Debt Stepping Stones

dottyanne

Hi - just thought i might start off a thread about debt 'stepping stones' - im not too sure but i think my total debt is over 35K:eek: - including business debts as i am a sole trader.............i think we should have stepping stones of maybe 5k or so?? It really gives me incentive and i can see how good people feel when they get below a certain figure - whats your next stepping stone and where are you at - aiming to be in a few months??

dotty??:rolleyes:

lynzpower

great thread hun

Im not thinking so much in figures, as its only recently Ive worked out how much Ive got, but paying off my b/card is one ( 200 left, ish) and paying off the sofas at 0% ( 800 has to be done in one hit) will have me feeling im on the home stretch.

HOPEFULLY this will be before August, I hope

newleaf

I think 10,000 is a psychological barrier for me. I will be so happy when I get under 10,000.

dottyanne

I note that some ppl aim to get under a certain amount as a stepping stone - others to pay off certain debts - i think i will go in the one - pay off certain debts - i think in total it will take me realitically about 5 - 6 years if i pay as i am now - however as i get rid of the smaller ones i do intend to snowball - theres just so many debts im gonna aim for clearing them one at a time........

Ali-OK

Each month there are minor stepping stones for me..whether it be a target amount higher than what I normally pay, or more recently getting one of my cards below £10K (achieved!).

The bigger stepping stones are getting £1K paid off, the next getting under £20K, which is on target for mid-July.

I just like having something achievable to aim for each month, then it doesn't feel such a hard slog and the paying of small odd amounts extra because I came under on a certain budget visibly make a difference.

newleaf

Q How do you eat an elephant?
A In small bites!

PeachPickle

In july I *should* a) get under £20k (wooh) and b) clear off my smallest debt (woohtwo!) :j

OberonSH

My target is to pay off my main supplier (1600) and my suite (400) by the end of the month. Then I want to clear a business debt a month at least (3-400) and have my smaller personal debt cleared by September, leaving just my personal loan to go at.

Great Idea Dotty!

in*the*red_6

It's to get under 10k for me too. My aim is to get there around December - was hoping it would be less by then but a big car repair bill has set us back. Have to admit it feels really slow going at the moment because I'm not working but I'm hoping that will change soon.

Kevicho

2 steps left for me

Pay off the egg card by the end of next month, then the loan in october/november time

Should have more than enough in the bank to pay off the egg by the end of this month, but i have 0% till 1st august so im gonna screw the a&l for a few more pence in interest

Then will be the long haul to save up to pay off my loan

I think its good to have long term goals, but even better to split them into smaller steps os at least you feel you are acheiving something and also you can keep a much better reign on things

Molanole

It's a combination of the both for me. Some of you will know that I'm trying to focus on specific smaller debts first to give me a boost so I've just paid off the credit card, and the next step is to wipe out the student loan and the overdraft (hopefully July and August respectively). After that I will focus on financial goals with under £25K being the next step for me!