Driving Down Debt

ThatKiss

Regular payment taken, and card debt now £2450. Feels like I've entered the final stretch now :-D

ThatKiss

Credit card payment day hits! £250 off this month taking credit card debt down to £2200. I was a bit hesitant about paying out the extra £100 as I know June will be a pricey month, but I think I'll manage - might just be a case of not paying any extra when at month end.

Only ten more months if I pay off at this rate, but hopefully I can have the card gone long before.

ThatKiss

A few spends on the credit card in June, which I thought was going to lead to a muchly increased balance, but has turned out at the same level as last month.

Have gone up a notch on the noddle credit report and still at the top of experian's ratings which is handy as mortgage is going to be required very soon...

BettyBones

Hi TK, have just read your diary from the start. Love it! You've had a lot of ups and downs but it looks like you're definitely on the last lap now with the chequered flag in sight. Have subscribed and can't wait to cheer you over that finish line

ThatKiss

Thanks for popping in Betty, it was starting to feel a bit lonely around here!

Much going on at the moment, a move is upcoming, though I don't know as yet whether it's going to be rental or buying. I suspect rental in the short term, but we'll see.

I've finally accepted that the bank of mum doesn't want or need the £250 back so I've removed that from my debts, leaving the credit card to focus on. Still £2200 to pay off, but will likely have to reduce this to min payment in the short term while I suss my post-move expenditure. Lots of luxury outgoings will be disappearing, but there will be other savings too (less petrol, no taxis after nights out etc).

ThatKiss

Payday tomorrow, so additional £200 payment made to the credit card. Direct Debit doesn't come off til Monday, so I've left that in the account from last month's pay.

No progress on house move as yet, so should have at least another two months going into the HTB ISA before it gets closed off and the bonus claimed towards house purchase, if that's the route I go down.

I started a spreadsheet last August when cc balance was £5k and by the start of this August, I'll have paid £3150 off, or £262.50 a month on average. It'll be good to get rid of the card and free that money up!

ThatKiss

Direct debit day yesterday so card balance down to £1850. One weekend away this month, but no other big spends planned (looks like any move will now be September at the earliest). Just need to keep the momentum up.

BettyBones

Hi TK, you're still doing amazingly well. If I were you I would be chomping at the bit to see the back of that last CC now that there's less than £2k to go

ThatKiss

End of the month, direct debit away and balance now £1700.

But... It transpired to be a speedy month, and a couple of annual payments came off my other card, so there's another £500 to be transferred over to this one. No big deal, and a couple of overpayments will put me back on track.

And... I've bought a flat that I move into in six weeks time. Direct debit reduced to minimum payment as of now, and long term effect on payments still to be determined.

I get to be MFW and DFW now!

tunnelandlight

Just been reading your diary from the start, great journey! Big congrats on home ownership, you must have been saving hard as well as battling the debt.


Very well done for keeping the momentum going over the years. I bet mum and dad are very proud!


Home ownership for me was probably the start of my love affair with putting everything on my credit card as I furnished/ decorated my first flat so I am delighted for you that your credit card lesson has been learned.


Enjoy that flat!