I wanna be debt free!

S_ec98

Hey,

So I’m 21 years old and in a stable career taking home approximately £1700 a month post tax.

However, silly 18 year old me got into financial difficulty and racked up £17,500 of debt.

£12,000 of which is on a very, very high interest loan. The rest is a credit card. I really want to be debt free but I’m struggling to pay things off! Please help! I want to save up to buy my own place but I’m also struggling to do that!

Thanks!

MovingForwards

You will be best off posting on the debt free wanna be forum

ryanm8655

Post up an SOA.

Are you living at home or renting?

fatbelly

S_ec98 wrote: »

Hey,

So I’m 21 years old and in a stable career taking home approximately £1700 a month post tax.

However, silly 18 year old me got into financial difficulty and racked up £17,500 of debt.

£12,000 of which is on a very, very high interest loan. The rest is a credit card. I really want to be debt free but I’m struggling to pay things off! Please help! I want to save up to buy my own place but I’m also struggling to do that!

Thanks!

Who lent 12k at high interest to a 18 y-o and what did you do with it?

Yes, we'll need a statement of affairs (use link)

In the meantime keep making the contractual payments and make sure you are on the electoral roll.

EssexHebridean

Silly 18 year old me got herself into debt as well - the good news is that, like you, I caught the issue before it got totally out of hand, and with support (not financial - but in terms of advice etc) from my parents I paid it off and have never been back in the same situation again. The timing on this one could actually work for you in the future if you remember the lessons you've learned from it - while all your peers are getting loans for this and that, and maxing out their credit cards and overdrafts in a few years time, you'll have been there, done that, and learned from the experience.

As FB says above - get that SOA done and let's see what we can do to help you sort yourself out.