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Mini Debt Free Diary

Minipo
Posts: 2 Newbie
Hello there! I am starting my journey to being debt free... I have a very small amount of debt compared to everyone on the site but I am only young (23) and only started using credit cards 9 months ago
so I need to start changing my habits now as I feel like I'm getting into a constant spiral of debt..
I'm new to all this so apologies if I havent set it out right...
My debt is:
£2000 Student Overdraft - 0% till July 2019
£2613 Barclaycard - 0% till April 2020 ( I think? I cant remember what it was when I signed up and I dont know how to check) My partner has no idea about this debt.. it has built up so quickly and I would really like to clear without him finding out...
£~1000 from my partner's student OD - 0% till sometime in 2020
TOTAL £5613
I am hoping to sell my car in the next couple of weeks which will hopefully take around £1800 off the total leaving it at around £3813
My OH and I share finances and are working at paying our student OD's off together.. I feel so bad for not telling him about the barclaycard but its not worth two of us worrying over it... I may tell him about it when I can show I have been actively managing it.
We also want to overpay on our mortgage. Current debt sits at around £128k its a fixed rate of 2.99% till end of 2022 and we can pay £1000 a month extra without charge.
As all the debt is 0% I want to start putting money into the mortgage first and paying a small amount to the other debt as I have time till the interest free periods run out.
Please comment if you are on a similar income/debt journey to me as I am new to the site and would love some threads to subscribe to!

I'm new to all this so apologies if I havent set it out right...
My debt is:
£2000 Student Overdraft - 0% till July 2019
£2613 Barclaycard - 0% till April 2020 ( I think? I cant remember what it was when I signed up and I dont know how to check) My partner has no idea about this debt.. it has built up so quickly and I would really like to clear without him finding out...
£~1000 from my partner's student OD - 0% till sometime in 2020
TOTAL £5613
I am hoping to sell my car in the next couple of weeks which will hopefully take around £1800 off the total leaving it at around £3813
My OH and I share finances and are working at paying our student OD's off together.. I feel so bad for not telling him about the barclaycard but its not worth two of us worrying over it... I may tell him about it when I can show I have been actively managing it.
We also want to overpay on our mortgage. Current debt sits at around £128k its a fixed rate of 2.99% till end of 2022 and we can pay £1000 a month extra without charge.
As all the debt is 0% I want to start putting money into the mortgage first and paying a small amount to the other debt as I have time till the interest free periods run out.
Please comment if you are on a similar income/debt journey to me as I am new to the site and would love some threads to subscribe to!
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Comments
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Just wanted to say hello & welcomeI am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post 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 & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Hello! I just wanted to say welcome and well done on reaching this conclusion so early! I can only wish that I'd started managing my finances when I was 23...
I am just about to go into my 30's with credit card debt. Around £1300 now but it was around the figures you mention when I started. Similarly to you, it all began with a student overdraft and then a student credit card and I've been balance transferring and shuffling debt ever since.
My advice to you is get it sorted sooner rather than later.
Very best of luck,
SaF x0 -
Wow, 23 and addressing debt issues and finances. I wish I had
Wishing you all the best with your plans.If you have built castles in the air, your work should not be lost; that is where they should be. Now put the foundations under them.
Solicitor/survey savings 300/1700
Emergency fund 0/1000
Buffer fund 0/2000 -
Hi
I had about £3k debt in my early 20s too. I paid it off but didn't address the reasons why I'd accumulated that debt in first place and it eventually grew. Ironically I didn't have any debt while I was a student and managed my money really well. The problems started when I left uni and entered the real world.
The point I'm trying to make is well done for dealing with this now and not burying your head in the sand.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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