Only 20,000 big ones to go!

slowlyfading

well done, that's fantastic!

elantan

i reckon you just posted this so you can flirt again ss is there anything you wont do for a flirt ..my my my ...but it is fantastic news and amm getting my party frock out for the party...

james32_uk

southernscouser wrote: »

I'm off to mentally undress women walking down the street! :beer:

I find it's much more fun (and arrest inducing) to skip the 'mentally' part.

kathfisch

ZTD wrote: »

But congratulations - not far to go now. Remember what I said about the second half of the debt taking less than half the time?

Just what I was going to say... it'll only speed up as the total comes down

Huge congrats SS! :T :j :T Hopefully seeing the milestones on paper makes the slog worth it

ZTD

james23_uk wrote: »

I find it's much more fun (and arrest inducing) to skip the 'mentally' part.

Or change it to "I'm off to undress in front of women walking down the street!" which would be cardiac arrest inducing... :rotfl:

Hope78

Well done, be proud not just about clearing the debt but because you're helping others, you're thread helped me face up to things.

spud30

ZTD wrote: »

But congratulations - not far to go now. Remember what I said about the second half of the debt taking less than half the time?

Is that true about the second half of the debt?

You're doing so well SS, keep at it hun :beer:

kathfisch

spud30 wrote: »

Is that true about the second half of the debt?

It depends on the type of debt. If interest is being charged then the lower your total, the less interest added per month so the more capital your repayments are clearing. If the debt is a loan then interest is often added at the beginning so it wouldn't apply to that.

ZTD

spud30 wrote: »

Is that true about the second half of the debt?

Yep - it's to do with the interest burden. When you make a payment it's actually 2 payments, one to pay the interest, and one to pay the priniciple (the debt).

Round figure time...

Let's assume you owe £10,000 and you're paying £200 pcm at 1% pcm.

Interest is £100, so you knock off £100 from the priniciple (i.e. you owe £9,900 next month).

When you've knocked it down to £5,000 (and still paying £200 pcm), the interest is £50 and so you're paying off £150 from the principle - i.e. the debt goes down quicker than it did at the start.

mrsspendalot

ZTD wrote: »

Yep - it's to do with the interest burden. When you make a payment it's actually 2 payments, one to pay the interest, and one to pay the priniciple (the debt).

Round figure time...

Let's assume you owe £10,000 and you're paying £200 pcm at 1% pcm.

Interest is £100, so you knock off £100 from the priniciple (i.e. you owe £9,900 next month).

When you've knocked it down to £5,000 (and still paying £200 pcm), the interest is £50 and so you're paying off £150 from the principle - i.e. the debt goes down quicker than it did at the start.

That must be why it is starting to feel like we are paying things off quicker with the same amount of money then ... we owed over £16k at our highest point and this month it will be down to about £8k - so nearly half our original debt ... and it is feeling like we are getting somewhere now :T


Well done SS .... I think you have done amazingly well to come so far :T