The Challenge - Debt free in two years!

Woowoo

Hi Adam

Getting paid monthly does make it hard to keep the momentum going as you have to wait ages to see the total drop again. That's why I like paying my spare pennies in the bank and paying them off my card, so at least I see the total figure change more frequently.

Also, I hope paying in tiny amounts costs the bank more money to process than what the actual payment was worth!

Your almost there with the Capital One card now! I would check to see if they will be adding on any sneaky interest next month though. When I cleared my Virgin Card I still had an interest payment of £16.00 the following month.

Ceniza

I didn't think about the intrest. I would guess as the interest is calculated annually but paid monthly? that I'd have another payment after I clear it. But it will be gone this month, so we'll see

And good job with clearing it with pennies, I'm going to do this too haha! Power to the people!

Kepp

Hi Adam,

Thought I'd drop in and say hi!

I have just started my own diary as of today as I also need help with motivation! I'm trying to clear 24K in a year so I like the fact that you are also challenging yourself!

Have to say I know what you mean, when there's no money to pay off it's hard to keep the motivation going but it's so worth it.

Also agree with paying off small amounts - I've paid off a £1 before by internet banking if that's all I've had, and I hope that it does cost them lots to process it!

Good luck, I'm gonna subscribe to check back and see how you're doing

Ceniza

beccie wrote: »

Hi Adam,

Thought I'd drop in and say hi!

I have just started my own diary as of today as I also need help with motivation! I'm trying to clear 24K in a year so I like the fact that you are also challenging yourself!

Have to say I know what you mean, when there's no money to pay off it's hard to keep the motivation going but it's so worth it.

Also agree with paying off small amounts - I've paid off a £1 before by internet banking if that's all I've had, and I hope that it does cost them lots to process it!

Good luck, I'm gonna subscribe to check back and see how you're doing

Thanks for stopping by

£24k in a year, sounds like a similar target to me! I will keep an eye on your progress and hopefully keep a friendly challenge going! It's good to have people with a similar target to yourself as it helps to motivate and pay off more and more. D2BDF above has similar targets to us also

Look forward to watching your progress

Determined_2b_Debt_Free

:wave: Adam and Beccie - definitely agree it's good to see others with similar challenges and I'm so with you on that in-betweeny pay day thing. But not long now and I can make some more payments. I made 3 overpayments in total this month, 1 at the start, 1 a week or 2 later and 1 last week to reach my target. Unfortunately this next month is not looking quite as good but still staying optimistic.

:beer: Here's to our DFD''s!

Ceniza

Thanks for stopping by D2BDF, I made a couple of over payments, and really could make another now, but going to hang on until Friday and then clear the Capital One card. I cannot wait

Kepp

AdamA9 wrote: »

Thanks for stopping by D2BDF, I made a couple of over payments, and really could make another now, but going to hang on until Friday and then clear the Capital One card. I cannot wait

Just dropped in and wanted to say I can't believe how excited I am for you!

If I can't clear a card yet I'll just have to be happy for someone who can!

Let us all know when it's paid and chopped up!

Ceniza

Thanks Beccie! It's getting exciting because I've had this card for a very long time, and I've always cleared some of it and then just spent on it again. I've never made any massive effort to clear it all and chop it all up! Two days to go

Ceniza

I just realised the interest has gone on my credit cards My payments are not as great as I predicted. More to pay off this month than planned...

My updated debt diary
Last update: 23-June-2010

Lloyds Loan - £18,665.10 @ 14.5% (down from: £18,831.22)
Capital One CC - £306.82 @ 30% (down from: £968.83)
Egg Banking CC - £934.23 @ 21.90% (down from: £943.30)
Lloyds TBS overdraft - £0 @ 12.3% (down from: £2,000)
Loan from OH No.1 - £400 @ 0%
Loan from OH No.2 - £2,000 @ 0%

Total Debt: £22,306.15

Ceniza

Also, I've just re-done my snowball calculations, and it looks like my DFD is currently May 2012. I have a couple of bonuses before then, so hoping I can still reach my target of being debt free by next year...