Update on my debt busting

minisaver

Hi all,

After your positive comments when I joined this forum I thought I would post again with a few updates 6 months on.

Around Christmas time I bit the bullet and faced up to the fact that my debts were following me around and I was making no real attempt to cut them down, just pay the minimum month after month and keep my credit score in shape. So I got to work to consolidate to low APR and start hitting them in an attempt to clear them completely. My aim was to do it by the end of this year, which was a tall order with around £10k of debt, but that was the plan.

In reality, I have paid off quite a bit, had a few unforseen costs come up during the time and to date I have paid off about 4k, which I'm reasonably happy with. The good news is that month by month I'm not always hacking away at my debt as much as I was hoping to, but I'm living within my means 100%, which is a first for me to be honest.

I'm revising my debt free target to next April or soon after and this autumn I'm going to work really hard to make a good dent in my loan before the end of the year. It's been a bit demotivating to have slowed down my debt busting, which is the reason for the post. But it's good to be able to give an honest account of how things are going on here. I find it amazing how many people are in the same situation yet it's never the topic of general conversation day-to-day! I'm dreaming of the day my salary enters my account and I don't owe a penny to the credit companies!

Thanks for all the support on here so far and good luck everybody!

minisaver :-)

oops_a_daisy

WOW minisaver you have done really well. To be able to pay off so much in 6 months is brilliant and to pay off 10k in just over a year is an inspiration to others. Keep going and keep posting and of course keep coming on here to help others. All the best and good luck

OberonSH

Hey you, well done, 4k is still an excellent figure - nearly half!!!! Not to mention cutting the spending, and if you've been over-spending for a long time it can be a hard habit to break. Don't forget, even a £10 overpayment is a little bit off your debt, and those little bits don't half add up.

moozie_2

Hi minisaver

Sounds like you are doing really well - more than you are giving yourself credit for. Personally I think those self imposed deadlines can be a double edged sword. The important thing is to be happy and living within our means. There is no point in paying our debt back - no matter how much it is - and being a reck afterwards.

Keep up the good work and don't forget to cut yourself some slack

lil_me

:T well done

beanielou

I think you are going great
Living within your means is huge on its own & paying off all that too

minisaver

Hi all, thanks for your positive comments! It's a bit of a cut back lifestyle at the moment (living with parents even though I am ready to walk out at any minute haha) and been trying to cut down on weekends away etc, but I am getting there. I almost can't imagine the feeling when I don't have any debts anymore. I have been so used to living with loan payments being part of my month to month planning that I can't imagine not having this commitment hanging over me! I guess getting into this situation relatively young in life will teach me a few things but hopefully i'll come out the other side of it a lot wiser and more financially stable! Thanks again to everyone and keep your chins up!

elantan

i just started tonight and would be so proud if i could come back in 6 months and made headway into my debt like you have well done and best of luck maybe soon you'll be a maxi saver