't want to discourage you at all, and reaching that goal would of course be amazing. But I've been there, done that and got the t shirt for setting unrealistic goals, and I know how discouraging it can be when one eventually fails to reach those overambitious goals - it can really take the wind out of your sails and make you feel like a failure even though you've achieved a lot, if that makes sense.

Hope it doesn't come across the wrong way, I just don't want you to set the bar too high and then get crushed when it's not happening.

debtaghh

I'll work out how much we pay each month.

I did have an idea that my Dh says we should do. The idea is use all the savings to pay some of the cc to save on interest and then use the credit card for what we had allocated the savings for this would save I teesy bit I'm not sure if I should do this or not... any thoughts?

wishingthemortgaheaway

I wouldn't. You have to break the credit card cycle.

What if you use the savings and then have an emergency? You will be adding to your credit card debt.

As far as I'm concerned the only reason to use a credit card is to get the additional protection and to earn points.

enthusiasticsaver

debtaghh wrote: »

I'll work out how much we pay each month.

I did have an idea that my Dh says we should do. The idea is use all the savings to pay some of the cc to save on interest and then use the credit card for what we had allocated the savings for this would save I teesy bit I'm not sure if I should do this or not... any thoughts?

I would not do this either. There is the chance you could spend more on the CC than you pay off through savings and using all your savings means resorting to credit in the case of an unexpected bill. It is often said that when you pay for things on credit then you spend more as psychologically it does not feel like spending real money.

I agree that the only way forward for you is to stop the credit card cycle of spending. Make a plan to repay a certain amount every month and if you get overtime or your savings build up make extra payments as and when tackling the most expensive cards or the ones with deals expiring soon. You have a lot of cards so getting the number of debts down would help your mental health I think.

debtaghh

Thanks.

That was exactly my worry that if we start using the credit card we may just spend without thinking so I won't be doing that. I like the idea of having a monthly aim of paying off a certain amount.