How much debt have we DFWs paid off in 2009

misselvis

just tallied up and have paid off £7000 so just should bring the total to

£112,608.10

well done everyone

Lottebear

We have paid off about 10K:beer:
One car on HP £2500
Sofa on HP £450
Reduced loan to £4500 from over £11,500
Plus credit cards £ 1,000

I hadn't relaised it was quite as much until now.

moo_cow

Had to add to this one £4887

mel19632

DarkConvict wrote: »

Mel added an extra £10 by accident so it seems, then you posted late with the old but corrected amount

All Sorted thou,

Total as above - £93,508.60

Ooops! Sorry - that will teach me to post (and try to add up late at night!) - and i'm an accountant!!

Little_Chicken

Adding the two above and £6k for me makes a total of....£133,495.10 I hope for be debt free by april - although some VERY naughty recent spending migh push that to June:mad: Bad, bad LC.

Well done everyone.:T:T:T:T:T

Molanole

Dumbledore55 wrote: »

Are we allowed to add what we've paid off on our mortgages? (If we are I've paid £7154.41 this year)

What does everyone think? I'm not sure if standard payments on mortgages have been included before, but what about overpayments?? This would seem reasonable to me.

Anyone have a view?

JES_F1

I've paid off £8,844 this year so that brings the total to ...

£142,339.10

WOW!!!!! Well done everybody!!!!!

:T:T:T:T:T:T

JES_F1

hypno06 wrote: »

I paid off £20k

That's just brilliant! I'm in awe!

:T

hypno06

Personally I think that any capital payments to a mortgage can be counted - as it is that which is reducing the debt.....I certainly wouldn't count the interest element, so people would need to strip that out, but I would definitely include overpayments as that really is bringing the total amount owed down!

At the end of the day, as long as we are bringing down our amounts owing, it doesn't matter which way we calculate it.

For example.....I have been, until the last few weeks, been on an interest only mortgage because my cards and loans were at higher APRs than my mortgage, so the snowball said pay them first.

However, some rearranging of my loans and credit cards, means that my mortgage interest rate is higher than my other debt.....so it now makes more sense to pay minimums on the other debt, and to go onto repayment and make overpayments to the mortgage!

The overall effect is the same - total amount owing is reducing, I have just switched the order of payment for the time being - as rates change again, I may have to rethink, but for now this way makes sense for me!

mel19632

Good point Hypno! I think any debt paid off (capital) should be counted!

I saw this article and thought it might be interesting to fellow MSEers

http://news.bbc.co.uk/1/hi/business/8427843.stm