To slow down on my clearing credit card debt quest?

[Onlyrainbows]

We've got just below £4k in credit card debt. Can't remember how much there was originally but I think it was around £7-8k at the start of this year. The debt is down to my husband overspending over the years and a few months of redundancy last year (my end). We now have a decent joint income and live a fairly comfortable life, however I'm always stressing out that I want to clear them before the 0% ends (one is first of January 2023 and the other one is in a year or so). However, I'm always stressing that they need to be cleared and get a tad annoyed that I never get to "enjoy" my money, because the priority is always to clear the cards.

It's the mental load (I doubt I'll buy any of that stuff, as that's just not how I am) but CURRENTLY it feels a bit like I'm the one who stresses about it, while also being the one who is for the most part paying it off. I just want to have some breathing space too, and have the capacity of not stressing out if I bought £100+ glasses, etc..

Hang on you earn £75k a year and £500 is all your joint disposable income, and you've no savings? Sound like you're still spending extravagantly.

Allocate yourself a personal spending money budget (and your DH if you're feeling really generous) and send that money to a separate account.

If you want something and there is money in the account, buy it. If there isn't, wait until next month. If you don't want anything, the money just builds up until you do. And that's your breathing space for glasses or whatever else you might want.

Chances are that you'll keep being able to get the balance transfer offers for as long as you need as long as you keep working and keep paying the existing card off. If you set a standing order for a fixed amount, rather than the minimum, the car just keeps getting paid and there's not much of a mental load anyway. Just set a reminder to review the amount and look for a new card offer if needed a couple of months before the current offer ends.

Really?!

4k is more than I earn in two months. Can't believe how narrow minded that comment is.

Only 4k. Jesus.

Well stop paying it off then in the large amounts. Again don't know why you're asking permission from us. We all think you're nuts and should get it paid off sooner rather than later, you don't. You should also be able to speak to your husband and have him pay off a lot of it too, but you don't seem able to do that either. Just reduce the amount, buy what you want and stop stressing hopefully, although you'll end up stressing because you still have a lot to pay off. Would be easier to just talk to your husband..

Ok, but every single month?

If you feel the need to buy gadgets for £300 every single month I would suggest you've got some unhealthy spending habits and would be wise to drive down your debt.

Debt will become more expensive going forward, you might not have as easy access to it always.

I'd drop payments and enjoy life a bit. Focus on overpaying the card that finishes interest free first and just pay minimum payment in the other.

So essentially you're stressing about the mental load of the stress that you're putting yourself under. And you wish your husband would be more stressed so that you could be less stressed?

He's not pulling his weight, is that it?

In theory we have a disposable income of £1600 (or thereabouts), of that £200 go to the DC savings, my husband's (which is like another £100 on top), day to day household general expenses (this month we had to pay £60 for the garden collection, other £50 on gardening tools, £60 on extra curricular activities, £400 on car insurance...) We're a family of 6 so going out becomes quite expensive.

Why is only your husband gettign money allocated to savings? Where is yours? And why are you paying the credit card debt, shouldn't it be paid jointly?

Is the £1600 including food? If not, that's quite a lot of disposable income. Although maybe not if you need a new hoover and smart watch every single month....

You’ve got masses to play with there. If it’s stressing you out, just have a few months of right budgeting and not paying into savings then it’ll be gone.

My husband doesn't get any savings either

You are living on the edge if you have no emergency savings and hefty debt. Keep going on the current plan and then when debt is gone put the 500 monthly into savings.

No, you don't have a disposable income of £1600 if you're not counting regular savings payments, extra curricular activities, gardening stuff and car insurance as household expenses.
Your problem is that you haven’t done a proper breakdown of your household expenses. This could be one of the reasons your DH overspent - the perception you've got is that you have more spare money than you actually do. This is very common in people who have above average incomes and a busy life.
Unless you both sit down and do an honest budget that includes EVERYTHING you need to spend in a year, then you’ll constantly be juggling money, and probably wasting far more than you realise.

No my DH overspent because he was a selfish man at the time.

"hat £200 go to the DC savings, my husband's (which is like another £100 on top)"

If it's not his savings, what is it then? his spending money?

I agree with PP, things like insurance and extracurricular activties shouldn't really be marked as disposable.

But all the money that's spent is usually a family thing. So I end up with no "me" money. then spend less on a fancy holiday and the cinema and split the budget for that between you to spend as "me" money.

Clear the debt and maybe buy one of these things. Then ask for another one for Christmas.

Glasses are an essential so get those.

Hang on.. why is your husband getting savings?

Match his £100 with £100 for you to spend on whatever you want

It was commute not savings!

I get that you are feeling resentful that you are carrying the mental and quite a lot of the financial load of paying off the debt that he accrued. I would too.

maybe this would be a good time to sit down with your DH now that you have paid quite a bit off and given prices are going up etc and have a good overall look at your finances to make a plan going forward. I’d still prioritise paying off the cards. But making a plan and maybe making part of it that you both have equal personal spends might help how you feel. And he should really be taking more of a hit on paying off the cards too.

Ok, well it looks like you need to revisist your budget and talk to your husband. I wouldnt' be reducing credit card payments by £300 to spend on random gadgets and eletronics when you have no savings though. If you find yourself in a pickle further down the line that £4k could come back to bite you and your cuobaord full of hooversexpensive glasses and fitness watches won't help you.

But he can't take any more of a hit if puts all of his salary in the joint pot. Unless he were to take a second job

If the debts are in his name, let him sort it out. If not, and you're having to pay them back, he's taking you for a mug.

No the debts are not in his name. He just was completely non transparent about his salary and outgoings the first 4 years. To put simply, if he had provided as much as he should have (instead of spending it) we would have savings.