The Debt Trap That Started With a Party Bus
Most people wouldn't consider themselves fortunate to accumulate £15,000 in credit card debt, but Glasgow native Amy Todd sees it differently. The 36-year-old high school careers adviser now views her financial struggles as the catalyst that taught her how to build an inheritance for her two children.
Her debt journey began at just 19 years old while studying primary education. Amy obtained her first credit card to pay for a party bus celebrating a friend's birthday. "I volunteered to put the entire cost on my new card so everyone could transfer their share to me," she explains. "The plan was to pay off the balance immediately, but that never happened."
Instead of clearing the £1,000 balance as intended, Amy spent the cash transfers from her friends and found herself stuck with debt she couldn't repay on her student income.
The Seven-Year Balance Transfer Cycle
When the interest-free period on her first card was about to expire, Amy discovered balance transfer cards. "That's when I learned about cards that let you move debt to another card without paying interest," she says. What seemed like a solution became a seven-year financial pattern.
Rather than creating a repayment strategy, Amy continuously shifted her debt between different credit cards. Each transfer came with fees that gradually increased her overall debt. "I kept telling myself it was fine because I wasn't paying interest," she admits. "I made minimum payments and occasionally a bit more when possible."
The situation intensified when Amy had her first child at 26. She left her position as an engagement co-ordinator at a call centre after maternity leave to pursue a career guidance degree. "Supporting both of us without income while covering living costs caused everything to spiral," she recalls.
By 2024, with a second child added to her family, Amy managed six credit cards – two for daily spending and four with 0% interest balances. Remarkably, her credit score remained stable because she consistently met minimum payments. At her financial low point, she owed £15,000 across credit cards plus a £1,000 overdraft.
The Wake-Up Call That Changed Everything
The reality of her situation struck in February 2024 when Amy recognised that rising interest rates would affect her mortgage renewal in October 2026. "I had a five-year fixed rate at 1.7% with £400 monthly payments," she explains. "I knew those payments would increase dramatically, and I wouldn't manage everything. The stress became overwhelming – I knew it was make or break time."
That evening, Amy ordered How to Fund the Life You Want by Jonathan Hollow and Robin Powell. "That book completely transformed my perspective," she states. "It taught me budgeting skills, how to live within my means, and most importantly, introduced me to investing."
She realised how much money she'd been wasting instead of building future wealth. "Something clicked in my mind – I stopped spending aimlessly and became intentional with my money."
Transforming Financial Habits
Amy began her turnaround by downloading a budget spreadsheet and joining MoneySuperMarket's SuperSaveClub. "Signing up took seconds, and I earned a reward just for checking my credit report," she says. "Now I receive tips to improve my score and can view all balances in one place."
She discovered how simple changes created significant savings. "I was visiting the corner shop every other day and spending £30 each time. Just stopping that habit saved me £300 monthly."
Amy also implemented strict supermarket budgets. "This prevented me from buying bread and milk and leaving with new outfits for the children," she notes. She quickly accumulated a £1,000 emergency fund, allowing her to cover unexpected costs like vacuum cleaner repairs or new car tyres without reaching for credit cards.
The most significant shift came when Amy began investing through a stocks and shares ISA. "I always assumed investing was for wealthy people, not someone like me," she admits. "Discovering that anyone could do it became a gamechanger. Now I'm genuinely building wealth for myself and my children."
Building Generational Wealth
Inspired by her investment growth, Amy developed additional money-making strategies. She worked overtime whenever possible, used cashback sites for all purchases, sold items on Vinted, and bought children's clothing using her Vinted balance.
She joined cashback site JamDoughnut, earning between £4 and £7 weekly through regular shopping. "That money goes directly into savings or investments," she explains.
Currently, Amy repays her remaining debt at £500 monthly while saving and investing another £500 each month. Her next goals include building an emergency fund covering three to six months of expenses, saving for travel adventures with her children, and reaching £100,000 in her investment ISA.
Despite her progress, Amy remains critical of financial institutions that tempt struggling borrowers. Recently, one credit card provider increased her limit from £3,600 to £9,200. "It's completely irresponsible," she states. She also warns about apps claiming to improve credit scores while encouraging additional borrowing.
Reflecting on her journey, Amy feels genuinely excited about her family's future. "It's more than debt relief and reduced financial stress," she concludes. "I'm building generational wealth for my children and discovered a world I never thought accessible. Ironically, I feel lucky – without experiencing such severe money problems, I might never have learned these valuable lessons."
