Credit card help!!!!

skintdaddy79

Thanks for the advice Essexhebridean . I've done this now on all 3 of the new 0% cards that I'm using to fight this debt. I've set the monthly payments over the minimum payment amount by about £10 over each one. I feel as though it's going to take a bit of keeping an eye on but i feel a bit better now i've (hopefully) got these in check and there's a chink of light at the end of the tunnel!

EssexHebridean

It should actually require less keeping an eye on than leaving the DD's set at the usual declining minimums, as you know, and budget, for a set amount going out each month and don't need to worry about tracking down the difference in the original, and current, sums payable. As I say the only vital thing is that you don't then add to the amount on the card (for example b y transferring another balance on) without remembering that you're going to need to re-set the DD.

skintdaddy79

All direct debits set and in place , so here goes with the "debt busting" !! Just hoping i can make a good dent in it before the 0% rates end. One thing i am slightly worried about is when birthdays and Christmas comes around, ie; potential big expenditures.. Also my car MOT due soon, fingers crossed. I've number crunched to the bone and i'm left with approx £50.00 a week ( wage is 4 weekly paid) after everything has gone out including groceries. Any advice on this would be appreciated!! OH does deal with kids birthdays ect by the way :-)

anna_1977

as you've previously been advised until you post a true SOA it's very hard to comment

Well done on shifting the cards though

enthusiasticsaver

skintdaddy79 wrote: »

All direct debits set and in place , so here goes with the "debt busting" !! Just hoping i can make a good dent in it before the 0% rates end. One thing i am slightly worried about is when birthdays and Christmas comes around, ie; potential big expenditures.. Also my car MOT due soon, fingers crossed. I've number crunched to the bone and i'm left with approx £50.00 a week ( wage is 4 weekly paid) after everything has gone out including groceries. Any advice on this would be appreciated!! OH does deal with kids birthdays ect by the way :-)

The answer to that is save for birthdays and Christmas and no big expenditure. If you and your wife don't have joint finances how do you sort out who pays for what?

Well done on getting the debt to 0%. Unless that debt has been accrued solely for things for you then you should tell your wife you are in debt and need to get it sorted and she needs to be on board with cutting back too.

enthusiasticsaver

£50 a week spare is plenty. Take lunches from home to work rather than buy lunches out. No costa coffees and budgeted entertainment. It just means being much more disciplined in where you spend.

EssexHebridean

skintdaddy79 wrote: »

...One thing i am slightly worried about is when birthdays and Christmas comes around, ie; potential big expenditures.. Also my car MOT due soon,...

This is why we talk about budgeting for all of these things. Setting aside a small amount monthly for things has two effects - 1 is that when the expenditure comes around the money is there,. ready and waiting. The second is that for things like Christmas you know ahead of time how much you can afford to spend - because that is governed by what is saved for it!

£50 a week is more than I have for myself, and I am debt & mortgage free...