10 months in and 90 left to go ... the reality is starting to kick in :)

rising_from_the_ashes

mmm I know exactly where you're coming from as it does sometimes seem so much ..... not easier as it's never easy clearing debt ... copeable? - to have a smaller number of debts.

I know when I was doing the big debt busting, I had several smaller debts and I did clear a couple of them before the larger ones, even tho' they were less interest ... just needed a smaller number to cope with.

How long would it take to clear the small one?

Have you (sorry coming first as I haven't been all the way through your diary ) done a snowball calculator thing recently to see if there's a different / quicker / cheaper way of clearing them?

elantan

i tend not to post snowball results or soa's rising as i kinda know where i am going and what i am willing to cut back on and what i am not ... and tbh if i posted an soa i know exactly what people will say ... but they arnt in my shoes so their help whilst good meaning wouldnt be practical ...

if i pay £100 to the 0% debt per month it will take me over 6 months to pay it but i wouldnt be paying enough on the 17.9% one, so even the psychological boost is actually a bit of a distance away and not something that will happen fast

rising_from_the_ashes

elantan wrote: »

i tend not to post snowball results or soa's rising as i kinda know where i am going and what i am willing to cut back on and what i am not ... and tbh if i posted an soa i know exactly what people will say ... but they arnt in my shoes so their help whilst good meaning wouldnt be practical ...

As long as you know .... that's all that matters:)

elantan wrote: »

if i pay £100 to the 0% debt per month it will take me over 6 months to pay it but i wouldnt be paying enough on the 17.9% one, so even the psychological boost is actually a bit of a distance away and not something that will happen fast

mmmmm 6 months is quite a long time ... if it'd had been something like 2, I'd have said go for it for the psychological boost .. but not 6 months

elantan

yep thats the thing ... 6months is a long distance in the horizon, so i will be learning patience lol

elantan

Although really I should remember that in January I will have cleared a debt that has been hanging about for 4 years, it is such a small debt I didn't even count it just £28 and pennies every month for a recliner chair and another chair, one of which our son now has ( he loves it) I think that will have to do me for my psychological boost for a while, that and a wee bit extra paid to the mortgage to help me get the feeling tht isn't going on for ever

ZTD

elantan wrote: »

if i pay £100 to the 0% debt per month it will take me over 6 months to pay it but i wouldnt be paying enough on the 17.9% one, so even the psychological boost is actually a bit of a distance away and not something that will happen fast

And just remember, the 17.9% one will double the amount owed in less than 5 years if you leave it alone... :eek:

elantan

Yep Z ... It has GOT to go ... I think I am going to make a converted effort to clear it in the new year ... Fire my overtime at it so to speak

skint_spice

For the gratification thing can you look at it in terms of percentages total debt or give yourself a pat on the back everytime it goes down another £500 or so? Not instant but better focusing on wee targets and seeing a difference than thinking 100 months as the only focus?

elantan

That's actually a very good idea skinty ... Thank you very much

I might get one of those magnetic jigsaws with a picture on made and every time I reach a milestone put one on the fridge a visual reminder kinda thing

Or I could just colour in a chart and save the money:rotfl::rotfl::rotfl:

beanielou

A bit like breaking weight loss into 1/2 stones at a time.

I will never be debt free I think.