At last…I’ve managed to stop spending! This may not sound like an ‘achievement’ to some of you, but to me it really is.
I got myself into a downward spiral of spending, and it was just getting worse and worse. Everything I wanted I put on a credit card - I knew it was wrong, but I couldn’t stop spending.
But now, I can happily say that I am spending no more. I have chopped all but one of my credit cards up and will not get into any more debt.
Ok, so that’s the good news out of the way - now for the bad news…I’ve been left with thousands of pounds of debt. I have four debts, all totalling £7400 - so I’ve got my work cut out to repay them.
I’ve heard of something called debt consolidation, which is where you take out a loan and use it to repay all your outstanding unsecured debts in one go. After that, you repay just one debt instead of several.
Debt consolidation sounds pretty good for what I need. My four monthly repayments would turn into just one, and I would only have one creditor to make payments to.
I know getting into debt was my own fault, but I have learnt from my mistakes and I am determined to become debt free.
So, the next thing I will do is do a bit more research into debt consolidation and try and find out if it is the right way for me to tackle my debts.
