Debt Free Journey Starts Today...

<UserNameGoesHere>

After 'trying' for a number of years to reduce my debt I have recently realised that my debt has been swinging up and down between £14,000 and the £7000+ it is today.

Having just recently had a baby with my partner we really want to buy our own home but whilst I have payments on debts to service we will never be able to save a deposit. I am committed to paying off my debts by at least £500 per month until clear, this is going to be tough with a new baby but I think I can just about afford it.

I am going to attack my debts in order of what they are costing me, overdraft and Amex first and then the other two credit cards which are currently on a 0% rate until late next year.

Good luck to everyone else who is on their debt-free journey, here's to being debt free!

HeadAboveWater

Hello and well done on posting

You’ll get lots of advice and encouragement on here, so come back and update us on how you’re doing.

You could post a statement of affairs. It sometimes helps to see exactly where all your money is going to, and maybe find ways of cutting back spending, leaving more to throw at your debt.

Good luck

<UserNameGoesHere>

I've been doing some research and think that as my overdraft will be paid off with next months debt instalment (£500) I will have cleared my overdraft (down from £2000 a year ago!) and could take advantage of switching current accounts and getting paid for doing so, best one recommended on the site is first direct and you get £100 for switching, seems like a no brainer as i would use the money to help pay off my Amex. I've been pretty disappointed with my current bank for some time ... Has anyone else switched banks and is it as easy as it sounds???

beanielou

Happy shiney new diary
Keep posting!

HeadAboveWater

I switched to FD a couple months ago. Very straight forward although I did have a few hiccups which delayed mine, but that was due to my own personal circumstances. Waiting now on my £100 bonus!

I'm taking advantage of their regular saver too (8% interest) to try and save some for the future...

<UserNameGoesHere>

Thanks HeadAboveWater, am definitely going to switch when I've cancelled my overdraft at the end of the month... and the 8% interest savings account is excellent, will definitely start putting into one of those when the Amex is cleared in Jan :-)

<UserNameGoesHere>

bonus... found a cheque for £16 from a the sale of unused cd's and dvds I sold to musicmagpie a couple of months ago. Paid it in and made a £20 payment off my Amex card, every penny counts!

<UserNameGoesHere>

Overdraft free for the first time in years! Cleared and cancelled today... I finally don't have any debt with my bank, so now I can switch and get paid for the privilige!

HeadAboveWater

:T Fantastic!! Very well done indeed