£23k in the hole.

I am a typical middle class moron who has landed himself and his now wife in a pile of credit card debt (to the tune of £23k). I have a mortgage and other outgoings amounting to roughly £1250pm, and take-home pay of around £2770pm.

I have looked into IVAs etc. and realised that actually this is not a great arrangement for someone in my position (i.e., who does actually have a chance at paying off their debt). The only problem is I am crap at keeping track of my spending, and applying discipline to this (and other) areas of my life.

I've just signed on to Money Dashboard, with a goal of becoming debt free in 23 months. I only post here because I feel I need some accountability outside of myself - my wife prefers not to get involved.

Most of my debt is interest free (0%) for long enough for me to get to zero without paying a lot of interest IF and only IF I stick to the plan (e.g. I have until 1 April 2020 to pay £7k off a Barclaycard).

I hope that you guys will wish me luck in this endeavour. I realise that I am in a much better position than many.

Thanks for your support.


  • edited 27 October 2019 at 9:38PM
    Willing2LearnWilling2Learn Forumite
    6.3K Posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    edited 27 October 2019 at 9:38PM
    Just dropped by to wish you luck on your debt-busting journey. :)

    You could use this thread as a diary, to chart your journey, to receive tips, support and encouragement. :)

    Don't forget to keep dropping by with your updates and questions. :)

    Edit: And welcome to the forum middleclassidiot :D
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

  • zippygeorgeandbenzippygeorgeandben Forumite
    1.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
    I like the cut of your original post. No excuses and you want to sort it. Ok let's help you.
    Get an SOA (statement of affairs) up and we'll show you were you are spending too much (it's normally on food!)
    A bit concerning though, is your wife not on board with this? Or is she but doesn't want to put the energy into it? Is the CC debt between both of you? It's easier if you are both on the same track.
    Anyway, sort it out and don't be a moron! ;)
    Savings as of January 2023Savings account 1 - £16754.26(20204.94)Current account - £3752.98(4616.85)Total - £20507.24(24821.79)Plus £1335.55 (£65 per month between CS/BS) £965 CS/BS/JS HTB £6860.09
  • Unicorn_cottageUnicorn_cottage Forumite
    879 Posts
    Fifth Anniversary 500 Posts Name Dropper Photogenic
    Statement of affairs calculator here. Format for MSE please :)

    "Everything comes to him who hustles while he waits" Thomas Edison
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
  • Well done for spotting the problem. The lovely people on here will be able to help you take control of your spending, your debt, and your life.

    Check out the other threads on this board (there's one on how to control spending which might be particularly helpful for you).

    Get that SOA posted asap.
    No longer a spouse, or trailing, but MSE won't allow me to change my username...
  • D_M_ED_M_E Forumite
    3K Posts
    1,000 Posts Fourth Anniversary Name Dropper
    Well done on realising your situation and starting your journey and may you keep on track with determination and the right frame of mind going forward.

    Does your wife prefer not to get involved because she has her own debts which she is addressing herself? If so then a better course of action would be for you to work together to get everything cleared.
  • AdorianAdorian Forumite
    116 Posts
    Part of the Furniture 100 Posts Combo Breaker
    Well done on facing up to the problem and good luck to you. It will hurt but you're on the path to financial freedom!
  • tacpot12tacpot12 Forumite
    6.9K Posts
    Seventh Anniversary 1,000 Posts Name Dropper
    Well done for recognising you have a problem and what that problem is "You are crap at tracking your spending".

    You need to find a way that tracks or limits your spending automatically. I will share my system with you in case it helps: I try to setup direct debits so that they are taken out immediately after payday, and I also move money out of my current account using standing orders the day after I am paid for annual or intermittent bills like car servicing, insurance, MOTs, tax etc. I also save for Christmas, Birthdays and Holidays in the same way. This means that what ever is left in the current account I know is mine to spend as I wish. I use a credit card occasionally but pay it off immediately I have used it, so that my current account balance tells me what I can spend before my next payday.

    If this feels inefficient, you can move the money you have spent on your credit card to another savings account and then use this to clear the credit card when the bill is due.

    However, in your current situation it is probably a good idea to cut up all but one of your credit cards, and give the remaining card to your wife to keep it somewhere where you cannot access it unless she agrees it is an emergency.

    Best of luck - you will do it. Don't make the mistake of leaving yourself NOTHING to spend on yourself. Just limit your spending on treats to very small sums until the debt is clear. If you get any payrise or windfall, put most of it towards you debt, but spend a little on yourself and your wife as a reward for doing the right thing.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Honeysucklelou2Honeysucklelou2 Forumite
    4.4K Posts
    Sixth Anniversary 1,000 Posts Name Dropper
    I find using a spending tracker app is a very useful way of tracking where every penny goes. You can find them free in app stores. Good old pen and paper and drawing up a budget is another way of planning and then recording where money goes.

    Good luck with the debt busting.
    paydbx2023 #36 £420/4300 . 2023 savings challenge £10/£2000 EF £204. Savings 2 £000
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