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monthly payments wont make me debt free in two years
kezzygirl
Posts: 996 Forumite
hi there, i have worked out what our monthly payments should total in order to make us debt free in two years.However, when i add up one debt, it doesnt equate to two years iykwim:
£1172-paying £30 a month over 2 years=£720.
anyone else have that problem?
whereas the whole amount for all creditors works out that if we pay £251 a month in total they will all be clear.
i dont get it?lol
£1172-paying £30 a month over 2 years=£720.
anyone else have that problem?
whereas the whole amount for all creditors works out that if we pay £251 a month in total they will all be clear.
i dont get it?lol
0
Comments
-
Surely you will be snowballing so as you clear one debt the monthly amount allocated to that will be addedd to a debt that still has a balance?
ie Debt A Balance £400 Paid at £50 pm Cleared in 8 months
Debt B Balance £1000 Paid at £50 pm then after 8 months paid at £100 with freed up cash from debt A.0 -
oh i see.ok lol had a bit of a moment there!
just want it gone!why cant i be one of those people who has a scrathcard and wins £10000 lol0
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