help with debt strategy

Hey great you have a strategy - and gotta stick with it otherwise it's all destroyed in a heartbeat.

I have found publishing my numbers on this thread very therapeutic and something I look forward to each month whether it's a good or bad month in terms of debt reduction it allows me to reflect on the strategy

My latest monthly update:

I remain gamble free. Still sometimes mortified by how much debt I'm still in and such a long way to go despite the hard work. Gambling really does destroy you got the long term.

It's been another good month however and I'm officially down to 4 cards although I still have 9 cards open! (5 are with no balance)
Card 1.- 1281 - interest free Nov 17
Card 2 - 3392 - interest free August 18
Card 3. 430 - interst free April 18
Card 4 - 9325 - interest free January 19

Total debt : 14428

Savings with wife: 5000

Debt reduction from last month: £449

Getting there slowly slowly! It all seems under control and I'm on long term 0% deals which gives me breathing space for a while with no transfers to worry about

hi all, my usual therapeutic monthly update. its been a tough month from a scrimping and saving point of view, i seem obsessed with trying to find ways to save money and somewhat silly when i know i cant in certain domains. there has to be a part of me that has to chill out about the debt and let it takes its natural course. but importantly, it hasnt urged me towrds gambling, i remain urge free and not gambled for ages now. i see no need too, it seems reducing debt this way is becoming more of a routine. i still feel sad though being mired in debts when i should be in a really comfortable position in life.

here are my current figures:

Card 1.- 600 - interest free Nov 17
Card 2 - 3359 - interest free August 18
Card 3. 405 - interst free April 18
Card 4 - 9231 - interest free January 19
Total debt: 13595
reduciton from last month: 833
Current savings: 6000

Also i have closed one of my credit cards (hooray!) but have requested opening another one (in an attempt to earn £25 cash back...). I have I think 8 credit cards open at the mo. but only the four above with a positive balance.

My target is to be down to 2 cards by the end of July 2017 and around 11,000 debt, thereafter my income will be dramatically reduced as I move abroad. From then on, its going to be a real struggle, perhaps £100 month but hopefully ill be on long term interest free credit cards (I kinda already am for now).

Thanks all

Great to see that debt coming down isn't it. Keep up the fantastic work.

Wow you're doing amazingly well with your debt! Congratulations! I know you're going to smash it!

Congrats Junebug - your progress has been an outstanding disciplined effort.

Hi everyone, latest monthly updates. I remain gamble free, another good month although for the first time my mind drifted, albeit temporarily to gamble. It was cut out quite quickly but i must stay vigilant. I was tempted to buy a scratchcard but entered a charity raffle for a hamper instead. Felt good to stay disciplined on the small things too.

Here are my numbers-
Card 1- 7 pounds only!!
Card 2 - 110 pounds only!
Card 3 - 9139 - 0%til Jan 2019
Card 4- 3293- 0% til aug 2018

Total debt: 12549

Improvement from last month: 1046!

However my savings down to 4000 as major house maintenance was required. It was good to have a savings there to solve that problem otherwise would have been in real trouble with the wife.

Again wife doesn't know about the credit card debt buts its almost manageable now. I hope to get down to two cards by the end of this month, and then just set up minimal monthly payments .

My income will dramatically reduce in a few months, so it will likely be long term minimal monthly payments and continue balance transferring from credit card to credit card for quite some time yet. Hopefully the credit card payments will just be an insignificant part of my life and a small reminder to stay gamble free by knowing i still have a debt,even if it's reducing slowly.

Thanks for the support.

Hi junebug and others first post on here. Badly need of help At age 30 disgusted myself what I have done and finally admitted myself need a change after too many bad thoughts Too shy go to a meeting but reading this online all Morning has helped me greatly. Have massive debts.got 2 credit cards both at 5000 paying minimum off each month and 4 loans totalling 25000 all 5 years to run totally ashamed myself at this told partner after years stupid gambling left me now on own so much debt stress don't have any family Couldn't tell friesnd ether but wouldn't want quick fix prob now so much debt not in best paid job looking at next 5 years at least loans just kills me and I'm sitting two kids love me dearly and they want do something fun and I can't cause bloody gamble money away. Time for change Hope u guys don't mind me posting each month like junebug did it have be minimum payment because days I don't work I have my kids but if can stay gamble free surely it's a start. X

Hi Kevinsmith

Well done for posting on the forum and do keep reading the posts and posting yourself you will find alot of support here from people who understand how you feel.

You will probably get more replies if you start a thread of your own. Go to the new members intros section on the forum, scroll to the bottom of the page, and click "New Topic".

We also run chatrooms everyday which you may want to have a look at as well where you can 'chat' in real time to other members of the forum. You can find the link on how to join and a list of the chatroom times on the Chatroom section of the forum.

Best wishes

Forum Admin.

Hi kevinsmith, well done for posting, it's surely a start on the road to recovery. There are a lot of issues to tackle and lots of scary difficult moments ahead but with a will to succeed you can make it, even if there are bumps along the way.

Feel free to contact me in messages or alternatively as admin advised, start a thread and allow others to reach out to you.

All the very best

Great news on the debt coming down junebug i hope those paid off credit cards have been well and truly chopped up now. Hope you are also staying gamble free and feeling a little better in yourself, you should be as you are doing so well.

Hi everyone,

Almost 7 years to the day since I last posted on this thread. Can't recall and retell the journey I have been on, suffice to say, it has not been gamble free, with multiple episodes of relapse and recovery and relapse and recovery. Today starts day 1 again, and I logged back into GamCare.

What I found really reassuring, despite losing 10s of thousands of dollars over the years, was to be able to compare my current situation to my situation 7 years ago, juggling multiple credit cards. Financially I am in a better place, despite more huge losses, mentally I am as sad as ever.

I am writing my current financial situation as a snapshot, so maybe one day, 7 years from today, Ill be able to look back and be in a better position.

Assets:

House with mortgage - being rented out (and we rent another house to live in)

Savings:

5k with wife (see how that hasn't changed in 7 years!) 🙁
15k in various locked investments

Debt:

9k on a 3 years remaining loan, which rented house covers
1 credit card: fully paid off

Family:

1 beautiful 5 year old boy

Burdens:

Lots of pressure on me financially, as the only earner in the family - school fees, and house rental being tough.

----------------------------------

So technically, financially, I'm in a much much better position than I was 7 years ago, despite, perhaps 4-5 major relapses over that time - losing tens of thousands at a time, suicidal ideation, rock bottoms, tears and pleas for help. I have been lucky to get financial support from family during those terrible times to get me back to some stable point.

I have just been on another bender this last month, obsessed with sports gaming, losing another 10k or so. Im stopping now, confessing on the forum, and writing my status out again for my own clarity, just so i don't end up even lower than what i described above.