How to work out your Debt Free Date

Emma's_Mum

I have been lurking on MSE for some time now. Got loads of ideas how to save money and really useful information on paying off my debts. However, I was mystified as to how people worked out their Debt Free Date and by luck / chance I came across a link to https://www.whatsthecost.com. I found this site brilliant and wondered if it could be posted somewhere where newbies like myself could find it.
I have now got a Debt Free Date of June 2008 and I can tell you that having a 'real' date has really given me incentive to go for it !

Thanks to everyone one the site who has contributed in any way. You have all helped me so much without realising it !:T

luckylady45

cool site.....be prepared thought my 3k is going to take me 49 years to clear if i just pay the min
LL

isitenough

newbie here with a quick question (or two!) - tried to use that site but as we don't know our APR rate it proved impossible. OH has said he's tried to ring the companies (about 9 cards) and find out but the 'kids' on the end of the phone didn't even know!
Is persistance the key when ringing up? We're cowards in that aspect. We've tried to get cheaper rates too but to no avail.
thanks

SarahNeedle1872

isitenough wrote:

newbie here with a quick question (or two!) - tried to use that site but as we don't know our APR rate it proved impossible. OH has said he's tried to ring the companies (about 9 cards) and find out but the 'kids' on the end of the phone didn't even know!
Is persistance the key when ringing up? We're cowards in that aspect. We've tried to get cheaper rates too but to no avail.
thanks

If you have any statements from the cards, the APR information should be on the back (usually in a summary box). If not, then yes, persistance is the key. If the person you are speaking to you cannot tell you the APR on your card, insist that you speak to someone who can. If they can't tell you that from the account info on their screen, perhaps they ought to consider another career!?! APR info is a basic request, it's kinda fundamental to the whole account!

Good Luck!!!

SarahNeedle1872

Forgot to add..... if any of the accounts can be viewed online, the info should also be on there.

isitenough

Thanks! Will tell him to be persistent. The monthly rates seem to be staring us in the face, but they can't just be multiplied to get the APR can they, so it gets very confusing as to how the companies work it out! Will ring them all tonight and hopefully get some answers.

We do have some online accounts so will check tonight as it's 'bill' night! A very depressing event, but we are making very small progress and are at least paying off more than we spend at present.

SarahNeedle1872

Small progress is better than none at all! And if you have any questions about anything, no matter how silly it may seem to ask, this is the place to ask it. I haven't been around this site for very long, but there are people who are on the forum daily who know things about stuff you never knew existed. You will ALWAYS find someone who can help, and the best thing is that everyone here is dealing with/has dealt with their own debts of varying amounts, so you never get judged, whatever your situation.

isitenough

Yep, I've been a lurker for months, but only registered yesterday and still haven't asked the question I wanted to ask! I'm working up to it I think!
Got a letter this morning informing us our mortgage payment is going up by £14 - another rate rise! Never mind!

SarahNeedle1872

Bite the bullet and do it.... No one knows who u are, and no one will judge. The biggest problem I had was not wanting to hear the answers, but sometimes having someone else tell u what you already knew really helps. It did with me anyway..... And it's really nice to feel like ur not the only one in this situation

savvykaz

isitenough - if you have the monthly aprs, then just multiply these by 12. This gives you your annual percentage rate (apr).

isitenough

Is it really that simple? Multipling by 12 I mean? Will try it!