Paying off cc - my diary and thoughts

r.mac_2

Hiya everyone :wave:

now for my little confession.....My name is r.mac and I have a credit card with debt on it.

I've been on this site for years, and know it's a silly situation, but i think while i've been concentrating on other things I've let a little of my spending slide esp with moving house, getting married and studying.

I'm not currently working, but my course finishes in mid-may and then I will be temping all summer till my full time position starts.

I am lucky as DH earns a good salary and so we don't struggle, but i've not been clearing my cc every month which isn't good. I think it's a plastic habit (!) I am good with proper money!!! We have agreed that my earnings over the summer can solely go towards the debt. So its up to me how much i spend on myself and how much I put towards the cc.

So my plan of action is to:
1. try to get a better card - 0% bt if possible
2. set up a cc pig - like aliasojo's mortgage pig:p , but for my cc
3. transfer all those little amounts from savings accounts to pay balance down
4. transfer quidco earnings/pinecone payments etc to cc
5. use earnings
6. DH gets his quarterly bonus this month end and is giving me some towards cc, as some of the spending on it was joint.

Has anyone got any more tips/support?

r.mac_2

Okay

I figure that I can pay this all off within 6 months, so have gone with applying for a fees free 0% balance transfer card. I've applied to capital one, but not sure what they will say, as I, personally, don't have an income and we've just moved house and I know that length of time at address can impact on your credit score.

Additioanlly I've recently married so have had a name change and have no idea how this will effect my credit rating.

They have promised to get back to me in writing within 7 days. Will update.

bargainbetty

You're doing really well to start with. See how the little bits add up, avoid temptation to use it again and stick with your plan, and you'll see the difference.

Not much advice to offer, but well done, welcome to the boards!

r.mac_2

I did a pincecone survey lastnight - so that's £4 winging it's way to the cc fund

also sold a top on ebay - another £11 to add to the cc fund.

baby steps and all that....

r.mac_2

Well, Capital one turned me down for a cc. Think it was due to new name, and the fact that I have moved around alot recently, oh and perhaps the no income!!!

So need to try and pay off as quickly as possible - wonder if it's worth trying someone else or wether leaving it (I know that credit searches leave footprints on your file).

managed to save £50 from this months grocery and extras allowance this month so that's been transferred to cc account.

so so far found £65......

r.mac_2

just an update:

DH applied for a 0% cc to see if he gets one - and we'll transfer the balance onto it. Every penny saved counts

found some foreign currency (about £40 worth I think) so will take that to the bank to be changed.

have a jar of small change (mainly 1 and 2p's) and will bag that up to take it to the bank at the same time.

Also have approx £7 quidco that I'll get paid in the next few weeks, so will add that as well.

This afternoon DH and I are doing Martin's moneymakeover (again) to get an uptodate good picture of where we are at (our circumstances seem to change from quarter to quarter). If we make any savings those can go towards the cc too.

so that's another approx £50 to add to reduce cc (but still theoretical at the moment until I transfer it to the account).

Also, one of the costs on the card was our holiday with friends and they sent me the cheque for their half so that should reduce the balance by £200

getting there - it's nice to have a single specific goal to focus my mind. Hope you don't mind me rambling on :roll:

tealady

Well done so far. How about every time you buy something that is reduced you put the "saving" towards your card.

phantom9999

hi

sounds like you're doing really well paying off the card!

r.mac_2

Thanks for the encouragement folks.

I like your idea about everytime I save some money putting the saving towards the cc bill. a bit like Queenies PIN money challenge on the old style board last year (or was it the year before!).

r.mac_2

DH was accepted for the 0% cc from capital one and so that's great news as it puts the interest on hold while I pay off the balance.

Not found any extra to throw at the card since I last posted, but haven't spent much recently either, so that's good news too