I have been awake for about 45 minutes and in that time I have learned something of value to a person in my situation.
According to a new report by the TUC, full details of which can be found here the average household unsecured debt in the UK is £12,887.
So my debt of £5996.12 isn’t looking so bad.
That is until I realised that a household normally contains more than one person when taking debts into account, so I am actually doing my fair share of the debt.
And as my boyfriend has no debt I am the household debt in our house.
I am for the most part managing, I have a very small disposable income (which isn’t really a disposable income as all of it is budgeted for) which I can cope with as all my other expenses-bills, food, football training-are covered, so I don’t really need a disposable income.
But I do live pay day to pay day, I have no savings, and my contract at work ends this April.
So as long as everything stays the same I will survive.
If things change for the worse then that is when life will get very difficult.
I know my debt may seem smaller than some, some people may have £6000 debt on just one of their credit cards, but for me it is very much proportional to my income. It is a third of my annual pre tax, pension and student loan income, so it is difficult to pay off quickly.
Also my income is going to take a hit as I was under the impression that I was paying into my pension at work from the start of my contract, it turns out it only comes out of my wage after three months of employment.
This will be tough and I may have to readjust the budgets.
I’ll cross that bridge when I come to it.