Have I ruined my life?
Discussion
There's some great advice here.
I have been debt free, other than mortgage, for a few years and it's almost addictive.
The key thing is to really manage your income and outgoings- find ways to bump up the former and reduce the latter. Be ruthless. Direct debits start to add up. Stupid things like Sky TV subscriptions snowball into huge monthly costs.
Don't sell your phone, PS3 or telly, it won't help. I really would suggest selling your car and buying a banger for a while though. £4000 is a big chunk of that debt.
Concentrate on clearing the highest interest debt first, then chip away at the other bits. You'll get there- frugality isn't fun but does work quite quickly! I earn reasonable money and have reduced lots of outgoings but if I have a few lean months it's back to beans on toast at work and no coffees out, etc. amazing how it adds up.
I have been debt free, other than mortgage, for a few years and it's almost addictive.
The key thing is to really manage your income and outgoings- find ways to bump up the former and reduce the latter. Be ruthless. Direct debits start to add up. Stupid things like Sky TV subscriptions snowball into huge monthly costs.
Don't sell your phone, PS3 or telly, it won't help. I really would suggest selling your car and buying a banger for a while though. £4000 is a big chunk of that debt.
Concentrate on clearing the highest interest debt first, then chip away at the other bits. You'll get there- frugality isn't fun but does work quite quickly! I earn reasonable money and have reduced lots of outgoings but if I have a few lean months it's back to beans on toast at work and no coffees out, etc. amazing how it adds up.
I would like to thank you all once again for the good advise as I said earlier I think this is the turning point for me. Also as someone has said thanks for not being judgemental.
I will keep you all updated as I go. Sadly with Christmas round the corner I won't go out as much, but no bother as I'll have good company to spend it with.
I will keep you all updated as I go. Sadly with Christmas round the corner I won't go out as much, but no bother as I'll have good company to spend it with.
For someone bring home £18k a year then a £15k debt certainly hasn't ruined your life.
It's good you've accepted your situation and are willing to do something about it.
Step 1 is to look at the APR being charged on each of your debts and do all you can to pay off the highest APR debt first.
Credit Cards charging 30% are a nightmare to keep on top of.
If you can have all your debt at the 8-10%'ish level that'd be a good start.
It's essential initially that your debt doesn't grow so you must service the interest on it as a bare minimum.
Consider the interest as important as your rent.
Then look at what you have left. So long as each month you pay all your interest and nibble away at some of the capital then you are moving in the right direction.
You will have your debt under control.
Don't panic. Just be sensible and live within your means.
You're not alone. Lots of people get in similar situations. At least you're doing something about it.
Best of luck.
It's good you've accepted your situation and are willing to do something about it.
Step 1 is to look at the APR being charged on each of your debts and do all you can to pay off the highest APR debt first.
Credit Cards charging 30% are a nightmare to keep on top of.
If you can have all your debt at the 8-10%'ish level that'd be a good start.
It's essential initially that your debt doesn't grow so you must service the interest on it as a bare minimum.
Consider the interest as important as your rent.
Then look at what you have left. So long as each month you pay all your interest and nibble away at some of the capital then you are moving in the right direction.
You will have your debt under control.
Don't panic. Just be sensible and live within your means.
You're not alone. Lots of people get in similar situations. At least you're doing something about it.
Best of luck.
You can buy a car for £100. You clearly need to realise a few things about life:
1- Life without a £4k car is more than nothing- you have your health and family for starters
2- man up and face your own issues. I would happily eat beans on toast 7 days a week to sort my own mess out.
3- stop spending money you don't have
Good luck
Sean
1- Life without a £4k car is more than nothing- you have your health and family for starters
2- man up and face your own issues. I would happily eat beans on toast 7 days a week to sort my own mess out.
3- stop spending money you don't have
Good luck
Sean
All this talk of a £1000 banger is fine (nothing wrong with that)...but sometimes "bangers" can cost nearly £1000 to get through the MOT test.
Anyhow, good luck OP, I'm sure you will be OK if you exercise iron will and restraint, many people get just as much pleasure from saving money by being canny than spending it.
If you see something you like in a shop window, ask yourself do I really really really need that? Probably the answer will be no.
My late dad used to say "Don't be flash if you ain't got the cash".
Sadly, I didn't always take his advice in the past.
I have learnt my lesson now....
Anyhow, good luck OP, I'm sure you will be OK if you exercise iron will and restraint, many people get just as much pleasure from saving money by being canny than spending it.
If you see something you like in a shop window, ask yourself do I really really really need that? Probably the answer will be no.
My late dad used to say "Don't be flash if you ain't got the cash".
Sadly, I didn't always take his advice in the past.
I have learnt my lesson now....
Wacky Racer said:
All this talk of a £1000 banger is fine (nothing wrong with that)...but sometimes "bangers" can cost nearly £1000 to get through the MOT test.
Anyhow, good luck OP, I'm sure you will be OK if you exercise iron will and restraint, many people get just as much pleasure from saving money by being canny than spending it.
If you see something you like in a shop window, ask yourself do I really really really need that? Probably the answer will be no.
My late dad used to say "Don't be flash if you ain't got the cash".
Sadly, I didn't always take his advice in the past.
I have learnt my lesson now....
Not in my experience 2 citroen c5's and a saab 9-5 none cost over £800 and all passed 1-2 mot's with very little cost.Anyhow, good luck OP, I'm sure you will be OK if you exercise iron will and restraint, many people get just as much pleasure from saving money by being canny than spending it.
If you see something you like in a shop window, ask yourself do I really really really need that? Probably the answer will be no.
My late dad used to say "Don't be flash if you ain't got the cash".
Sadly, I didn't always take his advice in the past.
I have learnt my lesson now....
otherman said:
Wacky Racer said:
All this talk of a £1000 banger is fine (nothing wrong with that)...but sometimes "bangers" can cost nearly £1000 to get through the MOT test.
The modern day £1000 motor is far from a banger. This ain't 1970. I said sometimes....
One of my sons had an 02 Punto in great condition on the outside he had had since 05, it was only worth around £500 as it was, (85,000 miles) but needed £600 to get it through the last due MOT, exhaust, shockers, tyres, bit of welding etc.....
He decided against it, sold it for scrap for £150 and bought a nice two year old low mileage Fiesta for cash instead. Hopefully it will last him a similar number of years.
Wacky Racer said:
otherman said:
Wacky Racer said:
All this talk of a £1000 banger is fine (nothing wrong with that)...but sometimes "bangers" can cost nearly £1000 to get through the MOT test.
The modern day £1000 motor is far from a banger. This ain't 1970. I said sometimes....
One of my sons had an 02 Punto in great condition on the outside he had had since 05, it was only worth around £500 as it was, (85,000 miles) but needed £600 to get it through the last due MOT, exhaust, shockers, tyres, bit of welding etc.....
He decided against it, sold it for scrap for £150 and bought a nice two year old low mileage Fiesta for cash instead. Hopefully it will last him a similar number of years.
Swedish, german and some jap imho.
Don't carry cash around. You'll be amazed at how easy it is to piss money away when you have it to hand vs having to go to the trouble of getting some out of the hole in the wall. O/T whilst the new contact-less cards are convenient they are a recipe for disaster imho as so easy to spend using them.
TX.
TX.
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