Credit card 1 – £6176 (a couple of different interest rates, most of it is 0% until next year)
Credit Card 2 – £1489.06 (recently balance transferred – 0% for 39 months)
Loan – £9796.05 – will be paid off December 2020
Car finance – £1046 – final payment in July 2017
Total debt: £18480.11
The loan is obviously my biggest outgoing, and it’s starting to take its toll. I originally had a loan with higher APR, and was then offered another loan with the same bank at a slightly lower APR which I took. I paid off the existing loan. I would like to think that as my credit rating improves, I will be able to get a lower APR loan again to bring down the total amount I’m paying. It was originally a quick fix to get rid of loads of different credit cards – it was difficult to keep track and during my dark days it was hard to ensure I’d paid them all on time. This debt costs more per month but it’s much easier for me to manage in terms of my bad days.
As hard as this is to write, I feel like it’s time to start getting all this down.
I am in debt. Not just a little bit, a lot. I’ve so far been meeting all repayments, but my outgoings are more than my income so I’m in danger of spiralling. I’ve been self medicating depression with spending, and I’ve been feeling the effects for quite a few years now. I still find it fairly difficult to stop impulse purchasing, but I am getting better…on the whole I’m making conscious choices. They might not always be the right ones, but I guess that’s why I need to sort myself out.
I have recently dug myself out of my overdraft which I had been in for about 8 years, non-stop, because I just wasn’t earning enough to cover my erratic spending. I religiously check my balance on my banking app, so there is no avoidance, no burying my head in the sand. I am fully aware of the mess I’m in, and I’m determined to get out of it. I’ve curbed my spending on catalogue companies, and am pleased to say they are paid off. I’m nibbling away, but I still seem to be struggling, and going round in circles. When I hit a bad patch buying things cheers me up, whether its actual stuff (which I usually don’t need), or food like takeaways or a supermarket binge on stuff that I sometimes end up eating half of, then throwing the rest away because I feel so guilty about the amount of shit I’m eating.
I wont change overnight, and I KNOW that I really do need to change – after a lot of thought I decided to make this public, but please….don’t comment unless it’s constructive. I’m doing this for me, and to show other people in a similar situation that you CAN pull yourself out of it…I’m not doing it to offer advice (because I am in no way qualified to do that!)
Next post will be a list of current debts….