How much do you pay per month on debts?

rosepetal_2

Around £30 a month to pay off the credit card, more when I have it available. That's all.

MrGreen

Thanks to the OP for the thread very good and motivational for myself so I thought I'd add my experiences and what I'm paying.

I've had credit card debt for many years and only really started paying it off in late 2009 when I committed to pay at least £500 a month towards my cards I used the snowball method of allocating my payment with the most going on the highest interest card and now thankfully I don't have to move any of my money around and my highest rate is 6.9% life of balance with barclaycard.

I pay more towards my cards when I can, usually when I get to do extra shifts at work, I have got a fairly set budget and then the extra amounts go towards my cards, I've paid up to £785, my average for so far this year is £703.40

In answer to a comment earlier I did start an emergency fund but when I used to get near to clearing one of my cards or end of a promotional rate I'd use the money saved to help clear it off. But I have now started saving for things I know I'm going to need/replace in the future so when I do need it I'll have the money and wouldn't have to "put it on the credit card". I've just realised that I have on occasions paid less onto my cards as other expenses have come up and I've been able to do this as my min payments have greatly reduced over time. I still have between 18 months to two years of payments till I've cleared off my cards.

Good luck to everyone in paying off their your debts.

jojitsui

£415 is min payments for loan and cards. I do tend to pay off much more than this (by at least £300) and I save £400 a month
My last loan payment is next month so the extra £260 will be going straight against my 0% cerdit debt.
I am hoping that I will be debt free very soon and the extra money can be over payments on my morgage

runmichellerun

I pay £700 a month - I've taken all savings that I usually make and am ploughing it into the debt so that when I get paid in August, that will be my last payment. Then I'm going to put almost all the £700 into savings for a new car / mortgage in the future.

However, I think I'll allow myself the luxury of new clothes (mine are about 7 years old and falling to bits!) and a new laptop once I can afford it.

In the far distant past I'd have bought these things the second I wanted them on a credit card. I'm actually enjoying waiting till I have money to buy them because I know I'll never have this kind of debt again.

Amy83

This is a nice thread, good to see that we aren't all alone

My minimums for my credit cards is about £150pm

I've a self enforced 'minimum' of £600pm, but am aiming to pay back nearer £1000pm

Debt free in a year at the longest, Christmas at best!

Amy83

runmichellerun wrote: »

I'm actually enjoying waiting till I have money to buy them because I know I'll never have this kind of debt again.

I definately agree with this...things seem to be worth so much more to me when I wait and save for them!

Amara

Hello!
Nice thread. It's nice to know there are people in the same situation . Mine: about £650per month altogether.

The_Rizler

Including mortgage 65% of my wages goes on debt repayment it's actually getting me down at the moment can't see an end to the drudge

SpendHappy

We pay about £1200 each month to debt! Soooo looking forward to when it has gone!

MrGreen

The_Rizler wrote: »

Including mortgage 65% of my wages goes on debt repayment it's actually getting me down at the moment can't see an end to the drudge

The positives I see are that you are dealing with your debts and over time it will get easier, if you have credit card debts then the minimums will come down and you will have a bit more flexibility on payments.