Debt really getting me down. Pointless moan

[MoneybagsIamnot]

I have £7,200 on a CC that I am paying off £200-250 PCM. I also have a £2,800 graduate overdraft that I haven’t ever even attempted to pay back as I’ve been trying to get rid of my CC debt. I did also have a £700 Halifax OD that I have just managed to clear, so that’s all gone now thank god. Oh and I’m paying £122 PCM for my braces, which I’ve still got another 18 months left to pay on.

Currently I earn £22k a year and £332-372 PCM is going on debt. I hate it, I try and throw every spare penny I can at it at the moment but I am going to have to be doing this for the next 3 years to even think about getting debt free. I can’t get a mortgage, can’t save etc. I hate living like this.

I just want to wave a wand and get rid of this hideous debt hanging around my neck. Is it worth thinking about trying to get a consolidation loan? Or would that make things worse? The thought of having to live like this for the next 2-3 years is so depressing.

Any chance of a second job? Even Avon - product testing - bar work?

I'm sure you must feel frustrated, but you are doing the right thing paying off as much as you can. Didn't you feel good when the Halifax OD cleared? If so, try and remember that feeling at times like this.

I've got a similar amount of debt to you. At the end of the day, I spent it so I have to pay it back.

But I try not to get annoyed thinking of the next 2/3 years paying it back and instead think - I'll be free in a few years and will over £300 a month extra disposable income to spend or save!

Think how good you'll feel when it's all paid off
If anyone asks you what you want for Xmas or birthdays ask for cash
2-3 years is nothing really

Aren't consolidation loans for when you have to pay back a bunch of loans?

It is a pain but there's not much that can be done
If you can't face a second job then eBay as much as you can
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I presume you're already paying the lowest interest rate possible, hopefully 0% as its credit card debt?

What interest are you paying on both the graduate overdraft and the cc? Is the c£200 cc payment the monthly minimum or more?

If the interest on the overdraft is higher, and you are paying more than the min on the cc each month, it might be worth reducing the cc payment to start paying off the overdraft.

If you are paying interest on the cc debt - have you tried applying for a 0% balance transfer? MSE website has quite a good eligibility checker - gives you an idea of which cards you are likely to be accepted for without leaving a footprint on your credit history

No, I'm not paying 0% unfortunately. I can't seem to find a card that would let me transfer over the entire CC balance And it just seems like a load of hassle (I'm sure I'm probably mad not doing it though!!)

Re second job, I already work long hours in my 'day job' so whilst I've definitely considered it, I know I wouldn't get to see much of my DP/ have a life, so unless I have absolutely no choice, then I'd rather just carry on paying off what I am and accept I'll be paying it off for longer!

I have started doing a bit of freelance writing, which has brought some money in but it's quite a bit of effort for not much return. Hey ho.

I'd strongly recommend the book 'the total money makeover'. It's an American guy. The religion bit is not for me, but his method of getting out of debt is really good.

It's by Dave Ramsey. He has baby steps. Don't worry about getting other loans or balance transfers. You've obviously done really well to get this far.

We've gone from 46k in debt to 8k.

I listen to his podcasts too. Good luck.

46k to 8k wow!! How long has that taken you?

I'm actually pleased/ proud to say that my attitude towards spending/ money has changed for the better over the last 6 months and I've really tried to be responsible. I'm paying off about £40- 80 more than the minimum payment on my CC each month and my overdraft I just get charged £7 a month for ( to have the account) so I'm trying to chuck all my money at the CC at the moment.

I long for/ dream of the day I'm debt free, just seems like such a long road :sigh:

If you can find a place that will allow you transfer any of it it could save a lot
It is about half an hour of paperwork which is not a lot of hassle at all
If that saves you £100 - and it might well be more - why wouldn't you do it, it's the same as earning that extra in your situation?

If you spent any of that debt on stuff, I reiterate to eBay it, it's amazing what you can sell on eBay and again, it's not a hassle. Stuff like this often works out at more than my average hourly pay which is not too far off yours.

Sorry I should have said...

We sold stuff... Lots of stuff... Including cars that had outstanding loans on. We drive old cars now with no finance.

I work more hours, and I just do loads of tiny, tiny things that all add up.

My husband has been great, but it's very much my goal. It's been 2 years so far. But we do earn a fair bit so we have credit cards falling over themselves to offer more debt.

I closed a barclaycard last week that had a credit limit of 17.5k they were desperate to keep me... Loads of offers and benefits but I just kept repeating that we would not be borrowing any more money again. Very empowering.

Oh don't borrow money again
It's a no brainer
When you've paid off your debt, pay yourself first. So each month, day after pay day, do a standing order into a savings account

People seem to find this stuff boring but I love it
Maybe I should see if I could do some inspirational podcasts

OP you will move a chunk of that balance to 0% won't you? Otherwise you might as well just buy magnums of champagne for the credit card company

H sorry boots I got you and the op mixed up! Oops.

Yes. It's irritating, boring and depressing all at once. At least you have it under control though. Think how you would feel if you hadn't changed your attitude and your situation was worsening day by day?

Well done so far.

First I would try to concentrate in getting rid of the cc to an amount in which you can do a balance transfer with 0%.
Minimize your expenses, go to MSE and write down a state of affairs, there is a debt free wannabe forum, they ll give you lots of ideas you can cut down, the old style is very good
We had 28000 on cards and loans. Now we are debt free. The feeling is great, now we are tackling the mortgage. It took us 3 years and two children