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  • FIRST POST
    • Plutonomics
    • By Plutonomics 13th Mar 18, 1:02 AM
    • 14Posts
    • 9Thanks
    Plutonomics
    Credit Card Debt - Girlfriend Doesn't Know..
    • #1
    • 13th Mar 18, 1:02 AM
    Credit Card Debt - Girlfriend Doesn't Know.. 13th Mar 18 at 1:02 AM
    Hi all,

    Hesitated for a while before posting here, but have read other people's stories and found a lot were getting good advice and support, or even just using it themselves to keep track. So this is my first post, hopefully to be updated in due course with more pleasant figures.

    I have recently looked at my finances, this was long overdue as I have been overspending for a long time and not planning for the future. I have been with my girlfriend around 10 months now, however I haven't really talked to her about my finances. I have an alright job but nothing special, earning around 25,000p.a. I am over 30 and still at home, so obviously she is really keen for me/us to get space of our own. I would love to get a mortgage and buy a place but think that would be a bad idea, or maybe not even possible, in my current situation.

    At the moment I have got 11,600 in debt outstanding, this is 11,300 on three credit cards and 300 overdraft. This is all interest free and I currently have a good credit rating, most of the debt is interest free till October 2020. I had a shock when I looked at my available credit, I have 7 cards and 2 current accounts open which in total have limits of 53,300 In the last 10 months I believe my debt has gone up by around 1,000, mostly due to going on several holidays, however I can't be certain as I wasn't keeping track. I have one card I use when abroad fee free then the other three I don't currently use.

    On the asset side I have got a Help to Buy ISA with 4,000 in (saving 150 a month, though in recent months I have pulled some back), and I have a share scheme with work which I put 130 into. Unfortunately the Share scheme won't give me a benefit until around two years when it matures, they currently predict this should be worth around 7,700 at current share prices. My car is probably worth around 2,500 but apart from that I have no other property worth mentioning.

    My plan is currently to gradually get these numbers changed, hopefully without telling my girlfriend how much debt I am actually in . I won't go into into too much detail about my budget here, I'm sure I would get told off for silly overspends on nights out, meals, hotels and holidays, but will use this to keep track, maybe updating in a month or two to see where I am. Wish me luck!
Page 1
    • moneyonmymindsam
    • By moneyonmymindsam 13th Mar 18, 1:20 AM
    • 1,406 Posts
    • 4,284 Thanks
    moneyonmymindsam
    • #2
    • 13th Mar 18, 1:20 AM
    Happy new diary
    • #2
    • 13th Mar 18, 1:20 AM
    Hi , Welcome to the forum

    No one will tell you off here that's for sure and you will find this a really wonderful place of support. Sometimes we all need a silly night out.

    If you do decide to do an SOA there are people (a lot smarter than me lol ) that will be able to help you with suggestions to reduce the spending.

    Maybe it is a good idea to tell your GF then you can get on board together and you may well have a chance to chuck some more money at your debts? but obvs your decision.

    Good Luck on your debt free journey and my only piece of advice is to stick with it.

    Last edited by moneyonmymindsam; 13-03-2018 at 1:24 AM.
    Emergency Fund Challenge
    • Mnd
    • By Mnd 13th Mar 18, 7:02 AM
    • 505 Posts
    • 607 Thanks
    Mnd
    • #3
    • 13th Mar 18, 7:02 AM
    • #3
    • 13th Mar 18, 7:02 AM
    My only advice is to update this far more regularly than once a month, either good or bad
    You will get so much help and inspiration from posting frequently
    • Poppy1984
    • By Poppy1984 13th Mar 18, 7:31 AM
    • 178 Posts
    • 352 Thanks
    Poppy1984
    • #4
    • 13th Mar 18, 7:31 AM
    • #4
    • 13th Mar 18, 7:31 AM
    Tell her, I tried to do what you're doing now in a relatively new relationship and I felt so much pressure. Especially as it sounds as though the two of you have been enjoying holidays and nights out to suddenly pull in the purse strings without explanation puts a lot of pressure on.
    You don't have to say exactly what the cost of the debt is. I just said I had debts I wanted to get control of and start paying down, he's been very supportive and it's so much easier now he knows.
    Good luck I think you'll find she will be happy you were honest and if she's keen for you to get s place together it will be good to have her on board when you tighten your budget.
    19-02-18 Total Debt 4,015 Next 815 Very 1600 Tesco Credit Card 1600
    PAID Next 815/815 now closed Very 900/ 1600 Tesco 160/ 1600
    Emergency Fund 280/300
    • enthusiasticsaver
    • By enthusiasticsaver 13th Mar 18, 7:48 AM
    • 6,410 Posts
    • 13,194 Thanks
    enthusiasticsaver
    • #5
    • 13th Mar 18, 7:48 AM
    • #5
    • 13th Mar 18, 7:48 AM
    Well done in addressing this now. If you think at some point in the future you will want to buy a house, get married or even have kids then clearing your debt is the best thing you can do along with learning how to save and be more selective in where you spend your money.

