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21 and in debt

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  • ReadingTim
    ReadingTim Posts: 4,081 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Sadly, part of the growing up process is learning how to say "no", including to your mates and especially to things you can't afford - for example "sorry, I can't come out tonight, I'm a bit skint", or, "sorry, I'm afraid that holiday is a bit out of my budget just now".

    Your girlfriend and your mates should understand; and should want to spend time, not money with you. If they don't, then they're not really your mates.

    Alternatively, if you've got a taste for flashing the cash, and are envious of others who do so, why not use that as motivation to earn more yourself? Get more qualifications, get a better job, get a 2nd job, start your own business etc... Who wouldn't be proud of someone working hard to better themselves?
  • thegreenone
    thegreenone Posts: 1,187 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 30 December 2016 at 4:29PM
    Do you still live with your parents? Do you pay them rent? If you do, I think perhaps a chat with them to see if it's possible to lower your rent to get rid of this debt. I hope they will be amenable. Perhaps a few more jobs at home in exchange?


    Bar work, one or two evenings a week? I did this when we needed the cash. It's tiring but I was the same age with a mortgage! Another £50 a week REALLY does make a difference. Your girlfriend and friends can come and prop up the bar so you can see them, have a chat but not be paying out for drinks! My Fiance (now husband) used to do this. And you know that once the debt is gone, you can stop. Good luck. You can do this.
  • Fireflyaway
    Fireflyaway Posts: 2,766 Forumite
    Fifth Anniversary 1,000 Posts
    You have age on your side and its great you have already taken action so hopefully have learned your lesson and this will not happen again. Then by the time you need good credit for a mortgage it will have already repaired. I got into £29k of debt when I was 23 so yours is very low in comparison. Like you I was ashamed and to this day my parents don't know. It would upset them too much. Its my mess and I need to sort it out.
    I would suggest writing a budget to ensure you don't overspend and know how much you have for spending money. If you want something, save up and pay cash. The buzz from that is amazing its so worth waiting! Also I bet your income will increase over time so things will ease up.
  • rubyjam
    rubyjam Posts: 79 Forumite
    edited 2 January 2017 at 8:18PM
    Hi Tom, well done on asking for help. I would view being 21 as a positive rather than a negative as it means you will have this debt paid off while you are still young.


    Re your DMP. Is it with a free DMP provider ie Stepchange or Payplan? Because if it isn't you will be paying unneccesary fees which may be adding to your debt and lengthening the time it will take to pay it off. Are the loan/credit card companies still charging you interest? If they are then you should write to them and ask if they will stop the interest.

    Working it out .... I am thinking you have a job as you were able to obtain credit cards. So ... asuming no interest and no DMP fees you would need to pay £23 pounds a week towards your £6000 debt and it will be paid off in 5 years. Can you afford £23 a week?
  • Dobbibill
    Dobbibill Posts: 4,191 Ambassador
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Name Dropper
    A lot of good comments from PPs- post up the SOA and you will get tailored advice.

    I too think the lesson is yours to be learned at this point, 19 is young enough to work through it, learn from it and come out the other side more savvy than any of your mates without the Bank of Mam and Dad. If you do want to tell them then of course tell them but a bail out will not help you in the long term.

    All the best - I'm sure you can do it.
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • Can anyone advise me if it's possible for me, her mum, to get a 0% credit card and transfer her some of her balance to it to help reduce it?
  • -taff
    -taff Posts: 15,330 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You could start your own thread about it and ask there, but I reckon you'll be getting the same replies.

    Let your daughter sort out her own debt otherwise she won't learn responsibility for it.
    Non me fac calcitrare tuum culi
  • glasgowm148
    glasgowm148 Posts: 174 Forumite
    Tom, your daughter? Hmm?
    Capital One - 950/1400 :eek:
    Barclay Card - 400/1250 :beer:
    Overdraft - 1500/2100 :mad:
    Personal Debt - 0/2000 :T
    nPower - 900/1115 :A
    Total - 3724/7900 -- 52% paid off!
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