debt help please

jackyboy169

Hi i am 23 and a student from edinburgh. Over the past few years my debts(not student debts) have spiraled, now that i have actually sat down and worked out how much i am in debt i am shocked.

I am not looking for a mirical to get rid of them i just want some advice on what would be the best plan of action. I am always able to make the minimum payment however i would prefer to pay more. But with the % it hardly goes down.

I would rather pay them back as it was me that got them in the first place.

Any advice welcome

Bellow is a breakdown of what i have

credit card £1900 @17.9
credit card £2450 @18.9
credit card £2600 @26

Thank you

poorandindenial

Hi there and welcome to the board, well done for making your first post

To give you the best advice we can we need a bit more info, could you post a list of all your income and expenditure (see the sticky at the top of the board for a template)

Once you have done this we can get a feel for your complete situation and maybe help you to find ways to get that debt down quicker.

beer_tins

Please post your SOA for people to help you cut down on your spending and save money. You should pay the minimum on all of these and on top of that pay whatever else you can to the credit card with the highest APR.

Also, if your credit rating is OK (not sure without any other information) you could try to get a 0% credit card and transfer what you can to that so you are repaying more debt and less interest each month.

jackyboy169

I have just started a new job a couple of months ago which is for 7months so i shall give you the breakdown of that.

I roughly get paid £1000 per month

I have already started to change a few things in my life to save money so i will start out with what i used to spent on

£30 mobile phone
£200 to £300 on paying debts
£250 rent
£300 on petrol
£40 insurance

total £920

to save some money i have moved back in with my parents and got rid of my car.

£30 mobile phone
£70 monthly bus ticket
£120 rent
£300

total £520

so already i am spending alot more money on living expences.

If anybody has any ideas please let me know.

Horace

Change your mobile provider, switch to PAYG as £30 a month is a bit high.

Stop spending on credit cards and switch the balances to 0% balance transfer ones (you may have to pay a small fee) - check out MSE for details of the best deals. Don't spend on the 0% cards either.

Do a spending diary, what do you spend money on, e.g. lunch every day, newspapers, sweets, fags (if you smoke) drink etc. Ask your mum to make you a packed lunch every day or better still make it yourself.

See if you can get a cheaper monthly bus ticket.