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Debt free date
kken
Posts: 17 Forumite
I have had a quick calculation and estimate debt free in about 15 years. That is so soul destroying!!! I would like to know if anyone else hasn such long timescales to go or am i just in a particularly bad way?
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When I first put my details into the snowball calculator it stopped after 100 years :eek:
EDIT: I will now be DF a LOT sooner than that :rotfl:
Have you played with the values on the snowball calculator??
www.whatsthecost.com/snowball.aspx£34,547 (Dec 07); Current debt: £zilch (Debt free December 2010)
Sealed Pot #389 (2010=£133)0 -
Ours was 18 years KKen :eek:
Bear in mind, as your lower debts are cleared, that money goes towards your other debts, combined with an annual payrise, it shouldn't take as long as estimated
Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
I know I shouldn't laugh :rotfl: :rotfl: :rotfl: but that did bring a smilepoorandindenial wrote: »When I first put my details into the snowball calculator it stopped after 100 years :eek: Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.
All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional0 -
If you find the long haul supporters thread - you will find a lot of people with far away DFDs. don't give up - join things like the £10 a day challenge and pay it off quicker (by creating more income)!Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £169.8K Equity 37.1%
2) £2.4K Net savings after CCs March 26 (but owed £1.1K) so £3.5K
3) Mortgage neutral by 06/30 (AVC £36.2K + Lump Sums DB £4.6K + (25% of SIPP 1.3K) = 42.1£127.5K target 33% 27/2/26 (If took bigger lump sum = 64K or 50.1%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5.2K updated 16/1/260 -
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My 1st DFD was 14 years & should have been longer as I had badly underestimated some of my APR's.
As time went on though, I broke my bad financial habits, got progressively better at reducing my outgoings & increasing my income. Also as more of my debts were paid off & old missed payments started aging out of my credit files I started to get accepted for 0% cards to transfer on to.
I the end my DFD was 4½ years.0
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