Debt free or not debt free??

saintly_2

double check triple check your figures, if they are correct then pay it off!!! be debt free, run round screamin, tell everyone you know!!!

Well done

xx

flowerofscotland

First of all well done on becoming debt free :beer:

You've asked for opinions so I will give mine. I think that part of the DFW journey is learning to let your head rule your heart not the other way round (often a contributory factor which got some of us into debt in the first place - speaking from experience but I have seen others make similar comments).

So when I get to your position I hope that I will be able to do the following:
- move the money to a savings account leaving the current account with only what is required for your normal monthly expenditure; use this account when calculating expenditure etc and ignore the savings account. It would be even more MSE to set up a new savings account via Quidco or Rpoints so that you earn some cashback as well - Cahoot, Citibank and Smile are all possibilities.
- set up a transfer from the savings to the current account and then a payment for a date about 2 weeks before the 0% deal expired (this is easy to do with most online banks). This avoids the risk of missing the payment date.
- Congratulate yourself on the fact that you are now getting money from the banks instead of paying them.
- Start researching the best savings options on the appropriate MSE Forum
- Add your name to the DFW Roll of Honour

WISHIWASRICH_2

Well done Imelda - If u pay off the debt you can go on the Debt Free Roll of Honour:money:

amazon_spice

Tondella wrote:

Do it, what a feeling - worth far more than the couple of pounds interest you might earn until May.

Absolutely :T

mjdh1957

WISHIWASRICH wrote:

Well done Imelda - If u pay off the debt you can go on the Debt Free Roll of Honour:money:

I agree, pay it off, dance naked around the house and then post on the Roll of Honour...:j

dinkylou

Yep, pay it off, be done. Cancel and cut up the card, then dance around naked and be very pleased that your DF journey has come to its end.

Then once you've done all that, post on the roll of honour and tell your story to the rest of us so we can be inspired to keep fighting the good fight.

Oh and congratulations!

no_debts_no_more

Leave it in your savings account.

In fact, if you can put more on there at no cost, and squirrel that away too, do it.

You are now stoozing, which is one way for debt free people to get free money. There's even a forum for it here at MSE, so it's a good thing! You're no longer a DFW. Change your mindset, and go to the boards that concentrate on making money for you, rather than on clearing debts. And come back here occasionally as an old-timer who's kicked their debt habit.

Assuming you have now acquired some discipline over your spending habits, and are organised enough to not incur interest, you could even plan ahead to get another 0% card lined up for when the interest-free period ends on your current one. Just watch out for the balance transfer fees.

I had nearly £20K of credit card debt a few months ago, but never considered myself to be in debt, as the money was sitting in a savings a/c. It was fun to horrify my parents by letting them know the size of my CC bill though!

KatrinaC_2

Personally I'd pay it off. Stoozing is MSE, paying off is DFW.

It's a symbolic thing - paying off the last of your debts is a way of drawing a line under the debt-clearing stage so that you can start from scratch on the making money and stoozing thing.

Kat

DontDoDebtKids

Imelda,

I would say that you are now debt free, albeit technically.

Jolly well done!!!

Don't pay off the credit card yet. You are now DF, not a DFW. Put the required amount of money in your savings account and stooze it.

Well done again,

DDDK