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My debt has ballooned...
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armouredbeast
Posts: 21 Forumite
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
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
0
Comments
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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
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What we're you earning before?0
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Looks like you are well on track. The SOA should be useful - particularly the minimum payments and interest rates on the various balances.0
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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.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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.
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What made your debt nearly double? Are you on top of that? It's important to have the whole situation under control.Debt at highest: £8k. Debt Free 31/12/2009. Original MFD May 2036, MF Dec 2018.0
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