Day One

GeorgeUK

We didn't want to overload you with information

The easiest way to work out your debt free date is to use the snowball calculator - the soacalculator has a snowball part to it, but if you didn't save the sao details, this is the seperate snowball calculator - it even tells you the best order to make the payments in and how much. Also how much interest you'll be paying and saving.

http://www.whatsthecost.com/snowball.aspx

Smithy22

Thanks for that, I'll have a look at the snowballing tonight. Can't do it at lunch -I'll be off to the bank to pay in my wages from yesterday

Smithy22

Hi,

Currently the APR on my most expensive credit card and my overdraft are the same but I have an available overdraft limit of £1000. Would I be better using this to pay off most of my expensive creidt card? I get paid monthly on the 25th of the month then my money empties out over the month so surely I would pay less interest on this than I am currently paying on my credit card?

Any thoughts?

Smithy22

Hi,

Feeling a bit despondent today! Less than a week in and I'm already losing the faith ha.

I'm not really, I am still committed to the cause I just think that now I have acknowledged the problem it seems like one long mighty uphill struggle! I did my first attempt at the snowball calculator and my debt free date is March 2011 and that is if I give up the life I know completely!

Anyway payday on Friday so onwards and upwards

Smithy x

GeorgeUK

It probably took you years to build up the debt - it'll take a while to get rid of it too.

You don't need to stop living just because you are dealing with your debts, but you do need to be more aware of what things are costing you.

Regarding your overdraft, if you can clear the expensive credit card and you are sure you won't go over the limit, it probably is worthwhile paying it off. Once you get a nil balance on the card you may be able to get a balance transfer offer, which won't require a credit check.

doire_2

When your mobile phone contract is up you could switch to 02

Top up £10 per month to recieve 300 free texts per month

You can also get 02 to take £5 from your monthly top up so they can setup 02 Numbers - 1000 free texts/minutes per month to 10 other 02 mobiles.

Just a thought

Smithy22

Thanks I'll look into that.

I've got a big list of things to do this weekend including my mobile phone contract, an accurate debt free date (as I just did a quick one before), searching through unopened junk mail to see if I've been offered any 0% cards recently ha and pinning my mother down to give me a figure on the debt I owe her. I might have accidently left that off my SOA eek but I'll get there in the end.

Going to start a debt free diary too to keep me motivated (that and I love a good gab and a gossip and its amazing how much easier it is to tell people you don't know all about stuff than those closer to you!!! )

Thanks so much for all the lovely posts and advice you guys have given me so far

Smithy x