My debt has ballooned... 29 June 2019 at 3:25PM edited 29 June 2019 at 3:41PM in Debt-free wannabe 6 replies 1.9K views

armouredbeast

My debt is now £7800 instead of £4000 as it was at the start of the year


However, I have started a new job and I'm determined to cut this down substantially before christmas and i hope you can help me on the way :beer:


My debts are as follows:


CREDIT CARDS


Amazon £1900


HSBC credit card £2500


LOANS



HSBC personal loan £2200


OVERDRAFTS


HSBC overdraf 1200 (maxed out)





Total debt = £7800.00

I would appreciate your advice on how to tackle this debt efficiently....


I am now working two jobs (7 days a week) which will hopefully bring in £1800 a month (after tax)



OUTGOINGS:


Gym - £21.00/month

Mobile contract - £40.00/month (due to run out this September)
Rent - £500/month

Council Tax - £51.00/month

Socialising - it varies but roughly £60-£100/month
Netflix - £7.99/month

Amazon - £7.99/month
Food/toileteries - £100/month

Total outgoings = £828.00

Total amount left = 1800 - 828 = £972.00

nic_c

You need to post a statement of affairs to also work out what you have coming in and other expenditure, just so people can help better .

armouredbeast

nic_c wrote: »

You need to post a statement of affairs to also work out what you have coming in and other expenditure, just so people can help better .

I will do that this evening



Thank you :beer:

getmore4less

What we're you earning before?

JayRitchie

Looks like you are well on track. The SOA should be useful - particularly the minimum payments and interest rates on the various balances.

enthusiasticsaver

We need to know the interest rates you are being charged and if you are able to move any to 0% if you are paying interest. Do you have defaults or a bad credit record? That soa is basic so filling out a more detailed one will be useful. Saving for things like Christmas, car expenses if you have one and emergencies is also important.

I would tackle the HSBC overdraft first as that can be withdrawn at any time.

katsu

What made your debt nearly double? Are you on top of that? It's important to have the whole situation under control.