Young and in debt
At just 18 years old, Courtney Clayton found herself in a spiral of debt after being offered a credit card by her bank. Initially borrowing sensibly, she soon found herself relying on the card more frequently to keep up with social pressures, leading to a balance that kept creeping up.
A crucial mistake
Despite transferring her debt to a balance transfer credit card with a zero interest period, Courtney made a crucial mistake by not closing her initial credit card account. This led to maxing out both cards and struggling to make the payments, reaching a total debt of £9,000 by the age of 21.
Turning things around
Seeking help from debt charity StepChange, Courtney was able to create a debt management plan and start repaying £250 a month. Through budgeting and tracking her expenses, she managed to pay off the debt in four years and has been debt-free for five years since.
Lessons learned
Courtney discovered that she didn't need to spend as much to have fun and continues to use budgeting methods to stay on top of her finances. Despite her experience, she has chosen not to get another credit card.
Get help with debt
If you're struggling with debt, contacting organizations like StepChange or Citizens Advice can provide you with free advice and guidance on managing your finances. Creating a clear budget and tackling priority debts first are crucial steps in getting a grip on your situation.
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