Pay off as much as you can in 2012 challenge!

wannabehermit

abba1772 wrote: »

How can they justify that amount of interest on £37.75 blooming rip off :rotfl:

jwil wrote: »

Well, option 1 obviously It makes perfect sense to pay three times as much interest as the item cost you!

Well the purchase price was £279, so I guess they charge interest at date of purchase and charge you that regardless of whether you've still got the full amount to pay or just a few £££. Imagine miscalculating and having only 1p left to clear and being charged that amount of interest :eek:.


On a very positive note for us here all our money has now been sorted out since I started work and it seems that all the entitled to etc calculations were wrong as they had us being worse off but in fact we're about £30 a week better off, so I started off with a £50 overpayment to each credit card which I will add to my total when the statements come out. Here's to getting them both paid off before the end of the year.

mh2361

hi all, I'm in a much better frame of mind today, I AM TAKING CHARGE!!!! I've done a fab spreadsheet of how much each appliance in the house costs to run (elec) and so expect our bill to be less next month , which i'll put towards the debts. Our extortionate mortgage rate has finally run out so our payments have gone down by a massive £350 a month. I could run out and kiss everyone:D and , this is slightly embaressing:o I've read martins notes and found some savings earning very little so Ive just used those to pay off the tesco credit card at 16.9%.:jto celebrate i will brace myself and cut up 2 of the cards.

abba1772

mh2361 wrote: »

hi all, I'm in a much better frame of mind today, I AM TAKING CHARGE!!!! I've done a fab spreadsheet of how much each appliance in the house costs to run (elec) and so expect our bill to be less next month , which i'll put towards the debts. Our extortionate mortgage rate has finally run out so our payments have gone down by a massive £350 a month. I could run out and kiss everyone:D and , this is slightly embaressing:o I've read martins notes and found some savings earning very little so Ive just used those to pay off the tesco credit card at 16.9%.:jto celebrate i will brace myself and cut up 2 of the cards.

wow £350 a month better off congratulation :T:T:T:T:T:T

also well done for paying off a credit card, you're doing really well you must feel like theres a weight off your shoulders xxx

Debtbust

Debtbust - number 40 reporting
£10 this week so new total £1,349.34/12,000

mh2361

abba1772 thanks abba, i feel so relieved about the mortgage, and having finally faced up to it and heading towards a plan is def a weight off

millionaire_in_training

£25 paid today so that's £1,258.74/ £10,000.

I need to pick this up a bit as need to pay £800 per month to achieve my goal and £350 short of that already :eek:. Oops. I could make more effort so I better get on with it

archery

Number 89 - just paid this months bills so total now stands at £1921.29/ £12,000

michmcc79

#49 just rounding my account so another £2 paid to Kays.

Must keep chipping away...

Total now £286/1900

Twiggy_34

No 103. checking in - thanks to running a car boot stall this morning I have managed to pay off an additional £80. So my total now runs at:

£827/£3566

Now to use ebay's free listings to try shift what was left over! lol

Out of interest - I was just wondering how many of you use online banking to manage your c/cards and does everyone do the following?

When I got my Barclaycard I had a £5000 limit on it (only ever used £3500 though). As soon as I embarked on my mission to get out of debt I reduced it to the lowest I could. Now, every time I get the balance low enough, I use the 'Request a new credit limit' function to request a decrease. I usually do this in amounts of £250. So, for example, once this latest payment clears I will reduce my limit from £1500 down to £1250. This adds peace of mind that I wont be so easily tempted into spending on the card instead of clearing it!

Thanks

abba1772

Twiggy_34 wrote: »

No 103. checking in - thanks to running a car boot stall this morning I have managed to pay off an additional £80. So my total now runs at:

£827/£3566

Now to use ebay's free listings to try shift what was left over! lol

Out of interest - I was just wondering how many of you use online banking to manage your c/cards and does everyone do the following?

When I got my Barclaycard I had a £5000 limit on it (only ever used £3500 though). As soon as I embarked on my mission to get out of debt I reduced it to the lowest I could. Now, every time I get the balance low enough, I use the 'Request a new credit limit' function to request a decrease. I usually do this in amounts of £250. So, for example, once this latest payment clears I will reduce my limit from £1500 down to £1250. This adds peace of mind that I wont be so easily tempted into spending on the card instead of clearing it!

Thanks

I reduce mine by every £500 i get to but i don't have the pin number for my credit card so it's not too bad.

my only problem i'm having is with my catalogue, every couple of months i have to phone them and reduce the credit limit of my account as they keep increasing it saying i'm a good customer, i never spend over £100 on it and pay it off before i put another order in.......last order i put in was for a tenner :rotfl: