Enough is enough, time to be debt free!

Mummyjem_2

Hi All,

Me and my husband like many others have used loans to pay for things over the years. It's never really bothered us, until our income went down a few months ago and we realised we are paying over £800 a month on debt (ouch!)

So it's time to sort it out.

Here we go. I will be joining the £10 a day challenge, comping and doing all that I can.

Debt so far:

£24,000 Northern Rock secured loan
£15,000 AA loan
£1600 Natwest loan
£2900 Lloyds tsb loan
[STRIKE]£1200 lloyds tbs overdraft[/STRIKE]
£8500 Natwest overdrafts

It's scary to look at this, but in March we have already cleared the Lloyds overdraft, so that's a step in the right direction.

Natwest overdrafts next! :T
Target April 2013 to only have Northern Rock loan left.

buffster_2

Well done on getting rid of the Lloyds card. I'm sure you'll make a huge dent in the rest in no time. This place is great for finding new ways to save cash.

Firewalker

Why would you go after the Natwest overdraft next? It may be better financially (and psychologically) to get rid of the two smaller loans.

Firewalker

DreamerV

RonLeroy wrote: »

Probably overdraft rates is higher.

I'm hoping this is why too, otherwise it may take you longer to clear your debts (if you're not paying them off by highest rate first. You've done brilliantly though clearing what you have already!

angelbob

If you need any more help with your monthly spending or debts, people on here love a SOA.