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Dealing With Debt | An Update

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Back in January, I wrote this post all about how I got into debt and how much debt I was actually in. It’s been almost 6 months and I felt I was getting a better handle on my finances. I was gathering notes to prepare an update when I discovered I don’t have a handle on it at all.
I’m a little embarrassed to tell you that the problem has actually gotten worse. I now owe £18,178.03, increasing my debt by £622.94.

I owe the same as a deposit on a nice 3 bed home!

To be honest I have been dragging my feet on the issue. While I have been making my payments each month, I’ve then gone on to spend it again. I haven’t implemented even the most short-term budget and that was stupid of me.
I have done some shopping recently for my Birthday and that is going to be the last for a long while. I have no need to purchase anything for personal use and I’ll be reserving any further use of credit cards for family needs. But even stopping any further spending on the cards will have very little impact on clearing the debt.

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If I continue making the level of payments I have been (which frankly is all I can afford) it’ll take over 3 years to clear the balance. But in my calculations, I forgot to factor in interest, so it’ll most likely take longer. I had made it a goal of mine to pay off my debt before I was 30 and start saving for a deposit. Think, if I hadn’t made stupid decisions I’d have that deposit right now. The only way to make it happen is to increase the payment. I can’t make money appear out of thin air, so I’m going to have to find another income stream.

Between now and next year I about going to be working my ass off to clear this debt. I just need to work out the best way to do it.

Hopefully, I can make some progress before I update this again.