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Debt Free Day has arrived
CashRequired
Posts: 90 Forumite
It's arrived slightly earlier than anticipated but i'm not complaining.
Just thought i'd share my little story of paying off my debt.
In 2009, my employer reduced my hours to basically part time . I found myself with around £8000 worth of unsecured debts in the form of 1 overdraft, 2 credit cards, 1 loan. My car then died and had to be scrapped. Life wasn't fun, few sleepless nights.
I basically threw as much money at them as i could, one at a time, highest apr first. I transferred one debt to a 0% card too. I did without a fancy car, i got a £300 one off ebay, I used an old mobile phone for a couple of years, i stopped buying as many clothes, I sold what i could on ebay, i found a part time job to prop wages.
I tried my best to reduce every monthly payment I could. My mobile was swtiched to a sim only contract which was about £9 per month! I also quit my gym and used a council run one. (went from £80 pm to £30)
As of this day, i'm now saving for my first home. There were occasions where I was a bit careless paying off the debt. By that i mean, i'd pay off say £500 off a credit card and leave myself short all month. I did this numerous times, rightly or wrongly.
I found there was no easy way of paying my debt off, you just have to get your head down and get stuck in, and most importantly be patient. I do hope this thread doesn't come across as bragging, but the debt free threads posted whilst I was paying off my debts helped motivate me so that's all this is.
It would have been much harder without this resource, so thank you all, and I wish you all the very best!:beer:
Just thought i'd share my little story of paying off my debt.
In 2009, my employer reduced my hours to basically part time . I found myself with around £8000 worth of unsecured debts in the form of 1 overdraft, 2 credit cards, 1 loan. My car then died and had to be scrapped. Life wasn't fun, few sleepless nights.
I basically threw as much money at them as i could, one at a time, highest apr first. I transferred one debt to a 0% card too. I did without a fancy car, i got a £300 one off ebay, I used an old mobile phone for a couple of years, i stopped buying as many clothes, I sold what i could on ebay, i found a part time job to prop wages.
I tried my best to reduce every monthly payment I could. My mobile was swtiched to a sim only contract which was about £9 per month! I also quit my gym and used a council run one. (went from £80 pm to £30)
As of this day, i'm now saving for my first home. There were occasions where I was a bit careless paying off the debt. By that i mean, i'd pay off say £500 off a credit card and leave myself short all month. I did this numerous times, rightly or wrongly.
I found there was no easy way of paying my debt off, you just have to get your head down and get stuck in, and most importantly be patient. I do hope this thread doesn't come across as bragging, but the debt free threads posted whilst I was paying off my debts helped motivate me so that's all this is.
It would have been much harder without this resource, so thank you all, and I wish you all the very best!:beer:
DFD: 21st June 2012
0
Comments
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Well done and congratulations :T
I always feel inspired by success stories and can't wait until we can join the debt free roll of honour :jLBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero:staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day ThreadsMortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads"Debt is normal. Be weird!" Dave RamseyProud to have dealt with our debt
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Huge big massive well done
Onwards and upwards!! Wealth is what you're left with when all your money runs out0 -
Well done! It doesn't come across as bragging, but even if it did, you'd be allowed!0
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Well done; I am very happy for you. And good luck with saving for your first house.
Firewalker0 -
You brag away, this is a great story!
Well done.
Don't forget the Debt Free Roll of Honour if you haven't already posted.I'm Debt Free :j 2/09/2013
Debt at LBM 30/04/2010 £24,109.38,0 -
Thanks for the kind words folks ! DFD: 21st June 20120
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Congratulations!MFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.140
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As I struggle on my debt free journey, I find anyone posting about their debt free day arriving, inspiring and motivating.
Congratulations Debt-Free day 30th September 20140 -
Congratulations :T
Don't forget to add your name to the Debt Free Roll of Honour 0 -
Congratulations!
I completely agree when you say there is no easy way of becoming debt-free. It's a long, hard slog but the feeling of achievement and freedom when you get there is well worth it!LBM: August 2006 £12,568.49 - DFD 22nd March 2012
"The road to DF is long and bumpy" GreenSaints0
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