Payments towards debt once a month

bt1

I just wondered if anyone else felt like i do. I have about £6450 debt left.... it was about 10k at its highest. I get paid on 28th of each month and pay off between £400 - £500 on 1st of each month.

So I've got to this part of the month and I feel like its taking ages for it all to go down!

Thinking about making payments weekly, rather then monthly (I know this wont make a difference in how long it will take to pay it all off but it will reduce the time before another small bulk is coming off), I dont know if I'm overly impatient or just gone a bit mad but I always feel a bit down around this time of the month and feel like I'm getting nowhere with my debt!!

So just wanted a bit of advice really, what does everyone else do? Do you pay off a bulk every payday or do you spread it out over the month?

xx

debtfreeby30:S

I know exactly how you feel!! I hate the time in between paydays and how slow things can seem :mad: I have my set debt repayments taken by direct debit every month - this is the amounts I know I can afford according to my budget (over the minimum where I can). I then make any extra payments I can throughout the month by as many different ways I can think of - be it cashback, my coin jar, savings in the monthly grocery spends cos I have a voucher to spend from doing surveys, any other scrimping and cuts I can make in the rest of my budget so I have spare money toward paying the debts. Cutting down on my supermarket spends and meal planning is proving very very worthwhile to me. If you stagger your payments you will more than likely accrue more interest (unless you have any debts on 0% obviously!) Don't let things get you down though and just relish the fact you are making dints in the debt!! :j

krustylouise

Personally I pay it off weekly and then if I have any at the end of the month I pay that off too, don't despair you're in good company on this site!

MrsNotAPenny

I make my payments weekly, and it still drags in! January was the worst!

Going to give monthly a go in April, keep me on my toes I also quite like to round down my bank account, or round up pounds on my credit card. I do a lot of tiny payments during the week.

The days I don't make payments, I like to look at next months incomes/outgoings, plan my next months payments. Don't know how I'm going to fill all the time I spend doing this when I'm eventually debt free

bt1

thanks for the replies

mrsnotapenny - i also dont know what i'm going to do when im debt free! im going to have so much free time!! I'm always working out next weeks/months budgets

i think i will stick to monthly - I am hoping to have all the CC paid off this year - after that start saving for a deposit!!! :-/

yan101_2

if your paid monthly then id stick to making payments monthly. a good idea is to try and save any extra you can and at the end of each year offer it as a full and final settlement. i just paid £500 as full and final settlement against a debt of £6500 got the rest written off so its not unheard of