A handle on debt
debtfreeonedaysoon
Posts: 6 Forumite
So, I decided a couple of months back to sort out the debt we have as we were paying it off just not fast enough. The table below lists where we are today with an unsecured debt free target of 2015.
CC1 £5,475.46 19.95%
CC2 £10,635.67 6.90%
CC3 £8,281.12 6.90%
CC4 £76.64 26.49%
CC5 £5,384.27 18.65
Loan 1 £10,985.47 8.80%
Loan 2 £12,685.52 11.43%
Loan 3 £15,943.05 8.40%
Loan 4 £1,140.00 6.90%
Total £70,607.19
I started to snowball the debt as I put £1650 into a seperate account and all debt direct debits come out if that account and any left at the end of the month goes onto the highest interest rate.
I will do an SOA at some stage but it is not a priority for me as I know where we are spending and I know which bits we have to cut down on.
I will update this as I go along and pay off additional bits and pieces. :T
CC1 £5,475.46 19.95%
CC2 £10,635.67 6.90%
CC3 £8,281.12 6.90%
CC4 £76.64 26.49%
CC5 £5,384.27 18.65
Loan 1 £10,985.47 8.80%
Loan 2 £12,685.52 11.43%
Loan 3 £15,943.05 8.40%
Loan 4 £1,140.00 6.90%
Total £70,607.19
I started to snowball the debt as I put £1650 into a seperate account and all debt direct debits come out if that account and any left at the end of the month goes onto the highest interest rate.
I will do an SOA at some stage but it is not a priority for me as I know where we are spending and I know which bits we have to cut down on.
I will update this as I go along and pay off additional bits and pieces. :T
Debt Reduction Target for 2012 - Pay off as much as you can in 2012 challenge! £15,177.47 / £15,000
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Comments
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Good luck To be DF by 2015 will be a fantastic achievement :T"If you can dream it, you can do it". Walt Disney0
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