    The usual things people waste money are mobile phone contracts, buying lunches out instead of taking a packed lunch from home, constant small supermarket shops instead of meal planning and alcohol/cigarettes. Thankfully you don't seem to have been sucked into the expensive car deals many people can't seem to resist.

    All your debt is also on 0% for about 30 months which if you are living with parents suggests this can be cleared by then. You know your overspends are on holidays so learn to save for them. I would suggest you use a spending app tracker to record your spends.

    Good luck. I would also encourage you to upload an soa and update your diary regularly. It really helps focus the mind.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Poor_Single_lady
    • By Poor_Single_lady 13th Mar 18, 7:51 AM
    • 1,388 Posts
    • 5,366 Thanks
    Poor_Single_lady
    • #6
    • 13th Mar 18, 7:51 AM
    • #6
    • 13th Mar 18, 7:51 AM
    Welcome to the forum. You are in a really good position if you can manage to make adjustments.

    Maybe you could say to your girlfriend that you want to seriously work towards living together and your lifestyle will need to adjust.

    As a homeowner honestly I think your lifestyle sounds amazing! And ok whilst living at home but probably wouldn't be sustainable with a mortgage.

    So maybe you need to tell her that things need to change. But if you are worried about declaring all the debt then maybe don't do specific numbers.

    Some of my debt is from spending too much In
    Past relationships when really i should have just said no.

    Best of luck with clearing it.
    2017- 5 credit cards plus loan
    Overdraft And 1 credit card paid off.

    2018 plans - reduce debt
    • enthusiasticsaver
    • By enthusiasticsaver 13th Mar 18, 7:53 AM
    • 6,410 Posts
    • 13,194 Thanks
    enthusiasticsaver
    • #7
    • 13th Mar 18, 7:53 AM
    • #7
    • 13th Mar 18, 7:53 AM
    Also you don't need 7 cards and if you are not careful with your money having access to that much credit is dangerous. Aim to close at least half of them. Remember also that one of the things mortgage lenders look at is percentage of credit used against available credit so maxing cards out is a bad idea. I would suggest you aim to keep the one you have had longest with maybe one spare. Ideally you should be paying the credit cards off in full each month once they are clear. This shows a well managed budget.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Plutonomics
    • By Plutonomics 13th Mar 18, 8:52 AM
    • 14 Posts
    • 9 Thanks
    Plutonomics
    • #8
    • 13th Mar 18, 8:52 AM
    • #8
    • 13th Mar 18, 8:52 AM
    What a great response, only day 1 and already have a lot of good suggestions. When I get home from work I will have a look at an SOA, guess it will help me see exactly where money is going too.

    Enthusiastic saver, I did call to cancel one of my cards yesterday, a Barclays card with no balance and a limit of 10,100. I probably haven't used the card in a year or two. When I spoke to the lady she managed to convince me to keep it said "Are you sure? There is a a good limit on there and a current offer of 12 months interest free on purchases? This will activate from the date you buy anything on the card", somehow made it sound appealing even though I know I won't use it. I will have to call back and stick to my guns. I am wary of cancelling too many cards for the reason you mention. At the moment lenders can see I am using around 25% of available credit and am not spending too wildly, I want to close some but keep this ratio low.
    Last edited by Plutonomics; 13-03-2018 at 10:20 AM.
    • One-step-at-a-time
    • By One-step-at-a-time 13th Mar 18, 9:55 AM
    • 149 Posts
    • 484 Thanks
    One-step-at-a-time
    • #9
    • 13th Mar 18, 9:55 AM
    • #9
    • 13th Mar 18, 9:55 AM
    Dealing with it now is a good move. I would definitely get rid of a couple and lower some limits! One of the reasons I got into as much trouble as I did was the amount of credit available to me - 43,000, and at my worst I was using 38,000. Not a good place to be at all (and I had NO debt until I was 35).
    LBM: Jan 2017. Total owed: 45493.21 (37800.21 on CCs) Now: 33637.89 (28925 on CCs) Paid: 26.1% EF: 705/1000
    Credit in use: 67% DFD: July 2021
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