£69k debt free wannabe

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Right I'm new to this so hopefully its in the right place!

We have been in debt for as long as I can remember, well I have been, my husband has just been in debt since we brought our house.

I have been trying to sort money for 12 months now and have cleared a bit of debt but have deffo made some bad decisions with money in the last year too! Hoping this diary will help me stay more focused.

Our debts around £61.5k now

£20000 loan, due to end August 2026
£5700 car finance due to end feb 2025
£6000 car loan due to end april 2024
£8100 barclaycard 
£7500 sainsburys credit card
£5000 bank of Scotland credit card
£4600 MBNA credit card
£2900 Tesco credit card
£1800 marbles credit card - should be cleared end august this year.
Have paid off £500 natwest credit card a couple of times already this year!

My biggest issue I have had is still buying on my credit card I think oh its only a bit but before I know it I have spent 100s on it, so the other day I finally cut up all my credit cards. It was scary but I feel better for it

My husband knows we are in debt but has no idea of the scale as I sort all our money out. He thinks its about 30k and I don't have thd heart to tell him the truth as he will just worry too much over it! So sharing my story here to get some motivation and hopefully have some folks to celebrate with as I clear off each credit card!


On the long journey to debt freedom...here we go....

Credit cards:
Natwest card - now closed was £500 balance
Tesco credit card £1878.89/3300
Husband Bcard £4100/9400 - 0%
Sainsburys cc £4839/6000 -0%
My bcard £5215/8000
Halifax CC £6588/8000 -0%
MBNA CC £9150/12000 -0%

Loans:
Natwest Loan £14167 - ends sept 26
Old car loan £1897 - ends May 24
Consolidation loan - £6020 ends oct 26


Tax bill -57 ends next month
Student loan about 5k ends Mar 24



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Comments

  • TheAble
    TheAble Posts: 1,607 Forumite
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    Best of luck with it all. What sort of income do you have?
  • Aspiration
    Aspiration Posts: 532 Forumite
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    Subscribed to your diary!! 

    Lots of great advice here and even reading the diaries daily keeps me on track so good luck!
    April 2020 - £102,222 Loans/CC’s.

    Jan 2022 - £0
    Cleared - £102,222

    Jan 2022 - Now time to build suitable investments and a business!
  • Coffeekup
    Coffeekup Posts: 661 Forumite
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    Nice work on starting a diary....
    Accounting where your money goes will keep you on track.
    Fill out a SOA and post it here, maybe we can give you suggestions on where to cut back. It'll also give you an idea on how long it'll take to pay it all back. 
    That being said first things first, stop spending and start selling stuff you no longer need or use... Then use that to pay towards a debt.

    I wish you all the best... 
  • Honeysucklelou2
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    Well done for clearing what you have in the last 12 months. Best wishes for the continued clearing.
    paydbx2024 #2 £480/£5000 . Mortgage £144k start ~ £148k Jun 23 -
    2024 savings challenge £5/£2000
    EF £140. Savings 2 £30.00. Weekly savings envelope #17
  • dawnybabes
    dawnybabes Posts: 2,583 Forumite
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    It’s a roller coaster with twists and turns but you’ve started which is the hardest part.
    Sealed pot challenge 822

    Jan - £176.66 :j
  • Jensfrugalyear
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    Thanks all for the support so far it really has cheered me up 😃 will do a SOA this week to add, its currently all on excel.

    Thankfully I do earn a good wage, we currently pick up 4500 per month. Trouble is when your income goes up its so easy for the credit limits and spending to.




    On the long journey to debt freedom...here we go....

    Credit cards:
    Natwest card - now closed was £500 balance
    Tesco credit card £1878.89/3300
    Husband Bcard £4100/9400 - 0%
    Sainsburys cc £4839/6000 -0%
    My bcard £5215/8000
    Halifax CC £6588/8000 -0%
    MBNA CC £9150/12000 -0%

    Loans:
    Natwest Loan £14167 - ends sept 26
    Old car loan £1897 - ends May 24
    Consolidation loan - £6020 ends oct 26


    Tax bill -57 ends next month
    Student loan about 5k ends Mar 24



  • FOMO_overspender
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    Starting a diary on here was the best thing I have done - from advice, cheer leaders to just keeping myself accountable - so you're definitely in the right place :smile:

    Doing an SOA is really helpful but just make sure it's realistic and not aspirational, as I made that mistake! E.g. if you know you spend £X on food shopping, put that in for the 1st draft. You can then create goals to reduce where spending is high and it 's achievable. There's nothing worse than starting with unattainable goals... or at least that's what I found anyway. 
    Total Debt @ LBM: £26,380.49
    • Total debt: £2,500
    • % of my debt gone forever: 90%
    Debt Free Goal Date: June 2023
    My Debt Free Diary 
  • Aspiration
    Aspiration Posts: 532 Forumite
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    Lots of us can relate @Jensfrugalyear so please don’t be too hard on yourself.

    We all do it in different ways but the acknowledgment you’ve made I found was the hardest part.

    My wife knows we have debt but not the detail of it. We go through our living expenses and agree plans and then everything else goes at clearing it. 

    I think it’s really easy to do and go through those expensive years, house moves etc and then wake up realising it’s caught up with you. It certainly did for me!! 

    Hope you’re ok and as per all of the comments on your thread, lots of positive stories and people to share the journey!

    Aspiration
    April 2020 - £102,222 Loans/CC’s.

    Jan 2022 - £0
    Cleared - £102,222

    Jan 2022 - Now time to build suitable investments and a business!
  • WinterWarrior
    WinterWarrior Posts: 5,736 Forumite
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    Good luck @Jensfrugalyear
    Not all who wander are lost - J.R.R.Tolkien
    🌊 A smooth sea never made a skilled sailor 🌊
    2024 challenges - (1) £8k savings challenge = £1000 so far (2) 1 stone weight reduction = 2lb so far
    My WW and friends diary is here 😁 … 
    https://forums.moneysavingexpert.com/discussion/6259606/must-try-harder/p1

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