Time for me to be debt free

edited 11 January 2021 at 5:49PM in Debt free diaries
58 replies 2K views
BabybellesBabybelles Forumite
107 Posts
100 Posts Name Dropper
Forumite
edited 11 January 2021 at 5:49PM in Debt free diaries
I thought I’d start a diary to help me on my way to becoming debt free. I’ve had varying amounts of debt, my highest being around £25’000 to the amount of around £13’000 I currently have. I’ve been on this debt cycle for such a large part of my life that I am ready for this change. I have a very supportive husband who I hid my debt from & I am sorry to say has bailed me out more than once. I now know this has not worked for me as my mindset had to change, & I honestly think this will only happen if I myself pay this debt off instead of accepting help from others. 

A few things got me into debt, moving house, having children, being on mat leave & reduced income but mainly because without a doubt I had shopaholic tendencies. My debt does shame me as it is something I don’t want friends & family to know about, I will say I have credit cards to pay off etc but no one in my circle knows the amount I owe. I’ve just gotten to the point now where I’ve had enough of living this lifestyle. It’s been a long slog but I have managed to stop the reckless spending so now is the time for me to pay off the debts that are taking up far too much of my hard earned cash. 
I hope you manage to get something out of reading my diary as I love feeling inspired by those other diaries out there. Take care all.
Love B x
«13456

Replies

  • BabybellesBabybelles Forumite
    107 Posts
    100 Posts Name Dropper
    Forumite
    Here is my not so lovely debt amounts:
    CC B £3,279
    CC T £2,185
    CC D £2,788
    CC L £1,700
    CC N £3,006 
    My grand total is £12,958, all on CCs & squandered on everyday living & buying too much too much of too many things. I do have nice things to show for it, I live in a nice home & have a nice life but it’s simply not worth it when I am still paying for it. I’m going to pay off some of the debt tonight & will post with updates. Realistically I am thinking it will take 2 years to pay this off but hopefully with a bit of effort I can get there a bit quicker.
    I hope you all have a nice evening.
    Love B x
  • GeorgianaCavendishGeorgianaCavendish Forumite
    2.1K Posts
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    Forumite
    Welcome to the boards and well done for starting your diary! Are your credit cards on 0% rates or are you paying interest? 
  • BabybellesBabybelles Forumite
    107 Posts
    100 Posts Name Dropper
    Forumite
     Hi Georgiana, unfortunately I have 2 CCs with high interest rates. However, due to the poor credit utilisation I have there’s no chance of changing them to low interest rates at the minute. It’s frustrating but it just makes me more determined to get this sorted. 
  • GeorgianaCavendishGeorgianaCavendish Forumite
    2.1K Posts
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    Forumite
    You’ll do it! When I started all of my cards were on high rates but as I started to snowball the debt I got better and better offers until everything was on 0%. Good luck 🙂
  • edited 11 January 2021 at 5:51PM
    BabybellesBabybelles Forumite
    107 Posts
    100 Posts Name Dropper
    Forumite
    edited 11 January 2021 at 5:51PM
    Thanks Gerorgiana, that’s good to hear. I shall pop over to your diary after posting to help keep me inspired 😀

    I paid some amounts towards my debt last night so my debt is now showing as:
    CC B £3,100
    CC T £2,160
    CC D £2,700
    CC L £1,690
    CC N £3,000

    This gives me a new debt total of £12,650. It’s still shocking but better than yesterday’s figure of £12,958. I have a few bits on eBay but I’m not expecting to list much or make much this month so I’ll have to wait until the end of the month to get paid from my work & to start properly tackling my debts again. I’m just trying to stick to the straight & narrow for the rest of the month & not get sucked into buying things I don’t love or need. 

    I’ve only got a mobile phone bill & eBay fees to still pay this month, so for once I’ve paid all my credit cards at the start of the month even though I normally wait until the middle of the month to pay off a couple of them. It’s baby steps but I’m heading in the right direction.
    Take care,
    B x
  • edited 11 January 2021 at 5:53PM
    BabybellesBabybelles Forumite
    107 Posts
    100 Posts Name Dropper
    Forumite
    edited 11 January 2021 at 5:53PM
    Over the last few days I’ve read quite a few diaries & it is amazing how far some people have come, & how they are managing their debts. Writing my own diary will hopefully keep me motivated & accountable for the mess I have gotten myself in. 

    I’m sick of paying so much of my wage towards debt & interest. Having no debt will be a revelation to me as for most of my adult life I have used CCs freely without truly thinking of the consequences. I mentioned earlier on I had shopaholic tendencies & wasted lots of money. I mainly bought stuff for my house & my 2 children, so no big purchases as such but far too much stuff we didn’t need.
    I’m now a big fan of decluttering after following a well known method, so at least i have managed to finally stop adding to the debt. 
    My goal for this year is to hopefully pay off half my debt & to not add anymore to it. 
    I wish you all well on your debt free journeys.
    Love B x 
  • pencakes26pencakes26 Forumite
    388 Posts
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker
    Forumite
    Just popping by to say good luck on your journey! This site is full of great stories and support from people in similar boats and just being able to write down your thoughts always helps IMO. 
    Total: £50,676 £0 🥳 The journey to debt freedom
  • BabybellesBabybelles Forumite
    107 Posts
    100 Posts Name Dropper
    Forumite
    Thank you Pencakes & I can I just say you have a very impressive signature! Your debt busting total is amazing! Well done you!
  • warby68warby68 Forumite
    2.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    Well done for getting started.
    Sometimes there isn't enough emphasis on the first stage of debt busting, which is stopping the overspending in the first place. You seem to have got that loud and clear.
    Even if you don't do much with the debt immediately the change of habits makes you much more likely to succeed with the paydown when you get going.
  • beanieloubeanielou Forumite
    83.5K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Forumite
    Happy shiny new diary. 
    Concentrate on those high APR debts first & everything else will follow. 
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
Sign In or Register to comment.
Latest MSE News and Guides

Did you know there's an MSE app?

It's free & available on iOS & Android

MSE App

Regifting: good idea or not?

Add your two cents to the discussion

MSE Forum

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools