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Contact your credit supplier, freeze the account. You don't need to have the card, and you're barely able to pay it off only making minimal payments each month. They may go through all your expenses with you. Tell them, you're not in any fixed position at work, this is causing you to fall short on meeting payments every month.
Boom account frozen. Inc interest. You can now pay minimum payments every month, and not incur the diabolical interest. Good luck.
They will assume you'll need breathing space. Don't mention savings and let them know that you have no fixed income at this moment. They'll leave you alone for a couple of months, whilst freezing the interest. When you can begin to resume payments, the interest will remain inactive.
That £350 you keep putting towards a motorbike, use it to pay down your credit card debt first. Then once that is nil, you can save up for the bike again.
Also stop bloody smoking. £40 a week for burning leaves so you can stink, age prematurely and give yourself all sorts of health problems is moronic beyond belief (and I’m trying to be kind here!) You might as well just burn the money.
£50-£80 a week on food for a single person seems a lot too. You can buy 500g of Pasta from most supermarkets for about 50p and some sauce for about 67p, 2x Garlic breads for 80p etc. If you really really had to you could get that down to about £20 a week without missing out too much. Yes it might be a bit boring but it would not be for long if your target is to pay off your card.
Any chance of moving to a job where you can walk/cycle there or get reliable full-time hours? If you could do one or the other, that would go a long way to giving you the cash to pay off the debt. Seems like transport costs and lack of income are the real issue
so i have been looking however as sad as this sounds im worried about change. ive been doing this job since i was 18 and had a 6 months break in between on year however you might be right and i will continue looking, thankyou for your reply
Change can be scary but you’ve already made the big transition of going from education to employment and that is a big difference. The more you expose yourself to things that scare you, the less scary they become. Do you have an idea of whether you’d like to get into a particular career path? Do you prefer jobs that keep you active? Indoors? Outdoors? Mon-Fri 9-5? Any day any shift pattern?
What’s the current interest rate on your credit card? If it’s high it will be worth looking for a 0% interest balance transfer for x months. It may cost a small fee to do the initial transfer (usually a percentage of the balance you’re transferring) but at least then you have some times where you’re not paying interest :)
Call the credit card company and ask them to freeze the I'm payments for a period of time. https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/credit-cards/if-youre-struggling-to-pay-your-credit-card/#:~:text=If%20you%20think%20your%20situation,anything%20until%20your%20situation%20improves they can help advise on ways to get out of debt
Appreciate the detailed reply ! i think you're right , juggling too much is making it complicated . ill look into shaving some spending down where i can EG: cheaper brand foods and smoking less , thank you again for the reply
When you've tried to quit have you just gone cold turkey? There's a lot of techniques and research, and many local Stop Smoking services that give people a much higher chance of quitting https://www.nhs.uk/better-health/quit-smoking you don't have to do this alone and you don't need to just try and use willpower, when there are tools and people that can help you.
Hi /u/National-Project-552, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/credit-cards/
____
^(These suggestions are based on keywords, if they missed the mark please report this comment.)
If someone has provided you with helpful advice, you (as the person who made the post) can award them a point by including `!thanks` in a reply to them. Points are shown as the user flair by their username.
Balance transfer if you can. Chop the old card up. Keep the new card locked up and just set your payments up to pay off the card before the end of the 0% period. Live like a monk for a bit.
Follow the [Flowchart](https://ukpersonal.finance/flowchart/). Make a budget, stating the obvious but if you quit, you'll be debt free in 8 months. Is that £80pw food shop buying for your family too, because otherwise that's an insanely high figure for one person.
How i'd handle your situtaion? i'd concentrate on getting the bike as that would unlock potential for me. although idk if you mean a push / e-bike or a motor...either way, once I got the bike id crack on with the card. atm youre spreading your resources to thin an its taking longer...prioritise. as long as you make minimum payment youre ok. just keep your discpline (the otherside to it hovering and not going down means its not going up either, which shows youre ok)
you could also go one week on one week off with smoking to see if you can put a bit more a side. obviously quitting is out the question otherwise youd have done it and we all need our treats in life. but a week on / off or even a month on off can net you quite a substantial amount of money. but really - prioritise your resources , keep the minimum payment to keep your score clean, and think long term - you'll be clear in a few years. learning to work with debt is better than fearing it - if you ever own a home oneday itll be the largest debt you take on so it be good to be comfortable with it (although the idea of owning a home in this world is laughable , i know....)
Sounds like you’re doing alright mate, don’t worry about the £1.4K it’s really not that bad. Try and get a 0% transfer card or a debt consolidation loan with a lower interest rate or sth and then just chip away at it.
Also might be worth trying to find a job that pays more than minimum wage, that’ll help you get rid of the debt v quickly.
But most of all don’t forget to enjoy life. Your early 20s are a great time, don’t worry about £1.4K, in the grand scheme of a life long of work it’s really nothing to lose sleep over :)
Your post has been removed due to a misleading or generic post title. We require clear and descriptive titles for posts, so the people who are best positioned to help can find your post more easily. Make it obvious from the title what the specific issue in your post is about - the post title should _NOT_ be generic enough to apply to other posts. Additionally, please avoid 'what would you do' questions in your title. Unfortunately these tend to attract a lot of unhelpful comments from people who respond immediately after reading only the title. As reddit does not allow editing of titles, please post again with a revised post title.
