We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Finally! DEBT FREE!!!
Options
Comments
-
Wonderful news. And don't forget - saving is important but life is for living. Fine balance, I know.
Firewalker0 -
congrats op, that's fantastic! Well done for all ur hard work! Enjoy the freedom it offers for a little while & have a holiday if you can afford it! :TDannymillhouse wrote: »I am a new user on here and we are trying to get debt free - something which is going to take a very long time - does anyone have any tips?
why not read the debt free roll of honour? Everyone who gets there posts their top tips. hths xDF as at 30/12/16
Wombling 2025: £87.12
NSD March: YTD: 35
Grocery spend challenge March £253.38/£285 £20/£70 Eating out
GC annual £449.80/£4500
Eating out budget: £55/£420
Extra cash earned 2025: £1950 -
Fantastic - It is messages like these that keep us all going!! x
Make £10 a day June 103.04/300
Declutter 2018 in 2018 3/2018
0 -
Excellent :j :jI am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Brilliant news, just shows it can be done.
0 -
Congratulations!! That is really good news.
I'm just going to offer a bit of advice though. I think it would be better if you paid off your £200 Credit Card debt and then put the £20 in savings instead. That means you will be earning interest on your £20 instead of not being charged interest on their £20!
Also it avoids any mishaps later down the line, i.e missing any deadlines for interest charging etc.
After a long 8 year journey you would then have £0 debt instead of the pesky £200 hanging around!
Hope this helps and well done again!Car loan £8105.35 57/60 payments left of £141.80 per month
Loan £6687.23 55/58 payments left of £165 per month
Nationwide £1183 (0% interest until 02/2026)
Total debt £15975.480 -
Congratulations!! That is really good news.
I'm just going to offer a bit of advice though. I think it would be better if you paid off your £200 Credit Card debt and then put the £20 in savings instead. That means you will be earning interest on your £20 instead of not being charged interest on their £20!
Also it avoids any mishaps later down the line, i.e missing any deadlines for interest charging etc.
After a long 8 year journey you would then have £0 debt instead of the pesky £200 hanging around!
Hope this helps and well done again!
I personally would wipe it off as well but techincally the way the OP is doing it is the correct way because they are not paying any interest on the £200 but are earning interest on the £200 in savings.The Googlewhacker referance is to Dave Gorman and not to my opinion of the search engine!
If I give you advice it is only a view and always always take professional advice before acting!!!
4 people on the ignore list....Bliss!0 -
Googlewhacker wrote: »I personally would wipe it off as well but techincally the way the OP is doing it is the correct way because they are not paying any interest on the £200 but are earning interest on the £200 in savings.
Hmmm, yes good point I didn't think of that. However like you said I would still pay the £200 off and really be debt free.
Car loan £8105.35 57/60 payments left of £141.80 per month
Loan £6687.23 55/58 payments left of £165 per month
Nationwide £1183 (0% interest until 02/2026)
Total debt £15975.480 -
Such good news!
Well done you FTB:A Saving for my first deposit :A0 -
Excellent, well done. One day I will be posting this too but thanks for the motivation!xLBM 2008 [STRIKE]£45,091.23[/STRIKE] eek: now £7889:T Debt free date 18/07/20180
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.1K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards