BrokeWelshChick Debt Diary

BrokeWelshChick

Hello to all.

I am nearly new here, i have lurked more than i have posted.I want to be debt free by the end of 2007.

My total debt is £5605.14.

Northern Rock C.C = £2834.27
Morgan Stanley C.C = £450.00
Next = £450.00
La Redoute = £693.08
Capital 1 C.C = £504.71

I can not change to 0% cards as mty credit rating is not very good and I am not sure of the interest on what I all ready have.

By the of March i want to have paid of Morgan Stanley C.C. This post is my first step on my debt free journey.

I am working on my SOA at the moment and will post when finished.

Thanks for reading.

BWC xxx

taxi73

Just want to say HI and welcome...you're in the right place here I'll come back when you've done you're SOA:T :T

hypno06

Find out what the interest rate is on each of the balances and then do a snowball calculation to work out which one to pay off first. It can make quite a difference as to how quickly you become debt free and you can see what difference an extra £10 a month etc makes to your debt free date.

LookingAhead

Hi B.W.C. Good luck on clearing your debts. Wow just think this time next year you will hopefully be raising a glass of bubbly and loving being debt free

Definitely find out what your APR rates are (your credit card agreements will state this - or call them and ask) and clear the highest first by using the snowball method as hypno says. It will really help and will give you focus.

Edit: Here is the link

http://www.whatsthecost.co.uk/snowball.aspx

I am sure you will get lots of advice on your SOA although a word of advice - you may wish to post that separately with the title SOA so that people can home in on it. Not everyone reads diaries you see.

(You can always copy & paste it into here if you need a reminder.)

Good luck & happy new year!

hypno06

Thanks LA for posting the snowball link - I forgot!!

LookingAhead

No worries!

BrokeWelshChick

Thank you for the repies.

When I have finished my SOA I will post separately.

BrokeWelshChick

I have posted my SOA separately.

Spent this week planning how I can make changes, I have:-

Given myself a budget of £15.00 and not spent any of it.

Taken lunch to work everyday.

Change my house insurance and saved £50.00 on the year and cashback to come through Quidco.

When food shopping (made a list) with £50.00 of stamps I was given as a christmas present, even had £2.00 change. :rotfl: :rotfl: :rotfl:

Set myself a goal of paying Morgan Stanley £450.00 by the end of March.

The first overpayment will be £50.00 also a christmas present, I will pay this on Tuesday was going to spend on myself but I want to be debt free more.

Council Tax payments for February and March £120.00 will also go towards this debt.

A very good first week.

taxi73

well done for that...:T :T :T What a great start you've made:D you must be so proud of yourself:D you'll be well hooked soon:rotfl: :rotfl: :rotfl: :rotfl:

BrokeWelshChick

taxi73 wrote:

well done for that...:T :T :T What a great start you've made:D you must be so proud of yourself:D you'll be well hooked soon:rotfl: :rotfl: :rotfl: :rotfl:

To late I all ready am.:D

taxi73

You're doing really well but A SOA is quite crucial as we may be able to see something that isn't obvious to you..:beer: