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Student Hangover, Vicious Circle
MissCellaneous
Posts: 57 Forumite
Ugh, where to start?
My fiance and I are a couple of years out of uni and are in full time employment in the IT industry, earning 42,500 between us.
We have:
Overdraft (interest free until july 08, mine): 500
Credit card (interest free): 1100
Graduate loan: 7000
Student loans: 25000 (I refuse to consider paying these back! It would literally make me crazy. They just go out of our pay every month.)
My partner recently cleared his final 500 on his overdraft with a returned rental deposit so that just leaves mine.
The credit card was cleared before we moved last month, and when we moved, we managed to rack up another 500 on buying new appliances and moving costs etc, and buying several gig tickets, which is something we consistently do (we don't go out much, don't have holidays, but will buy lots of these). We just bought a full trip to london including hotel, travel and 3 shows for another 600 (we never do anything like this, I can't believe we did!), which is why the credit card has just rocketed up again after we had intended to clear it and get rid.
Now, we've commited ourselves to another gruelling 3 months, including Christmas, of paying all that back. This never seems to end, we just can't seem to break the cycle. We spend on the credit card because we're skint from paying it off in huge chunks (and the graduate loan is just under 200 a month).
I don't know if this is a lot of debt, but I feel so tired of constantly feeling broke. Just when I think I'm on top of things, my fiance will slip up, as he spends impulsively sometimes when he's feeling stressed or down, and occasionally, I will slip up too.
As long as the graduate loan and overdraft and CC exists, we can't see any light at the end of the tunnel, because we feel like we'll be paying off something or other forever. I should mention that our total debt is going down steadily and has reduced a lot in the last 2 years, but we can't seem to find much comfort in that, because we make ourselves skint repeatedly and feel that our quality of life is rubbish, when it really shouldn't be.
I've just been paid today, outgoings excluding the credit card payments are about £1000, all budgeted for, just bills and normal stuff and transport etc, and after another £170 credit card payment I have about £70 disposable after budgeting everything away, but £40 if I £30 put aside towards christmas, which I have to or I'll be stuck.
Help? Anyone in the same situation, or with advice for us?
My fiance and I are a couple of years out of uni and are in full time employment in the IT industry, earning 42,500 between us.
We have:
Overdraft (interest free until july 08, mine): 500
Credit card (interest free): 1100
Graduate loan: 7000
Student loans: 25000 (I refuse to consider paying these back! It would literally make me crazy. They just go out of our pay every month.)
My partner recently cleared his final 500 on his overdraft with a returned rental deposit so that just leaves mine.
The credit card was cleared before we moved last month, and when we moved, we managed to rack up another 500 on buying new appliances and moving costs etc, and buying several gig tickets, which is something we consistently do (we don't go out much, don't have holidays, but will buy lots of these). We just bought a full trip to london including hotel, travel and 3 shows for another 600 (we never do anything like this, I can't believe we did!), which is why the credit card has just rocketed up again after we had intended to clear it and get rid.
Now, we've commited ourselves to another gruelling 3 months, including Christmas, of paying all that back. This never seems to end, we just can't seem to break the cycle. We spend on the credit card because we're skint from paying it off in huge chunks (and the graduate loan is just under 200 a month).
I don't know if this is a lot of debt, but I feel so tired of constantly feeling broke. Just when I think I'm on top of things, my fiance will slip up, as he spends impulsively sometimes when he's feeling stressed or down, and occasionally, I will slip up too.
As long as the graduate loan and overdraft and CC exists, we can't see any light at the end of the tunnel, because we feel like we'll be paying off something or other forever. I should mention that our total debt is going down steadily and has reduced a lot in the last 2 years, but we can't seem to find much comfort in that, because we make ourselves skint repeatedly and feel that our quality of life is rubbish, when it really shouldn't be.
I've just been paid today, outgoings excluding the credit card payments are about £1000, all budgeted for, just bills and normal stuff and transport etc, and after another £170 credit card payment I have about £70 disposable after budgeting everything away, but £40 if I £30 put aside towards christmas, which I have to or I'll be stuck.
Help? Anyone in the same situation, or with advice for us?
0
Comments
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Welcome Aboard!
I graduated in 2003 and completely understand where you are coming from. If you look on the main Debt Free board and look at the 2nd post down, it will give you links to some threads which will help you.
In the meantime, have you made sure that all of you bills are the cheapest around.
If you can do your Statement of Affairs, we will be able to give you more advice as we will see the whole picture. If you get stuck let me know and I will find the link for you.
Good Luck and you are in the right place to fix it. Oh and we all fall of the wagon sometimes!Current debt - £16,300
Debt at worst 17/03/2011 - £18,067.62:eek::eek::ANot going anywhere else, ever again :A0 -
Welcome Aboard!
I graduated in 2003 and completely understand where you are coming from. If you look on the main Debt Free board and look at the 2nd post down, it will give you links to some threads which will help you.
In the meantime, have you made sure that all of you bills are the cheapest around.
If you can do your Statement of Affairs, we will be able to give you more advice as we will see the whole picture. If you get stuck let me know and I will find the link for you.
Good Luck and you are in the right place to fix it. Oh and we all fall of the wagon sometimes!
Right, I'll get onto my SOA on sunday night when I'm back at home and can sit down with my money spreadsheet and get it all right
- I'm off home to wales this evening, for the weekend, for my little sister's christening! Thank you 0 -
Thats ok
Have a lovely time in Wales. What part are you going to? The SOA is very scary (well mine was at the time!) but it gives you a starting point and I think I saved myself about £600 a year, just by shopping around for car insurance and cutting the things that I didn't really need. And to be honest I don't even miss them.
Have a great weekend.Current debt - £16,300
Debt at worst 17/03/2011 - £18,067.62:eek::eek::ANot going anywhere else, ever again :A0
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