[Boards: 3 / a / aco / adv / an / asp / b / bant / biz / c / can / cgl / ck / cm / co / cock / d / diy / e / fa / fap / fit / fitlit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mlpol / mo / mtv / mu / n / news / o / out / outsoc / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / spa / t / tg / toy / trash / trv / tv / u / v / vg / vint / vip / vp / vr / w / wg / wsg / wsr / x / y ] [Search | | Home]

debt

This is a blue board which means that it's for everybody (Safe For Work content only). If you see any adult content, please report it.

Thread replies: 12
Thread images: 3

File: debtt.png (9KB, 231x219px) Image search: [iqdb] [SauceNao] [Google]
debtt.png
9KB, 231x219px
>ukfag
How did you guys get out of debt ( if you were) ?
I owe 2200 on a credit card (maxed), 300 to Argos, and 200 to Very. Once I get this shit paid off I'll never again take on debt cept for a mortgage. Think I need to do a balance transfer on my credit card to stop paying interest for a few months. I make 1000 a month, gf makes same. We also get commision on sales, 100 at best. And we pay about 800 in bills a month, not including paying off debt, travel, food, etc . This is fucking awful, what did i get myself into
>>
>>982047
Second job looks only feasible way
>>
>>982047
I went to a mediocre state university in the USA with a B average.

Worked throughout highschool, worked throughout college, got out with 26k in debt, paid it off in the next 2.5 years by taking a shitty IT/customer service job for 40k.

Making double that now (year 4 out of college) but I still don't have shit to show for it because my car eventually broke down and ate my gains.
>>
>>982047
First you slap yourself for being a bloody idiot.

Then, you move heaven and earth to get yourself out of debt. Prioritise the ones you pay the most interest on. Use and abuse balance transfers and 0% interest - some cards are 0% for 24 months or longer, do your research and use money comparison websites. Live frugal as hell and see if you can take overtime or maximise your commission. Consider selling some shit on ebay to speed the process up. Also, don't feel above good old fashioned begging - if you have any living grandparents they're a good bet (parents resent being asked for money, grandparents feel honoured to be involved and that you'd turn to them for help).

800 in bills seems fucking steep. Most of that is rent, right? That still gives you over a grand (combined) to play with. It shouldn't take too long to get out of debt if you're aggressive with it.

Since you're a UKfag check out debt charities like Stepchange.

You're lucky you only have 2700 total debt, some people get into the tens or hundreds of thousands before they realise just how deep they're in the shit. Hopefully you'll know better than to repeat your mistakes.
>>
>>982159
Also, it goes without saying that unless you're miraculously earning more interest on your savings than you're paying on your debts, forget about saving until you're debt free. Raid that piggy bank, empty the ISA, liquidate your investments.
>>
>>982047
What do you mean? You're doing quite fine.
You're exactly the kind of consumer a capitalist system needs, OP. Just pay the minimum required payment, for the rest of your life. And don't forget to keep consuming.
>>
>at least 1200 in spare money every month
go full retard for a month, make as few discretionary purchases as you can, then take it real easy for the next couple/few months, paying as much debt off as you can
>>
Cut expenses, have some savings on hand for emergencies, and throw everything else towards the debt starting with the highest interest

My tale

>started off with 24k in debt from school at ~6%
>lived at home
>rarely paid rent, but helped out with necessary expenses as they came up
>had a limited social life
>started working for a landscaper last summer
>put $250 towards the loans which had a $200 minimum
>saved up $2000 over 3 months
>Started throwing $500/month at loans, $400 on the highest interest one
>found consistent work over the winter
>upped it to $1000/month with $900 on the one loan
>went back to landscaping for the summer/fall
>got a job in my field paying 50% more at the end of the season
>made one last payment for $2000 on the 1st loan from a month of 45 hr weeks and a bit of my savings

I can crush the 2nd for 10.5k in 6 months if I keep up my current pace. I am planning on having a bit more of a social life this year so planning on being debt free by September.
>>
File: budget.jpg (24KB, 568x339px) Image search: [iqdb] [SauceNao] [Google]
budget.jpg
24KB, 568x339px
>>982047
Make an anual budget. I went from blowing all my paycheck on booze and gambling with over 8k of debt to saving almost half of it (currently with 5k of savings)

Pic very related. My anual budget. Also living with my parents until i save a good chunk and get a raise.
>>
ask your parents to lend you 2500 at a better interest rate than whatever your card is offering
>>
>>982193
This is also a good idea, I use a spreadsheet to keep track of every transaction in or out of my checking account
Over-estimate your expenses, under-estimate your paycheck, and let it run out several months in advance of today so you don't get caught by surprise
>>
>>982212
Pivot tables are excellent for lumping your expenses into categories
Thread posts: 12
Thread images: 3


[Boards: 3 / a / aco / adv / an / asp / b / bant / biz / c / can / cgl / ck / cm / co / cock / d / diy / e / fa / fap / fit / fitlit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mlpol / mo / mtv / mu / n / news / o / out / outsoc / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / spa / t / tg / toy / trash / trv / tv / u / v / vg / vint / vip / vp / vr / w / wg / wsg / wsr / x / y] [Search | Top | Home]
Please support this website by donating Bitcoins to 16mKtbZiwW52BLkibtCr8jUg2KVUMTxVQ5
If a post contains copyrighted or illegal content, please click on that post's [Report] button and fill out a post removal request
All trademarks and copyrights on this page are owned by their respective parties. Images uploaded are the responsibility of the Poster. Comments are owned by the Poster.
This is a 4chan archive - all of the content originated from that site. This means that 4Archive shows an archive of their content. If you need information for a Poster - contact them.