50K+ of debt

redmel1621

Hi, 

I am a long time forum member that has been absent for many years. I am back now and in a right mess. I've just been on a different board trying to get some other affairs in order and now want to post on here to try and focus my mind on paying down the debt.

I don't know our exact debt figures, but I know it is upwards of 50k. My job for tonight/tomorrow is to try and find all of our figures. My husband has just been doing some balance transfers on credit cards so I will need to get the new figures off him tonight.

This is literally a mountain. I don't even know where to start with paying things off tbh. I do know that we constantly live beyond our means and have got into the habit of making rash decisions like booking a lodge break and chucking it on a credit card. 

One issue I am having is fighting against my husband to actually cut back on subscriptions or nights out to more expensive places. Between us we have an ok annual income but around half our income goes on debt every single month - it is an insane situation to be in.

Wish me luck!

tacpot12

Good luck! 

You will need to keep trying to persuade your husband that it is necessary to cut down spending where you can. Perhaps he needs to hear that you agree that you can afford to spend the money he wants to spend IF you had no debts, but while you have debts, you need to make changes. 

redmel1621

tacpot12 said:

Good luck! 

You will need to keep trying to persuade your husband that it is necessary to cut down spending where you can. Perhaps he needs to hear that you agree that you can afford to spend the money he wants to spend IF you had no debts, but while you have debts, you need to make changes. 

Oh I have tried. I mean, he is not the only culprit and we have both spent our fair share of money that we shouldn't have. However, he is constantly moaning about the debt and saying he wants to clear it. He just also wants to feel like we don't have to scrape by, which we have done for lots of our life together, we finally have decent incomes and want to enjoy nicer things... we just need to come to terms with making sacrifices for a while - we both do.

powerspowers

Maybe getting everything written down would help give you both a lightbulb moment?

what if the 0% deals dried up or one of you were unable to work? Or more positively, what could you do if you didn’t have the debt around your neck? 

Good luck! 

sourcrates

Its something you should tackle before it becomes a problem.

Especially so if you are a homeowner, its all great having these breaks away, but paying for them can take years.

You have to keep in mind as you get older, the possibilities of job loss, ill health etc, as 50k is not a small amount of money.

MEM62

redmel1621 said:

tacpot12 said:

Good luck! 

You will need to keep trying to persuade your husband that it is necessary to cut down spending where you can. Perhaps he needs to hear that you agree that you can afford to spend the money he wants to spend IF you had no debts, but while you have debts, you need to make changes. 

Oh I have tried. I mean, he is not the only culprit and we have both spent our fair share of money that we shouldn't have. However, he is constantly moaning about the debt and saying he wants to clear it. He just also wants to feel like we don't have to scrape by, which we have done for lots of our life together, we finally have decent incomes and want to enjoy nicer things... we just need to come to terms with making sacrifices for a while - we both do.

That is exactly what he needs to understand.  Firstly, you are scraping by at times because you are servicing your debts.  ie Paying now for the fun you have had in the past and paying lots of interest on it.  He also needs to understand that, the more severe your cut backs to address the debt, the shorter that pain will last.  Just imagine how much more you could do if you were not loosing half your income to debt repayments.  All that money you have paid in interest you could have been enjoying.  Frankly, it's nuts. 

Bite the bullet and sort it.  Your future self will be very happy that you did.