Soldato
My Grandfather use to have a saying which is so true.
Debt takes 5 minutes to get into, and 5 years to get out of.
If only I listened an d taken notice when I was younger.
Finances are screwed :c
- Thread starter satanicguardian
- Start date
My Grandfather use to have a saying which is so true.
Debt takes 5 minutes to get into, and 5 years to get out of.
If only I listened an d taken notice when I was younger.
Soldato
- Joined
- 29 Sep 2010
- Posts
- 6,099
Can't you wait and save the money?
I wouldn't bother moving in if it's going to put you in even more financial difficulty.
Assuming this is for the bonds, deposit etc?
I wouldn't bother moving in if it's going to put you in even more financial difficulty.
Assuming this is for the bonds, deposit etc?
Sadly it seems to be a right of passage in this country for the young. Get your first credit card, run out and buy a 10k Rolex (sadly I know people who has done this) and spend the next 7 years suffering.
3k is not a lot. Get an extra job for a while until it's paid off if your current wage is not enough. Don't run around looking for more credit until you can trust yourself to use it wisely. There's no free money, ever. There's never been and there never will be. Don't live hand to mouth like so many others on here does. It makes it more tempting to do something stupid like you've done.
Good luck. I'm looking forward to your 'Finally out of Debt!' post. There's at l least one a week on here.
Yea the old people had it right. My grandfather used to say 'You don't buy on HP'. I swear he whispered it in his sleep. My dad was even worse. The only loan he ever had in his life were the mortgage and even though it's been paid of for 25+ years, it still bothers him to this day that he had to do that.
I don't know if it's them two that rubbed off on me but I've always seen debt as the devil's work.
I was in a similar (but worse - £10k+) situation after University after making some pretty abysmal financial decisions and spending lots of money I couldn't afford.
It took time but eventually got to a point where by everything was paid back and my credit file is squeaky clean. There is, in my opinion, a few things that are worth doing. The below worked for me.
1) Stop applying for credit. It looks bad on your credit file - if you are desperate to consolidate I'd consider one application every 6 months.
2) Get the Capital One card. Spend a little on it every month, always pay it back in full.
3) Stop obsessing over 'credit score'.
4) Sign up for a free account at Noddle. You can have a look at all of your history and see where the bad areas are. It'll take 6 years for any missed payments/defaults to disappear off your card. You will need to wait for the rubbish stuff to drop off before you'll be considered for good credit.
5) If you are not very good at managing your finances get an app like YNAB (http://www.ynab.com). I've been using YNAB for about 10 months now and it has helped me no end.
Obviously your milage may vary on the above.
It took time but eventually got to a point where by everything was paid back and my credit file is squeaky clean. There is, in my opinion, a few things that are worth doing. The below worked for me.
1) Stop applying for credit. It looks bad on your credit file - if you are desperate to consolidate I'd consider one application every 6 months.
2) Get the Capital One card. Spend a little on it every month, always pay it back in full.
3) Stop obsessing over 'credit score'.
4) Sign up for a free account at Noddle. You can have a look at all of your history and see where the bad areas are. It'll take 6 years for any missed payments/defaults to disappear off your card. You will need to wait for the rubbish stuff to drop off before you'll be considered for good credit.
5) If you are not very good at managing your finances get an app like YNAB (http://www.ynab.com). I've been using YNAB for about 10 months now and it has helped me no end.
Obviously your milage may vary on the above.
If you have a default on your credit file it's going to stuff you up getting credit from any mainstream lender for the 6 years it takes to clear. Regardless of careful spending on your capital one card. I say this because my wife was in the same position. I will say that I have a very positive view of capital one simply because they do give 'reformed high risk' people a bit of flexibility in terms of getting a lending facility. My experience is that spending on the capital one card will boost what I would describe as your underlying credit worthiness, such that once your default goes from your file you'll immediately be able to access mainstream lending.
You'll need a copy of your credit rating though to see when your default/s come off. If you dispute any of the defaults you are allowed to add a mitigating note to your credit file that lenders must take into consideration. If you screwed up for the default you'll just have to suck it up for 6 years.
You'll need a copy of your credit rating though to see when your default/s come off. If you dispute any of the defaults you are allowed to add a mitigating note to your credit file that lenders must take into consideration. If you screwed up for the default you'll just have to suck it up for 6 years.