I am in debt up to my eyeballs considering I've only been 18 for less than 2 years!?

Question

Hey I am in so much debt and have so many outgoings but still want to have a good time and go out and enjoy myself because I'm only 20 and feel I should be - you're only young once!
But my debt is mounting up fast and I have so many outgoings to see to this year on a crappy Customer Service wage that isn't going to improve much for the next few years! What should I do - I don't want to end up like my parents with who have just started an IVA with £130,000 debt under their name but I can see me going that way.

Answer 1

Honestly....? I would change the attitude of a "crappy CS wage". It might not seem like much now but if you do it well you can progress and start earning better money. It'll give you experience to try different jobs and then you might even find one you like. I would look at the positives.

Answer 2

I can sympathise with you I wnet through exactly the same thing. Mounting debts through, store cards, credit cards, loans, bank charges the list goes on.

I eventually had to seek some advise as I couldn't sleep at night wondering what red bill would come through the door next.

In Scotland we have soemthing that is called a Trust Deed. Where they take all your debt and speak to your creditors and arrange a repayment scheme which you can afford over a 3 year period and at the end of that they wipe the debt that is left and you basically can start a fresh debt free.

I'm in the last year of mine and it feels great as I can still go out and enjoy myself but know that my debt is being handled.

Not sure where you live but I'm sure you can find out about a company near you that deals with your debts in this way like an insolvency company. It's better going down this line rather than having to go bankrupted or taking out one of those lifetime loans (i.e. Picture).

Good Luck ;-)

Answer 3

Easiest way to take care of debt is, of course, to pay it all of as fast as possible. How do you do that? With more money. How do you make more money? You get a better job. It took me about 2 years (I'm 21) to get my life finally situated and taken care of. I didn't have as much debt as most of my friends did, but I was the only one able to pay it off the fastest because I was all work and no play for a couple months. I paid off over $3,000 in two months. And now I get to have all the fun I want! Just make sure once you pay it off, you remember what got you there in the first place and that you avoid it again!

Answer 4

You gotta hold back a bit. It's one thing to have fun, but you could ruin the rest of your life if you continue on as you're doing.

You should hold back once or twice a night...that should save you a few hundred quid a week. And maybe skip one dinner a night too. And stop buying new clothes all the time.

Also, get a hold of your credit so you're not paying any finance charges, late fees, etc. You don't want to ruin your credit. If you do, you'll have no fun and you'll be broke.

Learn about credit at http://www.thetruthaboutcreditcards.com

Answer 5

Good for you you're enjoying life and you have time on your side you may not know it but in 20 years time you'll be happy and the memories will have gone. I'm older but I can guarantee if you're pepared to work you will earn £150 per day, but that is conditional on being proacative not reactive. Being proactive is when you're in a bar or a pub you ask the the person you fancy for a date as opposed to waiting for them to ask you. If your interested come back to me via this forum. Work works think about it.

Answer 6

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Answer 7

You should make it a golden rule and keep it in you r head.IF I CAN'T AFFORD IT, I AM NOT BUYING IT. I am a lot older than you, much older, and I have always lived by that rule and I have never owed a penny to anyone. I don't have any credit cards, store cards etc. If You don't get a grip of yourself, you will end up in a terrible financial situation. It will only bring you misery. You should be saving money not owing it.

Answer 8

go on to:-

moneysupermarket.com

This site will list the best loans/credit cards available

Get a 0% credit card. Tell the credit card company when you setup the account that you want to do a balance transfer. Give them your current account details.

This should help you out for a bit

Answer 9

Seems like you live in UK,and you are in debt,would also like to get out of debt soon.I have GOOD program Gmeans get ,O means out, O means of, & D means debt.
I know it seems funny but it isn't.
However eduction is important and it will shape your life but it will not give you enough money to fulfill for dreams or to pay off your debt.Well I know some business group of people in UK who have being helping people to go with the program.If you are really serious then drop me an email at [e-mail]
Prakash

Answer 10

What are you doing to keep getting further and further in debt? When I moved out on my own...my dad taught me one thing, he said "You pay your bills...and THEN you eat!" Let me tell you...I learned very quickly how to do that. If you have to work 2 or 3 jobs...do it to get out of debt! You don't have a right to go out and have fun...when you are lacking in financial responsibilty!
BTW...I was 19 when I left home.