HUGE DEBT AND WHERE TO BEGIN 1 June 2021 at 7:33PM in Debt free diaries 4 replies 345 views

bon007

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?

mumtoomany

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.

bon007

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

HI, welcome everyone on here will be so kind and helpful.  I will be cheering you on.

Buffythedebtslayer

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.