To ask how much you owe on credit cards ?

[anxiousmotherof1]

Getting to the end of maternity leave and i just realized i owe quite a bit on credit cards ! Dont think is that much but my husband is of the opposite opinion !
So how much you currently owe ?

If people don't want to use credit cards and not get cash back then it's a perfectly valid financial choice for them. What seems trivial for some people will be a hassle for others and I am saying that from someone who uses a CC on a daily basis.

If people don't want to use credit cards and not get cash back then it's a perfectly valid financial choice for them. What seems trivial for some people will be a hassle for others and I am saying that from someone who uses a CC on a daily basis.

What's your definition of "perfectly valid financial choice" though? I can see reasons for not opening credit cards e.g. not trusting to not overspend, or not being able to fill in the forms or checking statement very efficiently or they just don't want to but I can't think of any that demonstrate good financial management.

Dungeondragon15 everyone is different and has different priorities and different financial considerations. I find it strange that you think only your way and reasoning is the definition of 'good financial management'.

You do come across as superior and condescending @dungeon. If someone has looked into it, and decided they don't want a credit card, that's their choice. I agree, if doing so would actually save them several hundred pounds a year, as you claimed, then that would be a bit daft. But for the sake, in my case, of £36 a year, I can live with that. I don't think it's particularly bad financial management, especially when I seem to be better off than most of my friends who earn more and chuck lots of things on their credit cards and keep moaning they don't have enough money.

But then they are also the sort who will buy a lunch every day along with four Costa coffees whereas I am happy to use the kettle and make a sandwich at home. That's good financial management and again saves me far more than £36 on a credit card.

My definition of good financial management btw is having enough money to do what you want with and not having debt you can't service. How people go about that will be very different. I could do a lot more things to get more money but I have enough so I don't bother.

I have a friend who is always after a bargain, special deals, collecting points and airmiles; changing provider, etc. My husband always says on the way home - she's a canny northern lass (we are all nearly 60!) but if she bought a bit less, she'd save even more.

My definition of good financial management btw is having enough money to do what you want with and not having debt you can't service.

By that definition a lottery billionaire or someone who has inherited billions to do what they want and is good at managing money regardless of what they spend or waste it on. I would say it was about making the best use of the money that you have got.

But for the sake, in my case, of £36 a year, I can live with that. I don't think it's particularly bad financial management

I didn't say it was particularly bad financial management. I just don't see it as a sign of good financial management either so I don't know why some posters who don't use credit cards were being quite superior about it. It could be a sign that someone is not good at finances if someone doesn't have one because they know they will overspend.

About 5k. I'm not comfortable with it. I haven't been working but start a new job in the next couple of weeks and the plan is for all my salary to go on debt repayment.

But it's Christmas soon and I'm shit at self discipline with money. I spend money to cheer myself up and then stress about repayments.

Dungeondragon15 you really are coming across as someone who is 'right' and everyone who thinks differently is wrong. Why you are so disparaging of people who don't want them for no other reason of 'because they don't' I have no idea.

Easily
Set up a standing order for a sensible amount and then ignore it until its repaid - if you can make that be for double the current month's minimum, the debt will be gone in less than a year
(see my spreadsheets to see how)

Why you are so disparaging of people who don't want them for no other reason of 'because they don't' I have no idea.

I'm not disparaging of people who don't want them for no reason of "because they don't" because nobody is actually saying that!
I'm disparaging towards those who seem so proud of the fact that they haven't got one with the suggestion that those that do are living beyond their means. I am also counteracting incorrect statements about it taking so much time to open one or that the "insurance doesn't work" or that they pay a pittance or you can only get rewards in certain shop etc etc because they are not true.

@Ta1kinpeece can you please point me to your spreadsheet ?

First link on the opening post of this thread ....
www.mumsnet.com/Talk/legal_money_matters/1987219-SPREADSHEETS-for-Debt-Control-Budgeting-Mortgages-etc

Talk1ns* spreadaheets are awesome. Works of sheer genius.

I have 17k on credit cards. Self employed stay at home Mum and make just enough to cover the repayments with maybe £100 left at the end of the month - so, not a lot.
I feel incredibly depressed about it all, not least because I know it's my own stupid fault. I haven't used the cards since I don't know when but recently the bank has reduced my overdraft and the card companies have sent me letters saying that as I am in persistent debt they may decide to freeze my cards or up my monthly payments.
This has really panicked me to be honest, there is no way I can afford MORE per month. I don't feel I have much choice in the matter though by the tone of the letters.

Not expecting sympathy, I should have known better. I am now taking medication for depression after a period of emotional abuse in a relationship and then subsequently meeting with social services because they were concerned about the effect the abuse had on my kids but now they have closed their files. So now it's just me, the kids and the debt.

@garbagegirl phone stepchange and get put on a dmp. I had about 20k of debt and they managed to get my interest all frozen and my monthly repayments were something really affordable like £150. I’m now almost debt free and it’s a great feeling

I don’t have a credit card and whilst I understand moving money around in principle, I think too often they are a route into serious debt for many. If you can’t afford it, save until you can or make do without.

garbagegirl
You do not have to pay more each month.
You just need to freeze the monthly payment at what you afforded this month.
That will reduce the repayment term from over 16 to under 3 years
it really is that simple

even the FSCS started to agree with me this year.

Frosty
No need for her to do that is she is affording the current repayments.
Just use the standing order trick
It really DOES work

Frosty66611 do you mind if I ask, does your DMP adversely affect your future credit? (more so than having the debt you have/had)

Ta1kinpeece Thank you, that's really reassuring. I was so worried that it would be more pressure but the idea of reducing my repayment time from 16 to 3 yrs or so sounds SO good!

Ta1kinpeece going to spend this evening on your spreadsheet link for credit cards and see how I go. That's so useful, thank's for sharing

@garbagegirl it will give you a poor credit rating for 6 years and it will then be wiped from your file

it will give you a poor credit rating for 6 years and it will then be wiped from your file
When the alternative is clearing the debt in three with no black marks, you can see why my spreadsheets have their own fan club

I'm in the Ta1kinpeece fan club too. I've still got shitloads of debt (15k) but I don't worry about it any more because I know at worst it will take 2 years to pay off using the standing order trick. I'll forget about all those years I spent just paying the minimum off and getting nowhere!