|
|
| The independent answer to your debt problems | login join |
|
geordieboy
| 03-05-2007 12:00 PM |
|
Joined: 03 May 2007 Posts: 1 | Hi guys!! Im only 19 and have about £7000 of debt with overdrafts and credit cards. Having done some research many people think that this amount of debt is nothing but its seriously having an effect on myself! I am constantly worried about it hanging over my head and it goes through my mind at night. I am just worried about how to go about tackling it to get it down as terms like 5 years etc seem like a lifetime in paying off small amounts each month and I dont think I could afford to pay that each month. If its a small amount im paying off I wont see it coming down much and go on the cycle again and add more to it!!! Id love some pointers about how to approach this before the £7k goes up!!! I dont want to be regretting this debt in a few years time when it may effect my future with getting a property and so forth. Im gutted when I think what the money has been spent on. Going out, clothes, gadgets, holidays... Ive not got too much to show for it at all :( Any advice or pointers would be a great help! Thanks! |
| DW George | 03-05-2007 01:25 PM |
|
Joined: 01 May 2007 Posts: 174 My Profile | Geordieboy It doesn't matter what size of debt you have, if it worries you then your debts too large. In order to help we need some more information about your debt so could post your SOA (income and expenditure). At 19 you really need to curb your spending running up that amount of debt in a year! That said, if you are earning, I would expect your salary will increase so the proportion of your income going towards your debt will decrease. You may be in the position where you can also credit card hop which will lower the interest rate you are paying. There are many ways to experience DFH. Post back. |
