Anyone trying to tackle their debts this year?

[TitsalinaBumSquash]

We're making 2021 the year of hammering credit cards and a load we've had for yonks. We're petty spenders which adds up but we also moved house last year and our new house is more expensive by quite a bit (necessary though)
Does anyone want to join me on chipping away at debt however big or small?

I appreciate this is probably a thread for people who have sufficient funds to manage their debt solutions themselves but just wanted to say, for anyone really struggling and maybe needing some external help from a debt relief company, I can thoroughly recommend the charity CAP (Christians Against Poverty), who have been an incredible help to me.

The charity was founded many years ago by a Christian who had suffered severe debt problems (to the point of almost homelessness I believe). Having 'been there' he wanted to create something to help others. Many of people on the helpline have struggled with debt at some point themselves, so totally understand. There's no judgement, just a lot of help and advice.

You DO NOT have to be a Christian to access the help, they help everyone of all faiths and none. Sometimes just talking to another person who understands can help massively. They can offer realistic advice, help you prioritise debts, contact your creditors to freeze interest on credit cards, negotiate payment terms etc. and make the process a whole lot easier. Having the support really has helped me as I was finding it completely overwhelming to deal with alone. After years of debt and overdrafts I'll finally be debt-free in March

I'm not meaning to de-rail at all, and apologise if I've misunderstood the tone or intention of the thread - I just wanted to put the info out there in case it helped someone. Even just getting the interest frozen makes a huge difference.

The number for New Enquiries is -
0800 328 0006

Thank you, that's kind Lets

Me!

We have around £3k of credit card debt that we’ve had for yearsssss that I just want rid of once and for all.

I have plans for money in January but after that I’m going to really go for it with the cards. We have leftover money and could get them paid off in 6 months if we put our minds to it BUT something always crops up.

Good luck everyone :)

We have debt on two credit cards. No longer ever added to but hard to reduce due to the interest. I am interested in a transfer to a zero interest card but I don’t know if they would allow us to transfer from two cards? Does anyone know if this is possible.
I suppose if not, I could always get one moved.

Another vote for CAP here.
I am not in any way religious but I know that they have been incredibly helpful to many people over the years.

Sometimes just talking to others about the issues helps get them under control.

The other really good charity is Stepchange

I am not in debt but I used to be so will NEVER judge those who still are

I can’t imagine the feeling of not being in debt. Must be so freeing. Even though mine isn’t a scary figure it’s always in the back of my mind that it needs paid.

I met the founder of CAP once, such a lovely man, they're a great charity for anyone in need. Thankfully my debt is manageable. But I've decided 2021 is the year I'm getting it gone. (Well the credit card and overdraft gone, the loans are here to stay for a while longer!)

@1lbperweek - it's an amazing feeling! Very freeing. I was always overdrawn and it's such a vicious circle. Took ages to get rid of it, reducing by £10 a month to start and increasing to £50 a month but honestly the relief is incredible. Looking back, I didn't NEED the overdraft, but found I got trapped by it and then had to increase the amount in order to manage. Within no time it was up to £1500, which was more than I earned.

Wishing everyone the greatest success with all this, it can be done and it's the greatest weight lifted!

I agree with skidaddle and am glad that she is here too.

Its scarily easy to get into debt
and has been massively normalised
and in these COVID times is often utterly essential
BUT
getting out of debt is the most wonderful mental place to reach.

TBH at the moment "I" have debt - because my business has taken out a Bounceback Loan to cope with the impact of COVID

but I also now have savings and know that I am secure

its so worth it for all of you to keep up the hard work.

I didn't have a scrap of debt to my name until the past 5 years. Once it starts it's easy to snowball.

I grew up in poverty, not knowing where food would come from (no food banks then) we'd move house in the middle of the night to avoid bailiffs and the neighbours seeing us do a runner.
We'd wash in front of the fire with water heated on it.
This was the early 90's too so not that long ago.
I swore that I'd never end up in any kind of debt but then we had to move, quickly due to the awful conditions we were being left to live in with a very disabled child so when a house came along we snapped it up and moved the same day.
It's so, so easy to get credit now it's scary. We applied for a loan and it was in the bank within seconds.

