My first diary

cococoladebt

Right. A small update from me folks...

My Credit Card debts stand at £10,140.64 and student loan at £8,417.55. Giving a total debt of £18,558.19, meaning I have paid off 25% of my personal debt since February.

All credit card debt is on 0%.

Odette

Congrats Coco! Keep it up!:beer:

cococoladebt

Thanks. I was looking to save the money in a savings account with all debt at 0% but I think I'll try to reduce the debt by a further £6k this year, just to get rid of the high figure of £18.5k. £12.5k sounds a lot better than £18.5k.

The student loan will stay at £8k for a long time. Don't see the point in starting to pay off the student debt unless rates reach something like 3-4%.

cococoladebt

Right. I have gone debt repayment crazy having paid £1,138.62 off my credit cards in this last week. I paid my entire debt off the virgin card and as soon as the next statement arrives, I will pay off whatever little interest there is and close the account down.

This leaves me with the following credit cards outstanding (excluding student loan (£8,417.55) and buy to let mortgage (£152k) - these two debts I don't see myself paying off for a long time:

Nationwide - £4,238.62 - 0% until October 2012
Barclaycard - £2,787.40 - 0% until January 2013
MBNA Credit - £1,976.00 - 0% until October 2012

My earlier thinking was to save the extra cash and then pay off these cards at the end of the 0% expiry, but to be honest, I have been in credit card debt since I was 18 and I am now 25 I just want to pay these off as soon as possible and get this monkey off my back. Credit card debt really does restrict one from enjoying life, always having to think about it.

Psychologically, the next big debt I see is the one with Nationwide, I would like to bring this down to £2,800 by the 6th of June (This is when I receive my salary and from whatever is left from the rental income less mortgage payment).

I’ve decided not to buy a new suit for a wedding but recycle the one I already have, no point spending £250+ on a new suit, I don’t care if people have already seen me where this same suit at a wedding before. My shoes sole need some repair work, I’ve realised I have been walking around at work for a while with both my shoes in urgent need of repair work. Rather than buy a new pair costing £60 or so, I will get them repaired for £4.50, although I may treat myself to a new tie and shirt for the wedding.

Apart from all that, I am busy with exam prep for the CFA in June. I really don’t think I’ll pass this exam, so I am preparing for the December exam too. I also have another separate diploma to pass in September. So, things are rather busy on my side. But need to pass these exams, so I can move on from my current employer. Earning £25k when all my peers in the industry are earning £40k+. Need to sort this one out. Just need to stay focused, I think I deserve a better salary after what I've gone through in life.

cococoladebt

Right. The goal for this week is not to spend £6.50 at pret, £7.50 on crispy kremes, don't buy bottled water at work.

I will hit the gym 3 times this week or just cancel the gym membership. I need to build my muscles up - COME ON - I can do it!!!

cococoladebt

Damn it. Bought a water bottle today.

clippy_girl

but at least you didnt buy the other stuff so well done :T

mmmm although crispy kremes :drool: luckily nowhere near me sells them!

cococoladebt

Not a single penny at pret, no crispy kremes, just the one water bottle but I spent £650 this week (4 shirts costing £100, £20 cuff links, suit £175, shoes £70) and other bits and bobs Ouch. Still on for credit card debt free by December 2011. Roll on, roll on.

Paid only £5 towards credit cards to bring it down to £8,997.02 to pay off. £8,997.02 sound better than £9,002.02 me thinks.

cococoladebt

I think this is the best position I've been in since early 2009.... KEEP AT IT!!!!

cococoladebt

Oh dear not good.... not good at all. I've not been well and so I have been taking it easy. Still spending money on crispy kremes, but I've not bought a water bottle and visited pret for a while now.... Now the good news.

I got paid today and I have managed to pay off a good chuck of my MBNA credit card which yields a new debt figure of £7,979.44!! Oh yeah!!!

Breakdown:

Nationwide (0%) - £4,238.62
Barclaycard (0%) - £2,781.40
MBNA (0%) - £959.42

So I guess this time next month I will pay off MBNA and dial 0800 062 062 and close the account down. I will then attack Nationwide.

Now for some rest.