{"id":43716,"date":"2023-11-11T09:38:54","date_gmt":"2023-11-11T09:38:54","guid":{"rendered":"https:\/\/cabanesetcompagnie.com\/?p=43716"},"modified":"2023-11-11T09:38:54","modified_gmt":"2023-11-11T09:38:54","slug":"i-had-17-different-credit-cards-with-53k-debt-now-im-financially-free","status":"publish","type":"post","link":"https:\/\/cabanesetcompagnie.com\/world-news\/i-had-17-different-credit-cards-with-53k-debt-now-im-financially-free\/","title":{"rendered":"‘I had 17 different credit cards with \u00a353k debt – now I’m financially free’"},"content":{"rendered":"

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One woman has shared her journey from being \u00a353,000 in debt to debt free as she tackles the rising prices. For millions, bills and other expenses have shot up and for many, the pressure is now unbearable.<\/p>\n

Katie found herself in problem debt following a number of unexpected and traumatic life events.<\/p>\n

She said: “<\/strong>Within the space of around six months my father passed away, I was made redundant when I was pregnant and my husband’s job was downsized.<\/p>\n

\u201cWe already had quite a lot of manageable debts. We had a mortgage and we had loans that we\u2019d used to fix different parts of the house, but very soon these became unmanageable. Very quickly we just didn\u2019t have enough income to pay the bills.<\/p>\n

\u201cI had 17 different creditors and about 11 different credit cards. I was juggling between paying one and paying the other until my debt got up to \u00a353,000.”<\/p>\n

READ MORE: <\/strong> Property market bounce-back as house prices tipped to skyrocket by \u00a345,000<\/strong><\/p>\n

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Katie created a budget and had to consider ways to make practical savings. After cutting back on essential items, she followed three principles for all new purchases:<\/p>\n

One, “Do I Need it? Could I borrow it? Could I get it somewhere else cheaper?”<\/p>\n

Secondly, she shops around and makes use of pre-loved items.<\/p>\n

She said: “I made buying Christmas presents on a budget into a game for my kids – we had a \u00a3200 budget for the 5 of us and they wanted a games console & a bike!<\/p>\n

“So we told them we had asked Santa and he said we could buy the items ‘pre-loved’ and get more for our money. Being savvy, my kids agreed, and we shopped around for items online.<\/p>\n

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To curb her debt, she had to implement a variety of money-saving measures as a means to cut back. UK debt and budgeting help charity Christians Against Poverty (CAP) is revealing that millions of people feel stuck in their current financial position.<\/p>\n

CAP\u2019s latest YouGov polling shows over half (54 percent) of UK adults have faced barriers that make it challenging for them to budget effectively. Around two in five don\u2019t know how to budget or struggle to stick to a budget and 3.7 million lack the confidence needed to budget effectively.<\/p>\n

Katie continued: \u201cI went from a 21-year debt repayment plan and we managed to reduce it down to 11 years by applying the money coaching principles. We are now debt-free after 11 years of repaying!<\/p>\n

\u201cIt\u2019s amazing that what I learnt on CAP’s money coaching meant we could pretty much halve our repayment time. It has just revolutionised our finances. Its simple principles which we still use.\u201d<\/p>\n