Panicking slightly

DebtyLetty

Hello! I’ve managed to rack up a £12500 credit card bill and I’m about to start paying it off but it feels like such a big hill to climb that I’m not sure where to start! What is the best way to cut back in order to get this bill paid? I’ve never been very good at managing my finances and I’m desperate to get better so I don’t fall into debt again. I’ve already transferred it over to a 0% balance transfer card so hoping that’s a good start. Thank you so much.

MattMattMattUK

DebtyLetty said:

Hello! I’ve managed to rack up a £12500 credit card bill and I’m about to start paying it off but it feels like such a big hill to climb that I’m not sure where to start! What is the best way to cut back in order to get this bill paid? I’ve never been very good at managing my finances and I’m desperate to get better so I don’t fall into debt again. I’ve already transferred it over to a 0% balance transfer card so hoping that’s a good start. Thank you so much.

That is a good start, it means the interest is not fighting against you paying off the debt. 

Can you complete an SOA to give us a better idea of how your finances sit?

https://www.lemonfool.co.uk/financecalculators/soa.php

ManyWays

A great start is if you can carrying on paying the amount each month to the 0% card that was the minimum on the old card, an SoA will show if that's affordable and if you could manage to pay more. 

suprememum

You are doing great by acknowleding this and wanting to take action!
The 0% transfer is a really good move. Don't be tempted to take out another loan to pay it all off, you'll most likely end up with a higher interst rate than your original debt. 
Try and pay off as much as you can each month rather than just the minimum.
When you are getting nearer to your 12 months ending, start looking for a new deal to transfer to.
Good luck. New beginnings! 

RAS

And between now and Easter engage in a "decluttering" exercise to identify things that you no longer use and might sell, even if it's only a car boot sale. A few hundred quid can accelerate the debt clearing.