Debt

[wangtastic]

Anyone else here in debt?

I get about £600 a month to myself these days, and it seems like most of that will be going on Debt soon.

I got £2000 of debt on two interest free cards and I'm worrying I'll never pay it off!

Am I panicking over nothing or am I in trouble? :(

[Raistlin]

Anyone else here in debt?

I get about £600 a month to myself these days, and it seems like most of that will be going on Debt soon.

I got £2000 of debt on two interest free cards and I'm worrying I'll never pay it off!

Am I panicking over nothing or am I in trouble? :(

Cut up the cards and pay them off in six months, Simples... No Debt

[Jan&tone]

Anyone else here in debt?

I get about £600 a month to myself these days, and it seems like most of that will be going on Debt soon.

I got £2000 of debt on two interest free cards and I'm worrying I'll never pay it off!

Am I panicking over nothing or am I in trouble? :(

No you are not panixking over nothing, you could be in trouble!

If you only pay the minimum payment off the two cards each month, you will take forever to pay them off and if you use one to pay the other then you really are in the poo....

IMO you should do your best to pay off the cards asap, to the extent that you should cut them up and not use them at all!!! Having said that, i do know what it's like, and I sympathise with you. It is not easy being young these days (I'm assuming you are young?)

[wangtastic]

yeah only 23 :)

aye, I don't spend on them at all.

I did in the past when I was jobless haha.

I got the 0% interest card two weeks ago and shifted all my debt to that £2200ish.

It's 0% til next year, so I am trying to work out how much I should pay each month!

It's a nightmare, considering I'm ******* at maths. :(

[PumpkinSteve]

I was in mega debt but have been gradually sorting it out over the past few months, currently I pay £1200 per month on bills and I don't even have my own house! But I have cleared a lot, my phone contract and loan both end at Christmas this year and after that I will only have the monthly payment on my car to pay.

I totally understand how hard it is to do but even just paying a little extra off every month makes you feel better about it all. I felt like it was a huge mountain that I could never climb but being strict with myself I have gotten it down to a small hill :D

[wangtastic]

Good effort mate!

bet you can't wait? haha

[PumpkinSteve]

I know, for about 4-5 years I've been constantly maxing out my finances, getting store credit, loans etc. even simply things like car insurance all add interest. At the time I didn't even think about it but looking back I can see how stupid it was...I never missed a single payment though, I'm quite proud of that

BTW, I'm 24...I think this is the kind of thing you do when you're young and not very sensible, like us two!

[Jamesbelfast]

Apart from a mortage I have never been in debt in all my life. If I wanted anything I just saved up for it. What I did find through saving was when the time came to buy what I wanted I found that in many cases I really didn't need the darned thing in the first place.

One way of helpling to reduce the credit card bill is to ensure you pay no less than 20% more than the minimum requirement. If you can't manage that amount set yourself a plus percentage target you can readily manage.

Why not contact the card company or your bank and ask for their advice - some companies are now warning their customers of the problems or additional costs by sticking to the minimum payments.

It's the old story - of you don't ask you don't get.:)

[Phoenix999]

As advised.... cut the cards up.... then pay off as much as you can afford each month, keep it that way and you will win in the end. Good luck

[Uber_Luke]

Lol Im 24 and owe over 150k on my mortgage over 20 years !!

Get a second job and cut your out goings... Simples

[balli hi]

Live within your means , and you'll never be in debt , i have applied that rule all my life and its worked for me , if i want something but can't afford it i wait untill i can , never commit to buying something if you know you can't afford it , its the easiest thing in the world to simply buy stuff using the plastic , the problems start when you have to pay the card off but you know you don't have the funds . Work out how much you have to spare each month after all your outgoings and you wont go wrong , its also prudent to put away a small amount each month in a savings account and count that as part of your outgoings , apply these simple rules and you'll be just fine.

[Raistlin]

Balli = Short arms, Long pockets

[balli hi]

Balli = Short arms, Long pockets

Pot & kettle

[passedit2]

Years ago I was in the same position. Managed to get a personal loan from my bank for the amount I owed on credit cards.,repayments over two years.

Not only did it clear the cards but I was paying half the interest rate than that charged by the credit card company's. The repayments came out of my current account every month so I got used to the deduction. Within two years I was clear of the debt. In addition I destroyed my credit cards.

Hope this helps and " don't panic"