@Letsskidaddle fantastic! Actually now that you say that I paid off a couple of overdrafts over the last couple of years and it did feel great so can’t wait for the feeling of credit cards being paid off!

Like you it just ended up being a circle that we never managed to get out of with the overdraft until we really put our minds to it. They were only about £200 each as well.

@TitsalinaBumSquash agreed - it’s scarily easy to get credit but funnily enough not so easy to pay it back!

My debt free deadline is end of 2022. I’ve tried squirrelling everything previously and after a few months of it I get so utterly fed up that I give up and go back to min payments. This time round we’ve still got ‘fun money’ so whilst yes it takes longer we have stuck to it.

The best thing that happened to me was when the bank cancelled my overdraft overnight. It forced me to address the issue (but absolutely killed my credit rating).

Today I've paid off my (what I call) 'stragglers' which is the odd bit of debts left from bigger accounts like Studio, Curry's etc. 💪🏻

We've decided not to get the new fancy pants American fridge freezer from Curry's, instead we've decided to keep our battered old separated and live with the broken drawers for a while longer (they cost £££ to replace)

Well done Titaslina
Learning to only buy what needs buying is a key trick.

What brand of fridge - just that I keep the drawers out of all my old fridges for use in the garden - I might have what you need

Can I join this fab thread.
I am starting this year with nearly £10k debt- some if it essential (medical bills) some of it just good days out.
I want to pay off atleast 5k this year.

So far this month I have paid
270.00 off the total.

Nutrigrain
Debt management threads are one of the coolest bit about MN.
What format is the debt you have (loan, card etc)
as the strategy varies depending on which one ....

@ListeningQuietly I've got 3 CCs and a little bit on the very account.
2 CCs are interest free though for a little while longer so it isn't as bad as it could be.

Yep me! We have 38k. Been chipping. Away at it for two years (was 60k) but want to get serious this year. We put in 2.4k in January. Hoping to put in 2k minimum for the rest of the year.

Good luck to everyone We can do this!!

Nutri
Very : clear it ASAP - their interest rate is vile
Cards : set up a standing order for the minimum so you are clobbering it
and then pay every penny you can extra before the interest restarts

Orange
Another one where todays minimum on standing order will head it in the right direction even if everything else goes sideways

I need to do something with the husband if I am going to make real progress. I need a pause button for him.

@TSBelliot

I need to do something with the husband if I am going to make real progress. I need a pause button for him.

Ask him how long he thinks it will take to clear ANY card balance if he only pays the minimum best part of 20 years and ask him if he wants to still be paying for fripperies 15 years after he got rid of them ....

His answer would be a resounding yes!🤔must step up my game.

Hmm.

I bought an XBox for my kids from a pawn shop - half list price.
The first owner was still paying for it at that time ....

A tax client wanted to buy a top of the range buggy thing for their kid.
I pointed out that if they put it on their card, they would still be paying for it by the time the kid started Uni

If you put a kitchen on credit cards, you'll be paying for it years after you move out of that house

GET CREDIT CARD DEBT under control
its worth it

To be fair it’s not cards with us but a loan and his yes is to the things not the still paying. I have come to realise that love of things and specifically of the right thing (not to be thrown out after a mere 15years) is one of his things. He isn’t a fritterer but a aaah we need to buy this quality thingy. The X Box reminds me of my friend wedding 15k to go and the divorce came through!

TSBelliot
In all honesty if he is buying things that you need and will love and appreciate for a very long time then its a bit different.

But he needs to learn to differentiate between need and want
and be willing to save up at least 50% of the value of all non property and only borrow the second 50% once he has, after a period of time, confirmed the need.

He also needs to be able to prove to you that the item he is purchasing is not depreciating over the term of ownership
OR
that its cost per use is justifiable
eg I buy expensive gym leggings but cost them at 25p per wear before they fall apart

Responsible purchasing will give you time to get out of the debt rut.