If you were in £10,000 worth of credit card debt and someone left you £1000

[OnePramAndHisSprog]

Would you use it all to pay off a bit of the debt?
There are so many bits and pieces that we need and we are unlikely to ever get a sum like this again... But it seems like such a joyless way to use the money. And only a drop in the ocean of what we owe.
On the other hand, we are never going to get out of debt unless we prioritise that above everything else. WWYD?

[peggyundercrackers]

put it towards your debt, you need to get into the habit of thinking you don't have any money until it IS paid off. it may seem like a very boring thing to do but if you spend it on stuff you will just forget about the stuff you bought, im sure you don't really need the stuff anyway, but will still remember you are in debt. If you aren't going to see that kind of money again take the chance now and put it to good use instead of squandering it - you said earlier hindsight is a wonderful thing - if you don't use it to pay off your debt no doubt you will think the same again once the money is gone. learn from your own behaviour!

[DownstairsMixUp]

Good luck OP and check out them forums, as I said, really helped DP to get debt free and seems to be very popular for advice! Hope it all works out!

[harticus]

Get help, get advice and start to pay off the debt.

[OnePramAndHisSprog]

Fwiw when I said in the OP that we needed to buy bits and pieces I really did mean "need" not "want" - things like winter coats and boots, not takeaways and Moët.

[PosyNarker]

FGS pay off the debt.

I'd also add that if you can't see a way out of £10k of debt (even a long, boring and painful way) you need to seek some advice. Debt management isn't for everyone, but as a last resort it's certainly right for some.

'Bits and pieces' doesn't sound like 'the roof's leaking' (i.e. something you need to deal with rather than something you want).

[WooWooOwl]

Pay it off the card.

Your debt will never stop feeling this overwhelming unless you pay bits of it off when you can. Hopefully the interest you save will be enough that you notice that tiny bit extra in your pocket every month, and you will realise that sacrificing the big stuff was worth it.

[OnePramAndHisSprog]

Thanks everyone. I can't keep up but honestly, thanks. I will pay it off the card, and check out that forum

[Floggingmolly]

Don't be ridiculous, minnie. "Decide what's important to you" indeed!
Taking a step towards paying off a crushing amount of debt is far more important than amassing another grand's worth of stuff.

[dexter73]

I would buy the winter coats and boots and then pa the remainder off the credit card.

[dexter73]

*pay

[raisah]

Pay the highest interest card off first & keep chipping away at it until it's paid off. You may want to consider a few spending habit changes to help you:
Consider:

• temp xmas job to pay for xmas/debt
• cut up all the cards
• sign upto CAB budgeting workshops
• shop at Aldi/Lidl/ budget shops
• sell old stuff on ebay/NCT/ carboot sales
• meal plan
• shop around for best deals for utilities etc. Have a look at the Martin Lewis website for advice.

www.moneysavingexpert.com/credit-cards/

[LastOrdersAtTheBra]

So you pay this £1000 off and you'll only be paying interest on £2000 (until interest free period ends). Result!

[Ilovemyrabbits]

This brought back nightmares of when I was in debt and had my card swallowed up. We've recently had work done in the house and have £8k on a credit card, but it's 0% til end of Jan and we should be in a position to pay it off by end of December. That was a calculated loan, but it still makes my stomach roil if I think about it too much.

Being in debt is awful and that July deadline must be weighing on your mind to some degree. I would have to recommend paying it off too. In your position I'd also be looking at debt management of some kind. It really is a different life being able to spend what you have and not worry about what you owe. I can't recommend it highly enough and I'm desperate to be in the position where we are out of debt in January and have some money in reserve by this time next year.

[OnePramAndHisSprog]

I have been quite surprised by the reactions on this thread. I think I had convinced myself than everyone is in debt these days and our situation was pretty normal.

[Jengnr]

Are the repayments manageable? If so treat it like a windfall and do something nice with it.

Maybe spend half of it if you're feeling guilty. And pay the other half off.

If not pay the card off.

[DownstairsMixUp]

I think a lot of people are in debt nowadays OnePram and I'm sorry for my reply as it seems irresponsible now. I know DP was when I met him and a few of my friends are but there's always a way out. Lots of good advice on here and MSE :)

[OrlandoWoolf]

A lot of people are in debt and have their heads in the sands. A lot of it is unsecured debt as well.

TBH, when you look at the average salary, average houseprice / renting, bills etc, I don't know how people do it.

Your situation is not uncommon. But I do know how those repayments can kill. Interest free is good and people seem desperate to hand out cards nowadays.

[OnePramAndHisSprog]

Don't be sorry! Your suggestion was sense and pleasure rather than just boring old sense. I think I have had my share of fun times though as everyone else pointed out

[MuffCakes]

Well I would go primark and get winter coats and stuff, put a hundred away for emergencies (like the washing machine breaking down) a hundred for xmas and pay £700 of the debt.

[CailinDana]

Onepram - despite the fact that DH was a student for 8 years and I was for 5 years the only debt we've ever had in our 12 years together is our (small) mortgage. There has never been a period in those 12 years when we've both worked fulltime. We just live within our means. If we don't actually have the money for something we just don't buy it. Unless your income is very small or you have very high rent/mortgage repayments it should be possible to clear your debt in a few years, or sooner depending on your circumstances.

[MinesAPintOfTea]

If you still have cards then don't put any aside: every £100 is choosing you £20+ to borrow, every year. In an emergency you just have to grout your teeth and add to rye debt again.

Buy the DC winter coats and shoes if necessary, presumably you have whatever you wore last year? The rest goes on the interest card and keep your payments as high as possible as well. You'll be better off in a few years from this strategy.

[DownstairsMixUp]

OnePram Good luck with what you choose to do!

[joanofarchitrave]

Coats are quite easy to get at charity shops if you really need new ones. Or organise a local swishing event.

[MuffCakes]

Brand new padded coats are about a tenner in primark, better then a worn out charity shop coat. I love charity shops but a coat is something thats worn everyday.

[Arohaitis]

You need to pay of the debt, you don't have 1000 you have a gift of 10% of your debt paid off.

if you don't pay it then others who bank with your bank will have to and why should they?, they have their own life aspirations to look after. There is lots of help for budgeting/debt management etc use it