After lurking and reading in here I realised I needed to sort my financial situation out. I wasn't struggling to pay my debts but I could see at some point I might and I'd be in trouble.
I've been putting existing debt onto 0% credit cards to pay off over several years but now I have around 7k outstanding between different cards or loans. Far too much.
The first thing I realised is that I needed to admit to myself I was over spending. Once I did that I decided to make a plan about how much I earn and what my fixed outgoings are based on car repayments and current cards that I'm already paying.
I then remembered reading a few times where people said to always pay off any loan or card where interest is charged first. So I'm paying off my PayPal credit and main credit card first with a 0% transfer and then I'm systematically using my remaining wage to pay them off quickly.
Looking at it logically I think I can roughly halve my debt in a year to something more manageable and where I can consolidate it all in to one place.
A few more steps I'm going to take:
I'm taking my cards off of buying apps and sites so I have to enter all the details whenever I pay. This way I'm more likely to question whether I truly need something first.
I've allowed myself a small budget each month to do 'stuff' but that is my limit. This is so I learn to say I can't afford something rather than out it in my credit card.
After this month I will stop taking my credit card with me but I will be keeping it as it's useful abroad.
Thanks to this sub as the tips have been invaluable for helping me formulate a plan and feel more relaxed about it.
Submitted July 26, 2017 at 03:02AM by russell16688 http://ift.tt/2uA7u1z
