Getting out of a vicious circle

Springersandkids79

I can’t believe I am writing this but I have over £7000 in credit card debt and I need to sort my finances out. 

I have always been a saver and very rarely spend money on myself but since having children not only have I not been able to save, I have relied on credit cards to get me by. It started when I went on maternity leave and got married in the same year. I got a credit card to pay for wedding costs, knowing that I would pay it off once I started back at work, however childcare costs and general cost of living with children has meant not only have I not paid it off, I’ve added to it. 

I have two credit cards I never spend on and pay £50 off a month direct debit.  They were both 0 interest but this period has just ended on the Halifax one so I am in the process of transferring the balance to another card.  My problem is the Barclaycard, I keep spending on it and just pay the minimum off. Some debt is emergency stuff, a £900 car bill last month, vet bills etc, some is stupid stuff I didn’t even realise I had spent, for example not realising Amazon purchases were going on it and not out of my bank account and a lot is on the children- clothes, days out etc. I tell myself I need to make memories with the children and can pay it off when they’re older but I know there will just be more costs and I’m just going to keep adding to it.  

I am going to transfer the barclaycard balance to another account then cut it up.  I need to delete it from my wallet on my IPhone but cannot work out how? But I have balance transferred from this card at least twice before accruing more debt on it so I am going to keep this diary to keep on track. What I’ve discovered is I need to put money aside for emergencies and budget for birthdays, school uniform etc so I do not rely on a credit card, otherwise I am always going to end up in the same position. I have upped my hours and do overtime and no longer pay childcare costs now the children are at school but am always skint the last week or two of the month so I have done a spreadsheet of my budget to keep on track. 

Springersandkids79

Card	Amount	Interest %
Barclaycard	3103	21.34
Halifax	3198	25.94
Virgin	630	0
Overdraft	250	29.93
Total	7181

Springersandkids79

	In	Out
Wages	1800
Child benefit	170.2
Food		500
Fuel		120
Pet insurance		41.55
Barclaycard		50
Car		150
Halifax		50
British gas		174.74
DVLA		3
Life insurance		9.58
Arriva health		6.56
Skiing		15
Council tax		160
Severn Trent		46.41
Vodafone		44
Spotify		11.99
Virgin		50
Gymnastics		66
DMH		5
Dog		80
Total	1970.2	1583.83

Springersandkids79

My husband pays the mortgage, most meals out and holidays. Also car insurance, internet etc.  I haven’t told him about my credit card debt. 

oldernonethewiser

Facing up to the issue is a start, a big one. Talk to your husband about the debt.

If you want to remove the card from your phone, click on the card then the three little dots top right.  Then card details, scroll to the bottom and there is a "remove card option"

Others will be along with practical debt reducing suggestions.

FootyFanDan

Welcome, I didn't want to read and run, and I am sure there will be plenty of useful tips suggested. A big first step you have taken,  at some point (easier said than done) but you need to discuss with husband. The journey will be a lot easier with him on board. Good Luck with the debt busting and look forward to following your journey

Springersandkids79

Cards transferred to 0% interest:

Virgin           3630 0% sept 2025
Barclaycard 3400 0% July 2026 

I was going to try and pay off the smallest debt first but there’s not much between them so I’ll pay more off the Virgin card first because the 0% interest is up first on that one. 

I’ve removed my Barclaycard from my phone wallet (thanks oldernonethewiser) and hidden the actual card. I’ve considered paying for a few Christmas presents on it but I’m staying strong and waiting till pay day when I’ve budgeted for them. 

I think budgeting and sticking to it is my main issue at the minute. I’ve been looking through the forums getting ideas.  I’m going to start putting money aside for Christmas, car repairs, clothing, birthdays and holidays each month.