where to begin????

hopesprings1978

Hi all - I am looking for inspiration.
I have listed all my debts and am working on paying off as much as I can on my credit cards (total just shy of 8k) first - I say working but June will be the first month where I will pay off more than the min amount.

given the amounts that I have budgeted for I will be paying cc's off to 2009 and my loan off to 2010 - however some of you seem to be managing to pay off far more and quicker - where am I going wrong???

Does anyone have any helpful hints and tips to get my house in order.

david_hellier

Hi and welcome.

I suggest you list all your incomes and outgoings on here first so we can all help. See Southern Scouser's sticky at the top of the thread page.

With credit cards, never make the minimum payment, set up a standing order for a fixed amount.

See the table below:

Monthly Credit Card Rates and Time Taken to
Payoff £$€1000* and the Interest paid

Monthly% APR% Time Interest
1 12.68 11y 1m 490.93
1.1 14.03 11y 6m 544.93
1.2 15.38 12y 1m 627.18
1.3 16.76 12y 8m 718.86
1.4 18.15 13y 4m 821.88
1.5 19.56 14y 1m 938.45
1.6 20.98 15y 0m 1071.47
1.7 22.42 15y 11m 1224.44
1.8 23.87 17y 1m 1402.70
1.9 25.34 18y 5m 1612.80
2 26.82 20y 0m 1864.30
2.1 28.32 21y 11m 2170.94
2.2 29.84 24y 3m 2553.00
2.3 31.37 27y 4m 3043.14
2.4 32.92 31y 3m 3693.72
2.5 34.48 36y 10m 4602.18
2.6 36.07 45y 0m 5959.51
2.7 37.67 58y 6m 8211.90
2.8 39.29 85y 3m 12699.05
2.9 40.92 164y 5m 26099.39

*Assumes minimum payment of the higher of £$€5 or 3% per month

Storm

Hi HopeSprings and welcome :hello:

If you have a look at SouthernScousers sticky you'll see instructions on how to draw up a SoA (statement of affairs) where you list all your income, outgoings, debts with aprs & minimum payments etc. We'll be able to see if there's areas where you can reduce your outgoings to increase the amounts you can put towards your debts.

Lots of people on these boards work extra hours or take 2nd jobs, raise cash through Ebay, matched betting etc - have a read of some of the diary threads for inspiration.

Also, check you're paying off the debts in the right order using the snowball at https://www.whatsthecost.com - it goes on the basis of aprs to give you an accurate debt free date

Shineyhappy

hopesprings1978 wrote: »

Hi all - I am looking for inspiration.
I have listed all my debts and am working on paying off as much as I can on my credit cards (total just shy of 8k) first - I say working but June will be the first month where I will pay off more than the min amount.

given the amounts that I have budgeted for I will be paying cc's off to 2009 and my loan off to 2010 - however some of you seem to be managing to pay off far more and quicker - where am I going wrong???

Does anyone have any helpful hints and tips to get my house in order.

A lot of people have second jobs, work loads of over time, sell loads on Ebay/Amazon and at car boot sales, do matched betting,mystery shopping and pretty much have most days as no spend days.

Maybe you could try looking at the olympic challenge thread for some ideas?