The lightbulb finally came on!

RC2012 · 22 June 2018 at 11:43AM

After far too long living in denial (I've had mental health problems, and now have a chronic health condition called Fibromyalgia) I am finally getting to grips with the sticky situation I'm in!

The debt amount isn't too high, but the APR's definitely are and so it's a ridiculous situation that I need to get out of ASAP. I've had the upset and tears, now it's time for ACTION!

I've downloaded the Personal Debt Anaylser and am going to tackle that this weekend.I have been keeping track of debts on whatsthecost.com but I think this Analyser will give me more of a focus?!

I have a fairly decent income but because I've missed various payments I'm on a permanent catch up and feel a bit overwhelmed. Going to read lots of threads here to try and pick up some tips but I think getting this budget in place and seeing everything laid out will help massively. Ironically I work in an accountancy practice, so it's time to manage my affairs like I would for a client!!

I have a feeling my debt free date will be a couple of years away but I guess budgetting and trying to increase my income will be the key!

freshstart11 · 22 June 2018 at 12:09PM

hey! Its an odd feeling when you have you LBM. It is like you are annoyed but relieved at once

Def read through some threads, I have been back on the boards for a month, one debt hammered already, next on a f&f and a plan for the others. Best place this board, if you ask me

RC2012 · 22 June 2018 at 12:19PM

Thank you

I am very annoyed with myself tbh! But that won't get me anywhere will it! I know I'm supposed to go with the highest APR first but I've got £80 left on an old Tesco CC so I'm going to make that one my first just so I can close it and hopefully feel a little achievement! I seriously have to tackle Very as the APR there is something like 47%!!!!

I think I have the potential to save on my grocery bill with some planning so going to head to those boards!

Well done on clearing one of your debts already - I think once you feel accountable somewhere and start noticing the reductions it becomes addictive (rather than the spending that becomes addictive!)

craftyali · 22 June 2018 at 6:01PM

Congratulations on making the first steps to clear your debts. I have Fibromyalgia too - and my debts started when I had to stop working outside our farm business. With several years of using credit cards to keep my ponies/donkey and stupid spending on crafty stash etc, it came to a head last year when I realised that I could only pay the minimum amount each month. I moved some of the debt to zero interest cards (including clearing my Very account), and been paying as much as possible off each month since. Have about 2 years to go. I also no longer have my animals and crafty spending is hugely reduced. When I get tempted to buy something I don't need, then I think about the day when I pay off the last account - and the freedom that will give me. Definitely worth working towards. I am definitely addicted to reducing my debt now! Ali x

RC2012 · 22 June 2018 at 6:44PM

Thanks Ali, unfortunately at the moment I can't get a 0% card anywhere due to my missed payments affecting my credit file so I'm stuck with it. Now that I've accepted that I'm determined to change it as quickly as possible! Fibro sucks! When my foggy head is bad I just can't get anything achieved! So, I've set up DDs for EVERYTHING! Hopefully even if I'm poorly I'm at least not missing payments. Hope you're pain is manageable at the moment! x

Debtfreeforever · 22 June 2018 at 7:05PM

This is first step, the LBM, if you done get, you won't get debt free or at least remain it.

I recommend a few books you 1) need a budget Jesse Mecham, 2) the spenders guide to debt free living by Anna Newell Jones

And of course a SOA on here.

Let us know if you need any advice on which debt to tackle first. Have you considered a debt charity

mumofthetwins · 22 June 2018 at 7:52PM

Well done having that moment Hun .. it's a life changer

Have you checked out Dave Ramsey .. google him ... I'm smashing through my debt at the minute following his baby steps .. I just wish I had started earlier lol x

RC2012 · 22 June 2018 at 9:02PM

Thank you for the recommendations I'll go & check those out now. I've started doing a few mystery shopping assignments & that money is going straight to debt payoff. This weekend is all about my SOA and getting a pile of stuff ready for eBay!

RC2012 · 22 June 2018 at 9:05PM

Debtfreeforever wrote: »

Let us know if you need any advice on which debt to tackle first. Have you considered a debt charity

I have considered it but given my work background I feel like I can tackle it on my own. If I don't feel like I'm getting anywhere then I'll definitely look at a dmp

The lightbulb finally came on!

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