Young and naive mistakes
I have about £6369.68 in debt with credit cards - luckily no defaults/CCJ's and they're both on 0% at the moment (Barclaycard ends in a few months but I'll do a balance transfer). I've got to make a change in my life.
I started working just before I went to Uni - I was young, in love and didnt really understand money - well I knew what it was but I didnt understand the impact on life it can cause. When I was working at a local store someone told me "Use your overdraft whilst you're at uni its free money! But on your last Student Loan pay it off, you've got a job that'll cover any expenses" Fast forward 3 years, a manipulative relationship (Boyfriend would ask for me to pay for stuff and he'd owe it me back, when asked he'd guilt trip etc) I was at my final student loan which was £1,600 but I owed my mum £800, my overdraft was £2,500 and I even had a Student CC at £750. All I thought was ah its alright - no real outgoings and its all no interest. Little did I know at the time I only had 1 year interest free on it all. Then came late payments - struggling to pay for petrol to get to work. I didnt really 'care' still. I knew it was bad, but I didnt really think £3250 was a debt to be honest. I thought I could clear that in a few months. I got a full time job within the public sector and again - didnt really do much with the debt. When I realised that I was paying £50 a month on both cards but was only actually paying off around £2 a month I realised something had to be done.
For some reason I thought it was a good idea to move out on a low wage and wriggle my way through life.
I came onto this forum (Different name) and looked at what to to - I did a balance transfer and paid off minimum each month. Managed to probably knock debt down to around £2k. However - whenever I needed (Or in some cases wanted) new things - I got them on finance - new car, new technology - I like to have top of the range stuff so higher deposits to keep monthly payments down. Over the years this went up to around £9000 on credit cards - I don't know the exact number was too scared to look at the time.
So here I am today. I've had a good long think over lockdown. I've looked at my finances. I've looked at all my accounts. I just need to pay it off just in case something bad is to happen. I'm currently sorting through stuff out to see what I can sell and as soon as that money comes in I'll whack it to the credit card. When lockdown is over I'm going to look at getting another job on top and see if I can fit it around life to speed up the debt free date.
My current debt free date is August 2022 - But I will pay off the credit cards before December 2021!
April 2020 - £8180
March 2021 - £2300
Debt free date - August 2021 🙏