How do I start?

wannabe_sybil

Hi

I am a bit embarrassed for a first post on here. I haven't had a proper lightbulb moment and I am not up to posting a SOA. I am ashamed that things are in a mess.

I am not in a desperate position - I have read some of these threads and I really admire the people on here that are tackling huge debts with determination.

So if this seems a bit of weak question, please forgive me.

Is it better to pay off an overdraft first or credit cards?. We seem to be living in our overdraft at the moment, but I thought a few months of minimum payments on cards and some self discipline from me may help get the overdraft sorted. Then focus on one card and then another.

Any suggestions gratefully received.

floss2

Why not do an SOA for yourself first, and then you can see exactly where you stand.

I would suggest getting all your paperwork out for CC's, overdraft, etc and then seeing what interest rates they are charging, then you can see which is better to pay off early.

Also, why not start setting a budget for food-shopping and asking your bank to reduce your overdraft by a certain amount each month?

:wave:
Floss x

wannabe_sybil

Thank you, Floss.

It may take me some time to get all the paperwork together

I'm trying to meal plan, but I have no will power when OH says 'takeaway'.

I am ashamed because I am not in anywhere near as bad a position as some of you strong people on here and you are all dealing with stuff really well. I have been lurking and I worry that I am on a downward slope.

Thank you for your suggestion.

teecee152

Hi There :hello:

Just wanted to say welcome to this fab site!!
You have no need to feel embarrassed or ashamed in fact I wish I had had the sense to post on here years ago and then I may not have the huge debt I've got now.
The most important thing is you have realised that you need to address your spending and that is the first step. Post your SOA and watch the fantastic people here show you how to take control of your money!!

Good Luck!

Teecee xx

Seaxwyn

HI Sybil

It's a really good plan to tackle your debts before they get out of hand.

Check what interest rate you are paying on the overdraft and the cards, then tackle them in the order of highest interest first. See if you can move any of them onto lower interest - eg Alliance & Leicester offer a current account with interest-free overdraft for a year. And apply for a new credit card with 0% interest on balance transfers.

The snowball calculator on https://www.whatsthecost.com is a great tool to see how fast you can pay your debts off and what a difference small changes in interest rate or payment could make.

Good luck with it.

floss2

You're welcome - don't forget that small steps are easier when you start out

Why not designate one night a week / month as takeaway night? I used to do that with my kids, and they knew it was whatever they were given every other night.

wannabe_sybil

Thank you for your suggestions. I really appreciate all of them.

It has been so chaotic in here that I am completely floundering. I don't know a lot of what goes where. I tried to sort some stuff out with DH last October, but he just lets it roll over him.

I think the credit cards we have are around the 15% mark, I shall look up the overdraft. There are six credit cards, but one is empty. I can't apply for a credit card 0% balance transfer because I do not work. DH does work, but I can't get him to fill in a DD for his credit cards and I have to remember to pay manually every month so I don't have much faith in him sorting out anything

I shall spend May looking at our monthly finances. Then I can come back to the kind people here and hopefully sort it all out. I am embarrassed to ask here because we are in a relatively good position, but we won't be if it carries on.

Part of the problem is that I spend when I am low, which doesn't help. Also I can't get to shops easily, so its all internet. So I add on p&p and then other things are impulse bought while I'm there...

Thank you for your suggestions about takeaway - Friday night is supposed to be fish & chips night, but I weaken so often in the week. So worried about how things are going.

Snaggles

Don't be worried about being in a relatively good position - the very best way to tackle it is to do so before you slip into a difficult position, and the people on here range from those in 100k+ of debts, to those who are just finding it a bit tight month to month, and from those with huge incomes, to those who aren't working.

Welcome to DFW :wave:

floss2

wannabe_sybil wrote: »

....It has been so chaotic in here that I am completely floundering. I don't know a lot of what goes where. I tried to sort some stuff out with DH last October, but he just lets it roll over him.

I think the credit cards we have are around the 15% mark, I shall look up the overdraft. There are six credit cards, but one is empty. I can't apply for a credit card 0% balance transfer because I do not work. DH does work, but I can't get him to fill in a DD for his credit cards and I have to remember to pay manually every month so I don't have much faith in him sorting out anything

I shall spend May looking at our monthly finances. Then I can come back to the kind people here and hopefully sort it all out. I am embarrassed to ask here because we are in a relatively good position, but we won't be if it carries on........

Do you have a joint bank account? Or internet banking? You should then be able to set up monthly payments for the CC's, and keep track of their balances

Maybe he lets it waft over him because he thinks you will sort it out for him? But if it's built up jointly then he could really do with everything being written down so he can then see exactly what the situation is. It might prompt him to set up those DD's!

Best of luck,
Floss x