Positively On My Way To A Positive Balance

REDMADCURLS

And so begins another chapter...............

Brief story so far - Had my LBM in late Feb 2010 and paniced! Then breathed and started to really think about my debt of £49k.........mostly due to DH setting up a business in 2007 and us using cc's for purchases to get it started and then to live on while we got ourselves going................we have not used cc's since Feb (except for DH's one blip)

At end of April 2010 I also looked at business debt, which totalled £13,700. Made the decision to reduce it this ASAP because we need the business to be fluid to allow us to manage our finances better i.ie we need to keep on top of business expenses to ensure we are able to continue production.

Anyway at end of Dec we owe £4,900 business debt which will reduce gradually over this year and we owe £35,719 plus o/d's personally.

Chapter 2 in 2011 is about reducing personal debt to £25k by end of the year and to reduce business debt to £2k

InaPickle

Way hay! First visitor - get the kettle on, Reddie!

chevalier

hiya pickle mine is tea white two sugars thanks

RMC well done on all the decluttering. that is awesome. good luck with killing the business debt this year, and then killing ricardo....
chev

lucielle

I'm here too, bet that teas cold now!
L

Woowoo

You lot stay up too late for me! Morning Red

Good goal of getting to £25k by the end of the year x

joshua_blue

well done RMC on 2010's achievements ... £25k in 2011...WOW... go for it girl :T

REDMADCURLS

Thank you all for stopping by, warm coffee for anyone (I love being on holiday, look at the time!)

£25k seems a realistic figure, in htat we should be able to make it without eating only beans and toast for a month. DH needs a new van too, so I am going to join the Credit Union to help with that as I am sure he won't be able to get credit and if he did the rates would be shocking!

I will work on budgets over weekend to get my head around how to manage the goal but think I will do what many of you have do done and focus on one card and put all I can off it - no guesses for which one!

Lemon_Tree

caught up with you! lovely shiney new diary to pollute lol

you cleared a massive amount last year - it's amazing, i've no doubt you'll be able to achieve it again this year if you have the same spirit of determination.

REDMADCURLS

Awh thank you LT, and LOL you could never pollute my diary

InaPickle

chevalier wrote: »

hiya pickle mine is tea white two sugars thanks

Oi, Chev, I'm not the tea-maker: it's Reddie's thread so she has to make the first cup by rights!

REDMADCURLS wrote: »

£25k seems a realistic figure

That's amazing, if it's realistic: that's a huge amount to get through in one year. Especially if you need to get a van as well. Well done!

Any cake going with that coffee?

Helen105

Happy New Year, Happy New Diary!

You did really well last year and things will be so much more comfortable this year when you are not worried about bouncing cheques or paying charges for missing DDs. If you can generate enough extra cash to pay off £25k in one year, just think of all the lovely things you will be able to do when you have paid off the debts and the money is yours to enjoy.