HUGE DEBT AND WHERE TO BEGIN

Hi ,This is my first time on here and starting by debt Journey following my lightbulb moment with a huge unsecured debt (45k) . I am currently paying all minimum payments on my unsecured debt but I have now come out of my promotional period on my credit cards and the  interest now equates to around £225 a month . I have followed the forum for sometime but I realise now is time to take my head out of the sand and begin my Journey. My main question is do I begin by creating an emergency fund ? Do I contact the companies first or just default to build the Emergency Fund . I feel very alone and scared and have no idea where to begin ? Any advice would be greatly appreciated?

Comments

  • mumtoomany
    mumtoomany Posts: 1,374
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    Hi, and welcome. This question would be better put on the main Debt-free wannabe forum rather than on here, (debt free diaries.) Good luck and and maybe keep this diary going too as motivation, mumtoomany.
    Frugal Living Challenge 2023.
    Trying to live on only £2640 for the year for most meals for seven people. Now only feeding, mostly, two. New total £1860.
    https://forums.moneysavingexpert.com/discussion/6414174/im-back-trying-to-spend-less-on-food#latest
    Spent in 2023: £1846.53/£1860. Now on £96.08 for 2024
  • bon007
    bon007 Posts: 41
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    Thank you so much . I am very new to this so I have now posted on Debt-Free Wannabe and I appreciate your guidance. Many Thanks

  • Four_Seasons
    Four_Seasons Posts: 842
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    HI, welcome everyone on here will be so kind and helpful.  I will be cheering you on.
  • Buffythedebtslayer
    Buffythedebtslayer Posts: 18,921
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    Hello X 
    As you have kept up your payments there is possibility that you could get another promotional period of low or 0% interest on a new card.  I would investigate that first. Consolidating isn't great but it is better than 225 a month on interest! I wonder if there is a personal loan that would offer a better interest rate? 
    I would work out all the debts you have, you can post a statement of affairs here but if that is a bit much then write them out just for you. For a sense of achievement and control I would pay off the smallest debt and then work what needs to be paid when. 
    An emergency fund is a good idea, when I started I cleaned a credit card ;) and used that if things got desperate. 
    The key thing is to remember you can pay this off, you can do it. 
    Nevertheless she persisted.
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