Advice regarding credit card debt of £5500

monetxchange

Reach said:

Bizzywizard said:

Hi,
my hubby and daughter do the ‘couch to 5k’ running, they are now doing 8k every other day. They don’t pay any gym memberships, so cheap and easy.  Might be worth thinking about rather than restarting the gym and also selling the gym equipment.

Have you spread your council tax over 12 months and not the normal 10?
Do you do surveys? I make about 5-10 pounds per week, this goes straight off my CC.
Cancel Netflix/Now TV until CC is paid off, if you have it.
Do you give your energy supplier you meter readings each month, so you pay the exact amount? I checked mine last year and I was owed £150! I changed to igloo and each month I send them the readings.so no over or under payments.
Do you do a small overpayment each of you CC it can be £5/£10 every little helps, I always round my number down...I cannot stand penny’s, this is why I do the surveys.

The obvious one as one of the posters above has said, is to try and do a balance transfer of the £5k ish amount. You need to be conditioned to pay it off within the 0% period of 15/18 or 24 month deal. So the debt is gone for good. Check first on credit club to see what deals are open to you.

I have an Excel spread Sheet that shows all of my Direct Debts for council tax, water extra. I then include my credit cards in the direct debit bills. This is how I track what is in at the start of the month and what is left. What is left is what I live on.  

Hope I don’t sound to boring !
Good luck with your debt busting.
Bizzy

Thank you, i'll have a look at the surveys, how do i do surveys and get paid for it?
I do powerlifting, i was doing bodyweight stuff but wanted to get back into it and the gym's reopening weren't going to be happening anytime soon.  The equipment purchased was more higher end stuff as it was the only stuff in stock and i purchased stuff that would hold it's value much better, the plates i purchased is going to be sold on when the gyms reopen fully at full price of what i purchased at. 

I have no SkyTV, no Netflix, no NowTV, no TV license.  My TV is used purely for Youtube.  I have a company mobile so don't have a personal mobile anymore to save on that.  Council tax is paid over 10 month rather than 12 and my credit card is paid off with the absolute max i can afford.  No dinners out or takeaways, it's all stuff bought as cheaply as possible.  I do have an Excel sheet but haven't updated it for a few months so will start updating that again.  

So what's the full story of your debt mounting up? Simply just the vet bill and gym stuff? Because otherwise it sounds like you live like a saint. No other issues of money trickling away on odd things before all this built up? Being honest with yourself is the first step.

I'd also say i wouldn't assume that you'll get full price back for secondhand equipment. Otherwise people would just buy new. The element of desperation to get hold of this stuff has now passed and you'll likely see a marked reduction in its value when you come to sell. Just prepare yourself!

Jack_Cork

Fatsdom said:

Jack_Cork said:

You had to buy gym equipment????? Sell that for a start. Dont get a debt consolidation loan, better to get a 0% credit card if you can, but make sure you close the Barclay card once you have done the BC as if there is a second spike you might decide you need an indoor pool this time

That reply is a disgrace. This is why people are scared of posting here.

Have a look at how Fatbelly and Sourcrats conduct themselves, even when they disagree with something a contributor says. 

Hardly a disgrace, and what evidence do you have that this is why people are scared of posting? Get over yourself.
 It's true, you dont need to keep buying things, thats how debt racks up, I have been there, you need a light bulb moment. I gave some good advice as well, which if you note the OP appreciated. 
I agree with PP, your debt is very manageable from what you say.
 

Majoggy

Echoing what other posters have said - 
- Have a real think about what led to the debt in the first place. You've got to draw a line in the sand somewhere as accumulating debt is unsustainable and will make you unhappy and anxious long term.
- See whether you would be able to switch some/all of the debt onto a zero percent card. This makes a big difference.
- Make a realistic budget in Excel, with projections into the future. This will really help you gain some perspective when you feel like you're getting nowhere.
- Make a realistic plan and time frame in which to pay the debt off. Some people will suggest you throw everything at it every month, and that works for some people. It all depends on the situation with your disposable income. 

All the best