First Post - My LB Moment has arrived!

magic7

Morning All

I have been reading lots of the posts on this site for quite a while now and whilst always knowing I had an issue with money I feel now is the time to admit all! I am actually quite frightened by what state I have got myself into financially and the only reason I am here is because of my 'spend now think later' attitude.

I have credit card debt which totals £9k and various loans (some are joint with DH) but it is fair to say that I have been spending like someone who earns double what I do and the time has come to stop!

So this is me and I am ready to start dealing with my debt and clearing it before I can move forward with my life.

Look forward to getting to know you all and listening to the fantastic advise I have been reading for so long.

Thanks
magic7

**Amy**

:hello: Magic

Congratulations on your LBM and welcome to DFW. :T

Firstly you need to post an SOA (statment of affairs - see sticky post at top of forum). This will allow us to try and help you cut down/save £ on things and be able to advise you on how to start becoming debt free.

xx

MinniMe_2

Congratualtion on LBM - you will feel so much better for comfronting it all and doing something about it!

magic7

Thank you for your welcome Amy. I have written a SOA out but think I need to be a bit more honest and put EVERYTHING down there....I think I am partly still in denial. I am at work at the moment so not that easy to list everything but will certainly do it tonight one DD is in bed etc.

My debts are:

Tesco CC - £3039.64
Virgin CC - £2068.62
MINT CC - £3864.00
LOAN 1 - £132.00 - 4 payments left
LOAN 2 - £252.00 - 10 payments left
LOAN 3 - £125.12 - 8 payments left

Wow - seeing that written down is quite frightening. But at least I can make a start now and the first thing for me is this month I vow not to use my credit card for anything. Have cut up the Tesco and the Virgin ones already but have held onto the MINT one for emergancy use but now that I am at my limit on that I have decided to lock it away at home and not even bring it out of the house! I will cut it up - just need to build up to it! :rolleyes:

Cheers
Magic7

**Amy**

Well done.

When you can do it tonight, if you can list your APRs on your loans/cards and also do a list of your income and outgoings (rent/mortgage, bills etc.).

:beer:

Well done on cutting up the cards. If you feel you need to keep one for an emergency (as i have!) put in a bag in some water and freeze it! That way impulse purchases cannot happen! :rotfl:

magic7

Hi Amy

Love the idea for putting the card in water and freezing - never would have thought about that.

That is a definite action for tonight!

M x

**Amy**

magic7 wrote: »

Hi Amy

Love the idea for putting the card in water and freezing - never would have thought about that.

That is a definite action for tonight!

M x

Hiya

I got that idea from here. I was worried that if i needed money urgently i would have no way of getting it if i cut the card up, but then i was worried i would spend on it if it was in my purse! Perfect solution! :rotfl:

x