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Original poster

To ask for help with £10K debt

37 replies

Helpwithfinances · 04/06/2024 10:50

Hi all!
I was wondering for your tips for getting rid of around £10K debt.
I had some unexpected house repairs come up that I hadn't saved for and have put the money on a credit card, have around a year to pay it off - but could potentially move to another 0% card when the 12 months is up.
It is really stressing me out as I am a single mum and I am crap at budgeting each month. I have two teenagers who never stop eating and my DD does dance and a couple of other activities that cost a lot.
I was wondering everyones tips for saving money. I would ideally like to save around £500 a month (not impossible if I am very, very sensible I think) but I am not a natural saver (as seen my getting in debt in the first place). I have already decided no summer holiday this year which will hopefully help..
Thanks!

OP posts:
Wotcher · 04/06/2024 13:03

VolvoFan · 04/06/2024 13:01

0% interest credit cards are a sticking plaster. I don't know why people do this. But in all seriousness I don't have any advice beyond what others have said. Unexpected expenses are blindsiding and I'm sorry this has happened to you.

They’re a very useful form of debt. I’ve used them many times to my advantage, and if someone needs short term credit they’re far better than paying credit card interest!

For longer term, a loan would likely be cheaper. But they certainly have their place.

VolvoFan · 04/06/2024 13:02

Asusefulasamarzipandildo · 04/06/2024 13:00

Hedging?

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From the Google machine:

"Hedging is a risk management strategy employed to offset losses in investments by taking an opposite position in a related asset. The reduction in risk provided by hedging also typically results in a reduction in potential profits. Hedging requires one to pay money for the protection it provides, known as the premium."

VolvoFan · 04/06/2024 13:01

0% interest credit cards are a sticking plaster. I don't know why people do this. But in all seriousness I don't have any advice beyond what others have said. Unexpected expenses are blindsiding and I'm sorry this has happened to you.

Asusefulasamarzipandildo · 04/06/2024 13:00

Wotcher · 04/06/2024 12:56

That’s basically a form of hedging

Show quote history

Hedging?

Wotcher · 04/06/2024 12:56

Asusefulasamarzipandildo · 04/06/2024 12:49

If the money is on a 0% card pay the minimum monthly and put as much as you can into high interest savings. At the end of the 0% term if you're not able to move the balance pay off what you can with what you've saved. There is a term for it MSE use but it's a good way to "earn" money if you're sensible with your spending.

That’s basically a form of hedging

3luckystars · 04/06/2024 12:56

I read that most people have £2k worth of items in their attic. I don’t know how true that is, but is there anything you could sell?

I also read that 90% of things that go into the attic/shed never make it back into the house again. So now if I’m thinking of putting something in the attic, I try to skip that step and get rid of it entirely.

Original poster
Helpwithfinances · 04/06/2024 12:53

That is actually a really good idea!

OP posts:
Saintmariesleuth · 04/06/2024 12:53

Are you willing to post a breakdown of your monthly in and outgoings? We may be able to suggest some other areas where you can cut costs, but agree that money saving expert is a good place to start with setting a budget.

Good on you for facing up to the problem and trying to sort it out- it is worrying being in debt, but you are doing the right thing trying to get on top of it now

Asusefulasamarzipandildo · 04/06/2024 12:49

If the money is on a 0% card pay the minimum monthly and put as much as you can into high interest savings. At the end of the 0% term if you're not able to move the balance pay off what you can with what you've saved. There is a term for it MSE use but it's a good way to "earn" money if you're sensible with your spending.

Original poster
Helpwithfinances · 04/06/2024 12:47

Bump! will take any tips big or small

OP posts:
Original poster
Helpwithfinances · 04/06/2024 12:05

Thanks

OP posts:
Boomer55 · 04/06/2024 10:51

You could have a look at this:

https://www.moneysavingexpert.com/banking/budget-planning/

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