The Debt Free Roll Of Honour

My lightbulb moment: Summer 2004.:eek:


Debts at their highest: 7,000


Debt free date: June 2007 :j


My pearl of wisdom: I have a few:
1, if you cannot afford to pay your bills each month do something about it before it's too late, you'll be amazed how accomodating credit card companies can be.
2.pay off your most expensive interest rate first or transfer to a 0% interest card.
3, Don't try and save money pay off the debt first because it's way more expensive to have debt.
4, I chose to consolidate all my debt into a flexible loan it's a non homeowners personal loan and it allows you to pay off as much of the amount as possible each month without incurring a penalty, BUT BE WARNED IT ALSO HAS A FLEXIBLE APR :mad: ,so it started off really low at 5.8% and gradually rose each year but then the APR skyrocketed to 19.9% so I would if you want to do it that way pay it off pretty quick so not to endure such high intesrest rates luckliy I had payed the loan off just before this happened.

And finally my partner is also debt free that includes his morgage which he payed off last year, he off set his morgage a couple of years a go and lived like a pauper for 10 months and payed every little bit of money he earnt into his morgage he is 38 and I am 35 and we both have absolutely no debts and we continue to save as much money we can. Thanks martin :money: