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AngiBear
Posts: 17 Forumite
So I recently got the 'Persistent Debt Letter' for my credit card and I was mortified. I decided this morning I would apply for a loan and was accepted so as soon as the money comes through I am paying off my 2 credit cards straight away.
Now I know that it is advisable to cut up your credit cards straight away so you do not spend on them but should I keep one for emergencies or totally cut them up and concentrate on my loan which is over 3 years. I was getting absolutely nowhere with my debt but I think I can see light at the end of the tunnel for the first time in years now!
Now I know that it is advisable to cut up your credit cards straight away so you do not spend on them but should I keep one for emergencies or totally cut them up and concentrate on my loan which is over 3 years. I was getting absolutely nowhere with my debt but I think I can see light at the end of the tunnel for the first time in years now!
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Cut them up, throw them away, close the accounts.
If you don't you will end up spending on them again, and before you know it you will have twice the debt.
Emergencies should be budgeted for out of your disposable income.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it 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.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Absolutely agree with sourcrates - CUT THEM UP IMMEDIATELY!
If you can, post an SOA. If you've taken out a consolidation loan before sorting out your finances it could be a recipe for disaster. Freeing up expendable cash won't end well unless you're financially savvy going forwards.
Best wishesYou can have results or excuses, but not both.Challenge - be 14 Stone BY XMAS!
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Thank you both so much for replying and I will do just that. My BF has one of my credit cards as I gave him one to stop the urge of spending but I still had one and didn't know if I should keep it but I will cut it up now.
Going to concentrate on the loan and getting my emergency fund up and running too. Thank you - total is day 1!0 -
Good luck Angi, you totally have this! :jApril 2016 Mortgage- £160,000.00 :eek:
October 2017 Mortgage- £138,322.06 :beer:
October 2018 Mortgage- £131,898.31 :j
October 2020 Mortgage- £103,084.00
July 2022 Mortgage- £820000
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