The "Pay ALL your debt off by Xmas 2012" challenge

theposhbint

PedroMatias wrote: »

No brainer for me. It'll save you the most in the long run What happens to the interest after June 2012 on the Barclaycard 2?

EDIT: Taking a second look, I'd need details of what interests rates change to after the dates you specify, and how much you're paying off a month. I think this could all be programmed into the snowball calculator a few pages back, which'll tell you exactly how to pay off.

The interest goes up to 19% on Barclaycard 2 after June. Although I'm hoping to get this reviewed and it stay the same for 6m or hopefully longer.
I'll have a look for the interest rates tomorrow and give the snowball a go. At the moment it's just odd overpayments here and there of about £70-£150 but by the 2nd half of next year it will be larger payments to clear whole balances at a time. Thank you

kerri_dfw

Pedro :P

theposhbint have you tried snowballing to see which it suggests? That'd be the way I went about it.

Haven't had anything to eat yet but have checked out yesterdays veg box and it's completely filled my fridge with veg for £18, well impressed. Showered and feeling quite spritely so I think I might head to Wales afterall. It's all M4 then a major road to PontyPridd so I think the weather won't affect me too much. Feeling much better after the shower, amazing how that makes all the difference.
Oh and my sister has paid me back £50 early, which covers the fact I paid freemans the other day, phew!

theposhbint

Thanks Kerri, I have done the snowballing before, Barclaycard 2 comes out on top but then I read that others are shifting the smaller balances first as an incentive and can see that working for me too..I guess it's just about finding the right way for you.
Thanks to all that have replied

kerri_dfw

I think you need to weigh up whether you want an initial boost that will cost more in the long-term, therefore takes longer to reach your goal. Or the massive amount of satisfaction busting one of the big ones will give you and make the little ones seem like a walk in the park

Personally, I don't want to pay those bankers anymore money than I need to, so it's the highest interest one first for me. Maybe allow yourself a special treat with each £xxx (where xxx is a defined number) that you bust. That way you can still feel good, but pay less

kerri_dfw

his_missus wrote: »

YAY!!!! Catalogue paid off:j

#012 £467.09/£6583:T

yay massive achievement well done one less creditor bet you're chuffed

theposhbint

kerri_dfw wrote: »

I think you need to weigh up whether you want an initial boost that will cost more in the long-term, therefore takes longer to reach your goal. Or the massive amount of satisfaction busting one of the big ones will give you and make the little ones seem like a walk in the park

Personally, I don't want to pay those bankers anymore money than I need to, so it's the highest interest one first for me. Maybe allow yourself a special treat with each £xxx (where xxx is a defined number) that you bust. That way you can still feel good, but pay less

Hmm. Wise words Barclaycard 2 it is. The boost that shifting a small balance will give me will be a million times better if it were one of the biggies. And after all for me it's about being debt free asap. And once that happens it will be a major boost in itself

kerri_dfw

theposhbint wrote: »

Hmm. Wise words Barclaycard 2 it is. The boost that shifting a small balance will give me will be a million times better if it were one of the biggies. And after all for me it's about being debt free asap. And once that happens it will be a major boost in itself

Yay :j glad you came to a conclusion.

I thought I was bad last night, just got off the phone to OH and he's already drunk & thrown up in an alleyway :eek: Haven't told him I'm going to be there about 12am / 1am instead he thinks I won't be there until the morning, will be a nice surprise for him

beachie

Went out for a meal with lunch today and was supposed to be drinking all evening with work however after the big meal and a few pints I was full and tired so decided to come home.

I had budgeted £40 and had already paid the meal so have £30 left.

beachie

kerri_dfw wrote: »

Yay :j glad you came to a conclusion.

I thought I was bad last night, just got off the phone to OH and he's already drunk & thrown up in an alleyway :eek: Haven't told him I'm going to be there about 12am / 1am instead he thinks I won't be there until the morning, will be a nice surprise for him

!

Sorry to hear that! One of the reasons I hardly ever drink now. :rotfl:

DorsetGirl_2

beachie wrote: »

!

Sorry to hear that! One of the reasons I hardly ever drink now. :rotfl:

The main reason I dont drink is I am too tight to pay £3 for a bottle of sugar with a bit of alcohol in it aka an Alcopop!