The 1% Challenge - 100 ways to make your 1%

fedupandskint

£6 overpaid on the long term loan from survey payments, keeping chipping away on it!

gettingtheresometime

Can I ask a quick question about the challenge please?

I understand the principle of it and I understand that rule number 1 is that the minimum payments must be made as these cover the interest charges but as the minimum payment also covers a small amount of debt repayment, does any amount over the interest amount count as 1%?

So say I have a debt of £1000 and the month I decide to start the challenge, the interest is say £30 and the minimum payment is £40 does the £10 that is being used to repay the debt count towards my 1% ?

In month 2 say the interest is now £25 and the minimum repayment £30 but I make a repayment of £35, as £10 has gone off the capital element of the debt does that again count as 1%?

Money_Minx

please can i join ?

Pennypurse

Can I join this please? Would like to target my credit card first my 1% is £3.53 :-)

fedupandskint

£109 & £70 sent to loan as overpayments, still chipping away at it

fedupandskint

Overpayments making a difference and balance has come down by another £300.

Digging_2

Can I join please?

1% is £349

My minimum payments from October will be at least 2% per month but I like the idea of seeing it paid off in chunks. Plus I can make overpayments in October. I have my 100 squares ready to colour in too:T. I'm hoping to get my first 1% done by the end of August.:j

heitak

Hello, long time lurker but newbie to posting. Can I join please? I'm looking for £10k so my
1% is £100

Happymac

I am going to do this but focus on one cc. This will be the one at 185 as of today. I am going to try and pay at least 1% off this every day. So, I have 100 payments of £1.85 to make. It seems much more manageable :-)

Happymac

Day 1 paid £1.85 off so 1% paid off debt 1. Good start and since I am planning on using all survey/ebay money against this card hopefully I will pay it off much faster than 100 days.:)