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The 1% Challenge - 100 ways to make your 1%
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I've done it!!!
Whoop!
1% Challenge No. 305: 100% of £1380 paid!!!
:j:money::money::money::jClearing debt to save for a simple wedding.Starting 2016 With debt of £77000 -
Oooh Lioness that's tough accountancy for a Sunday evening! I'm not sure I have the brain power to work out that one.
I'd be inclined to say the whole $200 amount counts towards your percentage as the interest is part of the debt, and any payment brings down the overall total of the debt. That's how I view my overdraft repayments. However maths is not my strong point and I might be doing my own special version of maths!
Hopefully someone with better accountancy skills will come along and help!"Does it spark joy?" - Marie Kondo
"Do not wait; the time will never be "just right." Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along." Napoleon Hill0 -
Well done niksyg!"Does it spark joy?" - Marie Kondo
"Do not wait; the time will never be "just right." Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along." Napoleon Hill0 -
LionessInWinter wrote: »Can someone please clarify? If i pay $200 to a credit card but my minimum payment is $100 and that includes $45 interest, am I using the $155 towards my 1% or just the $100 towards my 1%.
TIA
I think you should only count the amount that comes of what you owe and not the interest. Otherwise you will get to 100% but still have money owing. HTH x1% at a time no. 40. £8000 (For dream family holiday) 94/100
MFW 2013 no. 62 £10,000/£10,000
MFW 2014 no 62 £8000/£70000 -
Well done niksyg
Thanks Allybee and Liz-Paul, I'm going to count whatever I pay after the interest is paid. Most of it is on 0% Apr but some of it isn't so that is what I'm trying to tackle first. Then whatever I pay will just be off the balance which is still HUGE
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#332 checking in, 13% paid.. That's 1% in about a week..phew! Hoping to pay off 15% before Christmas.January 2025 - Debt £20,0060
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Hello, please may I join, a bit late in the year but I need to get started, sooner rather than later. Several out of control debts, going to clear 1cc (£3,102.00) doing this challenge. Hopefully the group will keep me motivated. One step at a time:
CC1 £6633.00 so far 28% paid.0 -
Have made an extra payment to my CC and now under £10k. :j:j Plus just seen my talktalk quidco payment is ready to cash in at last :j. Need to work out % but was so excited I had to post here now :j0
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Can I please join this challenge? We've just paid 5%, but a looooonnnnnngggggg way to go.0
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just a quick query, do you guys start from scratch again 1st Jan?
as in - my original debt was 7,500 so 1% was £75,
but hoping to get it to about £6000 by dec 31st,
so do you guys reset in the new year or carry on with original? I know it doesn't matter as it's all going, but just curious
January 2025 - Debt £20,0060
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