Debt free in 3 years?

angelavdavis

I understand your concerns and lack of knowledge in money areas - its a very common thing and most of us on here had taken little notice until we got into financial trouble ourselves.

So, its time to tackle the money issue head-on. There is nothing to be scared about.

1) As has been suggested, grab a cuppa and put all your paperwork together into a pile for each debt.
2) Phone each lender ask them what apr you are on.
3) In the case of the loans, also find out if you can overpay them or settle them earlier without penalty (it will be in Ts and Cs or else phone them and ask) and how much is left to pay.
4) Start a spending diary immediately - it is a real eye opener and will help you face up to what you are really spending - rather than what you think you are spending each month.
5) Look around to see if there is anything you can ebay - now is prime time for this with Christmas coming - any unwanted presents from last year? etc. This will help you throw chunks at the debts to keep things down.
6) Go over to Old Style and check out ways to cut back shopping for food. £150 per month isn't bad though for two of you if that is an accurate figure. Although there are some on here who might disagree

Looking at expenses, there might be other things you are missing such as mobile phone, etc. Hence starting a spending diary and keeping it for two months will help you identify costs.