45k debt... anyone want to help please?

ryanm8655

TheAble said:

Emergency fund not a priority right now when the op is burning through 7k/yr in interest. Nor new cars or holidays of a lifetime. Every penny should be getting thrown at the debt with the utmost urgency. I appreciate the op wants to change their ways but I don't believe the criticality of the situation is registering. If his wife lost her job tomorrow they would probably be destitute in little time.

Inclined to agree. The debt is going to last years if paying interest as most of the payment is going towards that. Personally I’d hit it harder and look to take advantage of 0% offers as they arise rather than basically continuing as usual and shopping at Aldi occassionally.

Only saying this because I’ve been there myself and you’ll regret it a few years down the line when you’re in the same boat.

IrishSean

ryanm8655 said:

TheAble said:

Emergency fund not a priority right now when the op is burning through 7k/yr in interest. Nor new cars or holidays of a lifetime. Every penny should be getting thrown at the debt with the utmost urgency. I appreciate the op wants to change their ways but I don't believe the criticality of the situation is registering. If his wife lost her job tomorrow they would probably be destitute in little time.

Inclined to agree. The debt is going to last years if paying interest as most of the payment is going towards that. Personally I’d hit it harder and look to take advantage of 0% offers as they arise rather than basically continuing as usual and shopping at Aldi occassionally.

Only saying this because I’ve been there myself and you’ll regret it a few years down the line when you’re in the same boat.

Yeah, its maybe a harsh reality check but i'm with you both on that.
The only time any of us can take our time paying debt is when the economy is strong and there's decent job security, we've the debt on long APRs and most of it will clear in that time.
Otherwise it's 'hard and fast'.
I can understand in lockdown the spur there is amongst ppl to take, what is it over a billion? off personal debt in the UK.

monetxchange

Also agree. Debt clearing is about making a few sacrifices to get to your goal - in this case sacrificing overspending! To be honest, on a £100K plus income during lock down when expenses were greatly reduced, you could have knocked off a couple of grand a month of debt if you really knuckled down. I cleared £37K in ten months, albeit just me in the household, but results do happen if you're honest with yourself about what are wants and what are needs.

Like Ryan said, you'll regret it in the long run. I spent years thinking I was doing okay by being a frugal shopper, yet was burning through money and piling up debt elsewhere by just not budgeting and thinking it would sort itself out. It didn't, not until I was strict with myself.

WhySeaEm

Thanks everyone. I am listening to the advice and willing to make changes where I can. Even by just becoming more 'aware' is going to make a big difference. 

IrishSean

monetxchange said:

Also agree. Debt clearing is about making a few sacrifices to get to your goal - in this case sacrificing overspending! To be honest, on a £100K plus income during lock down when expenses were greatly reduced, you could have knocked off a couple of grand a month of debt if you really knuckled down.##👉I cleared £37K in ten months, albeit just me in the household👈##, but results do happen if you're honest with yourself about what are wants and what are needs.

Like Ryan said, you'll regret it in the long run. I spent years thinking I was doing okay by being a frugal shopper, yet was burning through money and piling up debt elsewhere by just not budgeting and thinking it would sort itself out. It didn't, not until I was strict with myself.

Holy crap! Astounding work fella💪💪💪

WhySeaEm

I'm closing this thread now as I've made a diary instead. Thanks to everyone who has helped me so far! I am grateful!

https://forums.moneysavingexpert.com/discussion/6140414/countdown-from-45k/p1?new=1