The Debt Monster Must Die!

clippy_girl

Keebs wrote: »

Thank you for that (I lurve frazzles), although you realise you will now be held responsible for any inadvertent rips/tears of those tight jeans next time clippy girl plays badminton!

yes if thta happens then it is clearly not my fault as i have no self control..... (off to scoff M&Ms :EasterBun)

:rotfl:

clippy_girl

oooh that is fantastic about the halifax card, well done :j:T

ooooh nz! that is where i am going to go once i am debt free, thinking 4 weeks in campervan over xmas 2012/new year 2013 you will have to let me know if you go so i can pick your brains! although china sounds really good as well. :rotfl:

i need to find a nice pic of camper in nz scenary i think to put in purse to remind me not to spend!

savingholmes

batch cooking sounds tasty... jealous!

Well done on the halifax card cleared!

Keebs

Hmmmmm, (cue virtual drumming of fingers) I think I’m going to have to change my plans somewhat. Have been playing around with my excel snowball and am a little shocked at what I’ve found, seems (rather ironically) the best debt busting option for me is to run up interest on all 3 debts unless I can arrange a balance transfer at the right time next year, in which case paying off my student loan now becomes the best option. Aaaargh! What to do…

Student loan about to move to 4.4%
Nationwide 0% until August 2011
Virgin 0% until 1st April 2011

Rough calculations show that without a balance transfer the best option costs roughly £247 in interest, the worst option costs around £327.

Unless

I get a balance transfer March next year, in which case the worst option suddenly becomes the best at £168 and the best option becomes the worst at £181.

Simple common sense (and following the prisoners dilemma theory) tells me to follow the best option as of now but the good old debt monster is havering at me to pay off my student loan (current worst option) as it’s the only one earning any interest.

It’s heart versus head time (or monster vs common sense if you prefer) and the jury’s still out

Cazz

Keebs wrote: »

Hmmmmm, (cue virtual drumming of fingers) I think I’m going to have to change my plans somewhat. Have been playing around with my excel snowball and am a little shocked at what I’ve found, seems (rather ironically) the best debt busting option for me is to run up interest on all 3 debts unless I can arrange a balance transfer at the right time next year, in which case paying off my student loan now becomes the best option. Aaaargh! What to do…

Student loan about to move to 4.4%
Nationwide 0% until August 2011
Virgin 0% until 1st April 2011

Rough calculations show that without a balance transfer the best option costs roughly £247 in interest, the worst option costs around £327.

Unless

I get a balance transfer March next year, in which case the worst option suddenly becomes the best at £168 and the best option becomes the worst at £181.

Simple common sense (and following the prisoners dilemma theory) tells me to follow the best option as of now but the good old debt monster is havering at me to pay off my student loan (current worst option) as it’s the only one earning any interest.

It’s heart versus head time (or monster vs common sense if you prefer) and the jury’s still out

Wish I could help you out with your dilemma but I ain't got a clue, sorry. However, I have read your diary and found it most interesting and will be following your progress, if you don't mind By the way, if you have a penchant for books why not visit local charity shops, it's where I usually pick up a bargain (and not just books either).

Good luck
Cazz

o2bfree

Your diary is so inspiring and entertaining.
I can't help with your dilemma but I'm sure you will suss it out yourself as you have done so well so far with your debt-busting.
Will be subscribing if you don't mind.

Keebs

Cazz wrote: »

By the way, if you have a penchant for books why not visit local charity shops, it's where I usually pick up a bargain (and not just books either).

Good luck
Cazz

Good idea, haven't had much luck with bargains from charity shops to date but no reason to stop looking (although last itme I looked they wanted £4.50 for a bog standard paperback book :eek:)

o2bfree wrote: »

I can't help with your dilemma but I'm sure you will suss it out yourself as you have done so well so far with your debt-busting.
Will be subscribing if you don't mind.

Hello and welcome although I fear you may have been lured here on false pretences as the debt busting is about to slow down dramatically .

I'm lucky to live back at my Dad's (he calls me his boomerang child - I don't think it's a compliment) so only pay a nominal rent each month. This leaves me plenty to fling at the debt. Am getting really itchy feet though and as soon as the debt has been busted (bye bye monster) I'll be saving for a house deposit. Current calculations show I'll be here until Dec 2012 at least, I am keen to move that date as far forward as I can.

Logically that would mean foregoing the planned trip in Feb, and I have toyed (all be it somewhat lightly) with the idea but (oh yes, there's always a but) getting 4 weeks leave together is no mean feet and the oppertunity may not come my way again any time soon sooooooo....

I'm going.

Which leads me nicely onto the dilema above. Think I’ve come to a sort of compromise with myself. Am not going to pay off the loan :T, but neither am I going to pay off the cc’s :eek:. Instead I’ll be paying minimum payments and saving the excess in my travel fund :rotfl::rotfl::rotfl:.

This means I can snap up any bargain airfares that may arise as and when, and wherever that bargain heads off to is where I’ll be going . Ergo where so ever I’ll be going will determine how much money I need to save before I can recommence debt busting proper. Most probably I’ll stick to looking in the general SE Asia/China/Australasia area but I may peruse S America just incase a once in a life time/ not to be missed/ you’d be mad not to take it opportunity arose to head to the Galapagos or somesuch (yeah, yeah, I know, but a girl can dream can’t she).

Will still be trying to scrape together extra cash to wing towards [STRIKE]student loan[/STRIKE] credit cards. Need to formulate my plan properly in order to set myself a target.

So far my £50 challenge has come to nowt, I see all these great ideas on other diaries, get all inspired, put them into action and it just falls flat. Think my mistake has been in just copying, mayhap I need to put some effort in and tailor those fab ideas to suit my lazy daisy self. With this in mind I’m off to try and pin down an idea that’s been bubbling away ever since I read about a certain money tree …

Keebs

clippy_girl wrote: »

ooooh nz! that is where i am going to go once i am debt free, thinking 4 weeks in campervan over xmas 2012/new year 2013 you will have to let me know if you go so i can pick your brains! although china sounds really good as well. :rotfl:

i need to find a nice pic of camper in nz scenary i think to put in purse to remind me not to spend!

Have you looked into the spaceships? Tis how I'd like to travel, as close to sleeping under the stars as I can get (without actually sleeping in the open). Just a shame they're so..... so.... well, so orange really :D

For inspiration I regularly have a neb on other peoples travel blogs, whets the appetite as it were, although I very much like the picture idea and may just unashamedly pinch that from you :rotfl:

Mags_cat

Hoorah for travelling :T

(7 months to go for me....I's very, very excited!)

Keebs

Mags_cat wrote: »

Hoorah for travelling :T

(7 months to go for me....I's very, very excited!)

Ah, was just thinking of you and wondering when you were off. I make it that you'll be leaving just as I'm returning so I can stave of the post trip blues by following you on flicker. Hurrah for serindipity :T:T:T

Are you taking anyone with you on your adventure?