Credit cards - paying minimum payments

Oregon

My credit cards have all been maxed out since about July 09 and since that time, I cannot remember ever making more than minimum payment to any of them. A part of me thinks I must have done, but I can't remember when.... My focus has been to be to reduce my OD (although despite the best intentions, this had always been at its limit)... So in actual fact I've got nowhere in 2 years.

So in august I had a windfall which enabled me to clear the dreaded OD and I guess that was my LBM and I decided to tackle all of the CCs. Well today, for the first time in over two years, I made an additional payment to a CC Ok, it was only £50, but hopefully it's the first of many additional payments which will get me to where I want / need to be.

Thank you to you all for the inspiration.

katsu

Congrats. Have you worked out what order to OP in (i.e. highest interest rates first?).

Look at even small OPs - see what difference the PAD thread people have experienced from even pennies and low pounds coming off their card balances. One day you don't have a takeaway coffee, pay an extra £3 off the card. That might help you bring the balances down a bit more?

Oregon

Yes I've prioritised and am getting rid of the highest % first
It's silly and it's a long time overdue and it doesn't even nearly make up for my irresponsibility for getting in this position in the first place and I don't deserve to feel good .... But .... I feel so positive about even making a small OP

I have seen that PAD thread and it's a good idea but what I'm trying to do is make a little PAD into a sep accpuny and then I'll make one OP at the end of the month. That's what I did this time. Although thinking about it, it'd make more sense to do it straight away rather than wait for it to build up as it will reduce the interest won't it??

bottleofred

Well done Oregon and keep up the good work.

QueenB.

Congrats:T

I couldn't make more than the minium payment on my CC for more years than I would like to remember but i remember when i finally could and how good it felt, those OP may start out small but they slowly get bigger and as the previous poster said even small amounts add up. I used to save all my pennies and 5ps and put those towards the monthly paymen of my highest CC, not only did it feel good but i also got a strange satisfaction from trudging into the bank and handing over a load of coppers :rotfl:. Keep it up.

Oregon

I know what you mean, I counted up my coin jar in Friday and there was £72 in there! I've been picking up tips from you lot for the past couple of weeks and have already sorted out a budget for myself for the month and have transferred my budgeted amount to a sep bank account, so when I counted up the £72, I thought "right, that's my next op for the biggest card"

I have NEVER thought like this before in my life!

QueenB.

Becoming debt free does mean you have to change your mindset and at first it can be a little strange but then it feels slighlty liberating, im not saying i haven't slipped baack into my old mindset now and agian but for the most part i look at things very differently, now i am finally debt free i use that same penny jar as a way to add a little top up to my savings account, same habit different outcome LOL.

Hovel_lady

Well done :T

Oregon

Thank you. Small steps eh?

Oregon

Another OP made to the dreaded Egg Card
That's the first two ever all in one month