Impatient to get rid of the debt!

Chrismojam

Hi, I'm Chris. Been visiting MSE for ages but only just signed up for the forum.

Just wondered, how many of you are impatient to get rid of your debt, or are you taking the more measured, controlled route to getting rid of it?

It's just dawned on me that I seem to be in competition with myself.....I come up with one way of clearing my debt quicker.....then 10 minutes later its..........oh but if I do this it will be gone by......

I tend to go a little bit OTT on things sometimes and tend to forget that you do have to live as well!

Any thoughts would be welcome!

queenofthedump

Hi there

I would say you are not the only one who is impatient to get rid of debt- I have only been on the road to recover since 1 jan 06 and ok it is half way thorugh march already and i would like to say time has flown but it hasnt and every time we come up with extra cash we alwways have somewhere for it to go i think it is just a case of two steps forward one step back- getting used to that now. I have no advice really just letting you know your not alone.

LookingAhead

I think you have to just come to terms with your amount of debt and the fact that it is going to take you a bit longer to pay it off if you don't want to accumulate debt elsewhere in the meantime.

For example I could pay off one of my VISA bills in 2 months if I wanted to...but it would just mean having a massive overdraft which charges more interest than the CC...so what's the point?

There are loads of people on here who will be able to offer specific targetting advice if you post your debts & incomings/outgoings.

I would say don't rush into any schemes or plans which will help you pay off debts quicker if it means any outlay of money (big style!) to start it off - does that make sense?

Slow & steady is the way for me at the moment, literally whittling it down pound by pound and resolving not to add to the mountain wherever possible!

Broken_hearted

I am very impatient, I want the debt gone yesterday. More than that I want to pay back the least money possibe. Meaning The ones charging interest go first in, highest charging then down to lowest. Those not charging I am trying to negotiate final settlment offers as low as I can get.

Chrismojam

Thanks Marieb and Lookingahead for your replies.........

Before I ever got overdrafts and credit cards........and was on a woeful (although probably pretty good for my age...) salary at the time....about 12/13 years ago, I was really good with my money.....probably because I didn't have any to spend mind!!

The minute I got an OD and CC.....well....mmmmmmmmm.......hopefully by August this year should be the first time in all that time I don't have CC debt..........I'll ignore the loan for the moment!!

Montymoo_2

Im really impatient to get rid of my debt but i cant do anything about it until i get a job. Whenever i read the 'how much did you spend today' threads im shouting nothing at the computer as all of my money goes on my minimum payments.

Have applied for so many jobs but seem to be trapped in the overqualified/ underqualified loop

Chrismojam

Hi Broken Hearted (I do hope you're not by the way...........not read through that many backposts)....

I'm the same.........the sooner the debts gone the sooner I can either save or start living!!

I think the 'snowballing' site for debts is fab.....can't think of the link at the mo, but I think its really good. Although I don't see their logic with 0% CC.........say you have one for 9 months they say to pay the debt of in like 5 months....why?

I definately agree with paying highest interest debts first...........they are the ones that will cost more in the long run...........and if you can 'snowball' then the debt goes that much quicker....

beanielou

I must admit Im impatient.
For me though it does happen more slowly as I really dont have any cash for extra overpayments over and above what I pay at present which in the main are a couple of loan repayments and mostly minimum repayments on cards by direct debit topped up when I can even if its just an extra £5 as it all helps.

southernscouser

I've been really impatient recently! Just really desperate to pay it all off so I can have loads of fun racking it up again!

Only kidding! :rotfl:

James240

must admit im very impatient doing all the overtime under the sun at the moment and making a lot of cutbacks im just desperately trying to get my debt cut down to the absolute minimum.......

Ceri_2

I want it all gone now & hate that it could take me till 2010 to clear it. I dont have extra money left over each month for xmas or birthdays etc, let alone paying more debt off, but am trying. The only good thing I can see for myself is that although I have a projected debt free date of august 2010, I have an endowment policy which matures in December 2009, so come early 2010 I should be clear (as it pays out at least 2k).....better than the 2016 date I had if I get a consolidation loan!