New Me 2020

popsstar

BabyStepper said:

Well done on making a start and getting things sorted. Sometimes that's the biggest step. 

One tip, get your rent and tax paid off first. These are priorities. Maybe you have a payment plan for both? Let us know interest rates of all debts and we can try to help you figure out a strategy for what to pay off first. 

Good luck! 

I have payment plans with Rent and Council tax currently.  So they should be paid off within the next few months.
My plan was to focus on the smallest debt first and then take it from there. 
To be honest I am not sure where to find out my current interest rates.  I know my credit rating is terrible so I would struggle to get cards to transfer balances etc onto.

Workingmum123

Hi @popsstar good luck on your debt free journey, I still have some way to go with paying my debts off and changing my relationship with money but have learnt so much from MSE forums. Finding out the interest rates for your loans and credit cards is a must do task, this really helps you figure out the best payment strategy. You can normally find this on your monthly statements. Also with credit cards, if youve had the card a while its worth asking them to lower your interest rate - doesnt always work but I managed to get one lowered from 34% to 25% just from calling and asking. (I know 25% isn't great but better than 34%!) 

MSE_ForumTeam5

We've moved this to Debt-Free Diaries.

popsstar

Little Update.
Managed to have a couple of No Spend Days during the last couple of days. Feeling really deflated at the moment but onwards and upwards

downshifted

You’ve made a great start, don’t be downhearted we’re willing you on. Do try to find out the interest rates, and think about a budget going forward 

popsstar

Hey all, sorry for lack of updates recently.
Turns out 2021 is a continuation of 2020 at the moment!  We have basically been told work hours are being reduced again so we will have to see what happens.  On top of that health has not been great lately

Can anybody advise how to find out my interest rates please?  Also is it worth contacting lenders to see if I can get interest rates reduced or is that not something they do?

Thanks

Sarahwithlove

Check the card statements they should all say what the interest rate is. Otherwise you'll have to contact them all. Tbh I would be tempted to ring and see if they can give you a lower rate or pause interest for a few months whilst your hours are reduced. 

popsstar

Good morning all, just thought I would give a little update.
Managed to get one credit card paid off and also one of my other small bills so I feel like I am actually achieving something at the moment which is good!