Tackling the debt

welshlovebiscuit

Hello,

i have been on the MFW board but as i am targetting a £10,000 unsecured loan first I thought I would pop in here for some support.

We are not in the dire straights some are on this board but I worry none the less and want to acheive a debt free existence. We have a manageable loan and have never defaulted...we can't - hubbie is not only a trainee accountant, but also works in the banking industry, so we have to keep on top of things whatever!

We have just refinanced the loan to incorporate £1000 that was on the CC and at the moment we are paying an extra £70 a month, plus I am squirreling all spare cash away into 2 accounts - one for OPs and the other is our contingency fund which is sadly depleted after a major contingency last year:mad:

I have slashed the food bill from £500+ to £270 this month and aim to get this down to £200.

I have been inspired by these boards and actually believe I can get things as I want them now - just need to keep motivated... keep reminding myself that I haven't been on holiday for 7 years because we're always skint!

DVardysShadow

Why have credit cards and a contingency fund? It might not strike you as good advice, but I would say make sure you have enough credit available to cover the contingencies and you put the money you are saving for contingencies into paying down your debt, because you will spend less on interest doing that.

savingholmes

Hi - perhaps it would be good to post a statement of affairs and see if there are any more savings you can make... you haven't really given enough info for anyone to make much of a constructive comment. congrats on start