I'm not in debt but I have less the £1000 in my main account right now.
The credit cards were the most difficult for me to get rid of, it took a long time and I ended up cashing in a pension to clear the final balance as I felt it was never going to get paid down. I set up a direct debit for the card with the biggest balance and just checked it every so often, cut the card up so I wasn't tempted. It went eventually but took years to pay down.Mortgage 85k that is shared with boyfriend
Car finance- about 18k but it’s on pcp so I will just hand back and hopefully get a cheaper car next!
Student loan-about 7k but I don’t worry about that, it’s just so annoying seeing £70 come off my pay each month
Credit car-7k- this is the debt that worries me, if just never goes down. I did have 9k inheritance from my grandma last Xmas but that was spent on moving house/house renovation. It did feel good having that money in my bank for a while!
Well done on clearing the cc debt. Although I have a way to go I am prioritising savings and it's making a huge difference to our overall finances. Being able to pull money from my savings account to pay for things that need replacing means I am not being thrown on my budget. I also worked out that we pay silly money on overdraft charges so this year I have stubbornly refused to go even a penny overdrawn. Spread sheets have been really useful as I am poor at maths and working out what comes out when.Just over 84k on my mortgage. This has been the year that I’ve finally managed to get out of credit card and overdraft debt something I’ve had in some form or another over the last 20 years. I still use my credit card to buy things online although pay it off in full each month. Next challenge is to try and see some savings built. It seems to have been the year of big expenses, just tell misled at least I’m lucky enough to be able to pay for them at the time.
Absolutely! My electric bill has gone fromMy partner and I have about £160k left on our mortgage but I don't really count this when I consider my debts because to me it's like a utility bill - we'll be paying this every month for the foreseeable so I dont even think about it! We also have quite a bit of equity in our property (house is worth around £500k) so we're in a fairly stable position with it.
I only have 2 debts with 1 personal bank loan and 1 0% interest credit card but combined they are quite high and although we have sinking funds accounts to save for particular things (Christmas, holidays, birthdays etc), we don't have any substantial emergency savings. I don't do store cards etc and I do have a couple of other credit cards but they have no balance on them and I haven't used them for years.
I've got £16k left on a personal loan which was taken out about 2 years ago to buy a bigger and more reliable family car and to do some home improvements, this loan is in my name but my partner contributes half to the monthly repayments. I also have £3k on a credit card and this is what bothers me the most - around a year or so ago I think the total balance on it was about £500, which I was very comfortable with, but it's gone up loads because of various emergencies which we didn't have enough in savings to cover. It seemed like the most sensible option at the time as we're not currently paying interest on it, but it does depress me every time I look at it! Now we just have to keep chipping away at it every month. Once we've cleared these 2 debts, we'll have a decent amount of extra disposable income, not that it'll get us much with the way things currently are.
Does anyone else feel like their debt has increased since the start of the cost of living crisis? Because I certainly feel like mine has