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Best way to clear debt - any moneysaving suggestions welcome
oliel
Posts: 240 Forumite
Income per month is £2550
DDs £1190
Food/Petrol etc £660
Activities for Kids £80
Other annual costs averaged over year £150
Left per month £500
Have the following debt
Mortgage reserve £6500 @ 5.04 APR
Loan £11600 @7.8 APR - nearly 5 years to run (can make overpayments)
Credit Card £1200 @ 15.75 APR
I really want to get this debt cleared as fast as possible - it is due to Major and complete home improvements Re-wiring/kitchen/bathroom/loft etc etc)- house purchased for £250000, mortgage £125,000. After 3 years of working on house want to clear the shorter term debt and start living again. Does anyone have any ideas or 1) Clearing debt as quick as possible incurring least interest and 2) Saving money.
Thanks
DDs £1190
Food/Petrol etc £660
Activities for Kids £80
Other annual costs averaged over year £150
Left per month £500
Have the following debt
Mortgage reserve £6500 @ 5.04 APR
Loan £11600 @7.8 APR - nearly 5 years to run (can make overpayments)
Credit Card £1200 @ 15.75 APR
I really want to get this debt cleared as fast as possible - it is due to Major and complete home improvements Re-wiring/kitchen/bathroom/loft etc etc)- house purchased for £250000, mortgage £125,000. After 3 years of working on house want to clear the shorter term debt and start living again. Does anyone have any ideas or 1) Clearing debt as quick as possible incurring least interest and 2) Saving money.
Thanks
0
Comments
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Hi Oliel,
The best thing to do would be a full statement of affairs. You will then get loads of advice on how to save additional cash which can help get the debt cleared quicker. http://www.makesenseofcards.com/soalc.htmlIf you've nothing decent to say, perhaps you shouldn't say anything.
£2 savings jar £300:D
Total credit card debts £1250:mad::mad::mad::mad::mad: - Will I ever learn!!0 -
If I was you I would target the credit card first.
Cant advise you further without further information,sorry.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0
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