Am I a terrible person?

Jackmessedup

TheAble said:

Jackmessedup said:

TheAble said:

Jackmessedup said:

Would it be wise to use an empty Barclaycard at 20%apr to clear our very which is 50%apr?

I don't think so. Just focus on getting it paid off soonest then close the account.

My thought was pay it off using the credit card. Close the very account and then clear the balance with 20% interest instead of 50%??

I just think a different frame of mind is needed - one where you throw as much as possible at the debts rather than tinkering with interest rates. Looking at your surplus you could, at a push, pay the Very off in one month.

I  get your point. We are realy committed to paying it off. I just thought that any potential interest saving would be a good thing. PLus it would be good to be able to close the very account down

Jackmessedup

Grumpy_chap said:

Jackmessedup said:

Would it be wise to use an empty Barclaycard at 20%apr to clear our very which is 50%apr?

What will that save in total liability?  Don't forget to consider any initial balance transfer fee.

It would save 20% of £2400 so a fair amount. There wouldn't be a tranfer fee as we would just use the credit card to pay the entire balance. 

Retireinten

I would say there is no harm in moving money around to reduce interest as long as that just forms part of your overall debt reduction strategy.  But you need to make sure a transfer does generate a saving. The biggest difference to your debt will come about from a change to your lifestyle and behaviours. You are going to have to get used to saying no and not feeling guilty about it. 


Once you have got a sensible SOA in place show it your wife. And allocate areas of that SOA between you to take responsibility for to share the burden. Hold each other accountable.  You will have to say no to extras, when really your family shouldn't be asking to spend in the first place! 




I run our finances with a husband who is that disinterested he doesn't even know who he banks with. We have periods of excessive spending but overall we are in a good financial position, because we generally spend less than we earn... and we (I) recognise when the spending is getting out of control (sometimes several months later than I should) and we work to reign it in. 



With some effort you can turn this around and create some better financial habits which will massively benefit you and your family in the future. So try to see this process as a positive thing.

Jackmessedup

Retireinten said:

I would say there is no harm in moving money around to reduce interest as long as that just forms part of your overall debt reduction strategy.  But you need to make sure a transfer does generate a saving. The biggest difference to your debt will come about from a change to your lifestyle and behaviours. You are going to have to get used to saying no and not feeling guilty about it. 


Once you have got a sensible SOA in place show it your wife. And allocate areas of that SOA between you to take responsibility for to share the burden. Hold each other accountable.  You will have to say no to extras, when really your family shouldn't be asking to spend in the first place! 




I run our finances with a husband who is that disinterested he doesn't even know who he banks with. We have periods of excessive spending but overall we are in a good financial position, because we generally spend less than we earn... and we (I) recognise when the spending is getting out of control (sometimes several months later than I should) and we work to reign it in. 



With some effort you can turn this around and create some better financial habits which will massively benefit you and your family in the future. So try to see this process as a positive thing.

Thank you, that is good advice. it just feels like a bit of a mountain right now and quite a heavy emotional burden

remote_control

It is a mountain and I can imagine it feels really really rubbish right now.

I like to break things down into manageable chunks. So if it was me I would pick one debt (probably Very) and just focus on overpaying that. If you sell anything on ebay or save money by not spending it then pay it towards Very. 

Step 1 is to make sure you stop spending on credit though. Overpaying Very is step 2. 

I like the 1% challenge, it is in the Debt Free Wannabe Challenges. 

I also like to challenge myself to use up all the food in the cupboards and freezer.

Retireinten

It is an emotional burden. But the hardest part is now and the next few weeks.  Have a search through the diaries on here, many start off their journey feeling just as you do now, but its that feeling that will drive you to sort your debt out.


The worst thing you can is go back to ignoring your debt because it won't go away and it will feel so much worse in a year and two years time.  Once you have a plan, stick to it for a months and start to see that number come down  you will feel so much better. 

Jackmessedup

Feeling slightly better today. Actually managed a full nights sleep last night with no money related dreams! 

remote_control

That's amazing! 

Jackmessedup

I think I spoke too soon. Had a terrible nights sleep last night. Constantly waking up feeling worried, looking at money stuff on my phone. Feel awful this morning, low, anxious and as though everything is going to come crumbling down around me. I just don't know how to shake this feeling off. 

elsien

Try leaving your phone out of the bedroom at night? 

I find having a paper and pen next ru the bed let’s me write things down when I wake up worrying. When I check it the next morning, it’s often something really trivial. 

It will get better as it sinks in you are getting to grips with things.