A support thread for people paying off debt!

[Kingyy]

I’m in a pretty awful financial situation and I’m hoping 2020 can be the year I resolve this as it’s just a constant cloud over what would otherwise be a really happy life.

I’ll begin by listing my debts:

Car loan - £16500*
Credit card - £2780

I also have a small amount of savings:

Help to buy ISA £800
Instant access savings £300

Also have around £1000 in current account.

DH and I have 2 DC aged 6 and 3. I’m studying at the moment and DH is working full time. He has had a recent pay rise which should be a huge help to getting our debts under control and I’m also starting to look for jobs although my availability for working will be hugely improved when my youngest starts school in September.

I’m sure there are many others out there in a similar position financially and I was hoping we could have a little thread to encourage each other along the way

• car loan also has some a couple of thousand pounds incorporated into it from a previous loan. So it’s not solely the car.

I could do with the support. Some huge and unexpected house repairs and maintenance have obliterated the money I had saved and meant I took out a loan. I’m looking at changing jobs (cheaper from a childcare perspective but a massive pay cut). It’s all doable but I’m quite anxious at the moment and was up for hours last night worrying about it all working out.

you should really try the debt free diaries forum on the Money saving expert website.