Sobering up; paying down

AnnieQ79

Hi, I've started a thread or two here before about clearing my credit card debts but never stuck to updating them.  I've been burying my head in the sand and I can see that my debt is only increasing, as I keep spending even though I'm making payments off my credit cards.  

The main thing that is keeping me stuck is that I am reliant on alcohol, and that is where most of my spending is going.  Buying cava, champagne, prosecco, sauvignon blanc (has to be Marlborough)... sure how could I be an addict when I drink nice things like that?! (sarcasm!) It's not like I'm putting vodka on my cornflakes or chugging cider out of a brown paper bag, but it is addiction nevertheless and I have to face up to it and call it what it is.

Obviously this addiction has put a strain on my finances, and I've been spending on credit cards when I don't have money in my current account.  My debts are increasing, and this is adding to the stress that I have been dealing with through unhealthy use of alcohol.  So with this diary I am hoping to keep an honest log of what I'm spending, what I owe, and hopefully how I get on top of this.  I'll put what I owe in my next post here.  I appreciate the wise community here - any support or words of advice would be gratefully received.

AnnieQ79

Statement of how things are at the moment:

Halifax 1: £2,123.70  APR 0% on £556.39 until 03/06/27; APR 0% on the remainder for ~ 1 yr

Halifax 2: £5,889.71.  APR 0% on £1,242.31 until 08/03/26; APR 0% on £4,647.40 until 30/05/26

MBNA: £6,599.48.  APR 0% on £145.81 until 03/04/26; APR 0% on £6,204.89 until 23/08/26; APR 0% on £418 until 15/09/26

Tesco: £4,727.91.  APR 0% on £2,976.12 – doesn’t say until when. 

Total debt: £19,340.80

Okay, that is scary how much that's built up.  I have cut up most of my credit cards so I can't use them anymore, but I still keep the Tesco one intact because I need it for things like car bills, oil, etc.  I know this isn't sustainable, but I feel like I need at least one working credit card for emergencies.  (Of course, spending groceries, wine, clothes etc on it isn't an emergency... I just need to catch myself on).

In other funds, I have ~ £93 in Prolific, £140 in Chase savings and £50 in Monzo savings.  It's probably stupid to think of savings when I have so much debt, I should be using these to pay for things like oil or whatever but it makes me feel a bit safer to have some money 'saved'.  I'm aware this is a false economy.

So this is the start of my diary, and I want to keep adding to it and seeing the numbers go downwards as I get back in control of my life.  Happy new year to everyone that reads this, and here's to better days in 2026!

BlueJ94

I have saved your diary so I can keep progress and cheer you along! 

joedenise

It's not stupid having savings when you have debt.  It is a necessity so that you have money available for an emergency so you don't use a credit card.  The first thing I would do is save up a small emergency fund of say £500.  Next thing is get the money out of Prolific and get it into a savings account paying interest - it's not earning you any interest sat where it is.  Same with your other savings.

Set yourself a sensible budget for life's necessities - groceries, car expenses, gas/electric etc.

It is at that point you can see how much you have available to use for debt payments.  Pay minimum + £1 on most cards and any extra overpayments onto the card where the 0% is running out first.  You also need to check with Tesco when your 0% runs out so that you make sure you pay the cards off in order.

Hope that helps.

in_need_of_direction

Well done on recognising the issues. However tackling addiction may need additional help.  Have you spoken to your gp or any support organisations? Best wishes on your journey 

fatbelly

An emergency fund is fine.

To give better advice we would need a statement of affairs

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

It sounds like if you can knock off the alcohol, things will fall into place. But easier said than done, and it may get more complicated

Brie

Well first thing to do is stop drinking the Marlborough as that stuff stinks!!!  (not quite sarcasm)  There's a board you might want to get on as there's a lot of cheerleading on cutting back on drinking.  I'll try to find the link.

And I'd suggest you check what interest you'll be paying when the various 0% deals end and what you're paying each month.  That might make it easier to decide which one to try to clear first.   H2 ends first but it's closely followed by MBNA which is much smaller and therefore might be better to clear - or might be cleared by the time you get to April.

redofromstart

Hi, you might want to join us here which is a thread which very gently supports and encourages posters to cut down on alcohol. It is a friendly thread and you may find it helpful.  

I absolutely get that viewpoint of 'not vodka on cornflakes' therefore it isn't an issue, but also the frustration with yourself on spending money on things you don't actually need but routinely reach for regularly as a reward for whatever.  

I agree about the savings as an emergency find, otherwise you end up paying more for things because you simply did not have the cash availability. 

Bookmarking and cheering you on.