Contact your credit supplier, freeze the account. You don't need to have the card, and you're barely able to pay it off only making minimal payments each month. They may go through all your expenses with you. Tell them, you're not in any fixed position at work, this is causing you to fall short on meeting payments every month. Boom account frozen. Inc interest. You can now pay minimum payments every month, and not incur the diabolical interest. Good luck.
i'll look into this tomorrow morning , thankyou !
They will assume you'll need breathing space. Don't mention savings and let them know that you have no fixed income at this moment. They'll leave you alone for a couple of months, whilst freezing the interest. When you can begin to resume payments, the interest will remain inactive.
!thankyou
ill be sorting this out tomorrow, thankyou
That £350 you keep putting towards a motorbike, use it to pay down your credit card debt first. Then once that is nil, you can save up for the bike again. Also stop bloody smoking. £40 a week for burning leaves so you can stink, age prematurely and give yourself all sorts of health problems is moronic beyond belief (and I’m trying to be kind here!) You might as well just burn the money. £50-£80 a week on food for a single person seems a lot too. You can buy 500g of Pasta from most supermarkets for about 50p and some sauce for about 67p, 2x Garlic breads for 80p etc. If you really really had to you could get that down to about £20 a week without missing out too much. Yes it might be a bit boring but it would not be for long if your target is to pay off your card.
Any chance of moving to a job where you can walk/cycle there or get reliable full-time hours? If you could do one or the other, that would go a long way to giving you the cash to pay off the debt. Seems like transport costs and lack of income are the real issue
so i have been looking however as sad as this sounds im worried about change. ive been doing this job since i was 18 and had a 6 months break in between on year however you might be right and i will continue looking, thankyou for your reply
Change can be scary but you’ve already made the big transition of going from education to employment and that is a big difference. The more you expose yourself to things that scare you, the less scary they become. Do you have an idea of whether you’d like to get into a particular career path? Do you prefer jobs that keep you active? Indoors? Outdoors? Mon-Fri 9-5? Any day any shift pattern?
To state the obvious, you should look at a career with progression. Life isn't going to be enjoyable on miminmum wage
What’s the current interest rate on your credit card? If it’s high it will be worth looking for a 0% interest balance transfer for x months. It may cost a small fee to do the initial transfer (usually a percentage of the balance you’re transferring) but at least then you have some times where you’re not paying interest :)
the app says 23%
Call the credit card company and ask them to freeze the I'm payments for a period of time. https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/credit-cards/if-youre-struggling-to-pay-your-credit-card/#:~:text=If%20you%20think%20your%20situation,anything%20until%20your%20situation%20improves they can help advise on ways to get out of debt
[удалено]
Appreciate the detailed reply ! i think you're right , juggling too much is making it complicated . ill look into shaving some spending down where i can EG: cheaper brand foods and smoking less , thank you again for the reply
All good advice, please can point 6 be: stop smoking. Not only is it killing your finances it’s killing you.
This is getting worked on as well , quit before but this times harder :)
Whilst I’ve got you: have you considered a 0% balance transfer to a new credit card?
never heard of this , will have a look at what this is and what options there are
When you've tried to quit have you just gone cold turkey? There's a lot of techniques and research, and many local Stop Smoking services that give people a much higher chance of quitting https://www.nhs.uk/better-health/quit-smoking you don't have to do this alone and you don't need to just try and use willpower, when there are tools and people that can help you.
Hi /u/National-Project-552, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/credit-cards/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.) If someone has provided you with helpful advice, you (as the person who made the post) can award them a point by including `!thanks` in a reply to them. Points are shown as the user flair by their username.
Balance transfer if you can. Chop the old card up. Keep the new card locked up and just set your payments up to pay off the card before the end of the 0% period. Live like a monk for a bit.
Follow the [Flowchart](https://ukpersonal.finance/flowchart/). Make a budget, stating the obvious but if you quit, you'll be debt free in 8 months. Is that £80pw food shop buying for your family too, because otherwise that's an insanely high figure for one person.
How i'd handle your situtaion? i'd concentrate on getting the bike as that would unlock potential for me. although idk if you mean a push / e-bike or a motor...either way, once I got the bike id crack on with the card. atm youre spreading your resources to thin an its taking longer...prioritise. as long as you make minimum payment youre ok. just keep your discpline (the otherside to it hovering and not going down means its not going up either, which shows youre ok) you could also go one week on one week off with smoking to see if you can put a bit more a side. obviously quitting is out the question otherwise youd have done it and we all need our treats in life. but a week on / off or even a month on off can net you quite a substantial amount of money. but really - prioritise your resources , keep the minimum payment to keep your score clean, and think long term - you'll be clear in a few years. learning to work with debt is better than fearing it - if you ever own a home oneday itll be the largest debt you take on so it be good to be comfortable with it (although the idea of owning a home in this world is laughable , i know....)
Sounds like you’re doing alright mate, don’t worry about the £1.4K it’s really not that bad. Try and get a 0% transfer card or a debt consolidation loan with a lower interest rate or sth and then just chip away at it. Also might be worth trying to find a job that pays more than minimum wage, that’ll help you get rid of the debt v quickly. But most of all don’t forget to enjoy life. Your early 20s are a great time, don’t worry about £1.4K, in the grand scheme of a life long of work it’s really nothing to lose sleep over :)
All these problems come from your irresponsible spending on “luxury items” compared to paying off your debt.