A break from the intensive debt repayment cycle

partridge_pie

Dear All

Does it get that much sometimes paying off large monthly debt repayments that you have to give yourself at least a month off to take a breather and experience what life would be like when it is all over?

In January 2014 my debt will be down to about £5300 - I could pay all of this off by December 2014 at a rate of £450 per month.

I have been in this scenario paying £350-400 per month in debt for 2 years and it takes it toll.

Naturally I do not want any debt and want it gone asap.

Is it acceptable to repay it to tie in line with the length of my 0% offer?

Job is fairly secure and it will come down and down but I feel I need a breather for at least one if not 2/3 months.

Anyone else feel like this?

I have one child by the way so feeling guilty too!

kissjenn

I think you have to do what works for you.

Sometime knowing you could is as empowering as actually doing it...so knowing you could take the break but choosing to plough on may be as good.

Other thing to consider is how easy will it be to "get back on the horse" as it was to get off. For me it's the initial oomph that's hardest and taking a break for a few months and really loosening the purses strings would be a challenge to come back from.

You mentioned matching the 0% date...how long is that beyond Dec 2014?

Other option is if taking 3 months off, say Jan to Mar 2014 means adding on Jan to Mar 2015...how about reducing your repayments by £100 per month for the 15 months and having some fun with that every single month rather than a 3 month splurge. May be easier from a child view point as well to have a treat every month to look forward to.

Just some thoughts

FireWyrm

You have to take a breather now and again or you'll just work yourself into a lather over it. Personally, I usually make it so all debt repayments stop from December to January which is two paydays effectively. Use the money for Christmas, or save half, or whatever, but you cant be a martyr all year round and still be effective at debt busting anymore than you could work 24 hours a day for long.

dktreesea

The key, imho, each month, is to pay yourself first. If that means, for that particular month, you are only paying the minimum off the cards, they are still going in the right direction, but you have made sure you have had enough money so you don't end up increasing the debt over the month.

partridge_pie

Thanks all - increasing the debt will never be a problem again and I will never go down that road I promise you - 2 years so far and have not added 1p of debt apart from a balance transfer deal which was well worth it in the long term. Cannot avoid paying some kind of fee.

Debt in part if not more than half caused by ex partner (wont go into detail but drained cash from the family finances) so the problem was solved when we split up right there.

Yet I am drained after this 2 year slog - I think about the debt daily which is the worst thing I am sure for everyone.

I have decided to at least have Jan 2014 off just making a minimum payment of £70 approx after the expense of Christmas.

I am going to be a bit more pragmatic next year with my payments.

Seeing the total come down month by month will make it look not as bad as it is now.

Appreciate all your comments

partridge_pie

kissjenn wrote: »

I think you have to do what works for you.

Sometime knowing you could is as empowering as actually doing it...so knowing you could take the break but choosing to plough on may be as good.

Other thing to consider is how easy will it be to "get back on the horse" as it was to get off. For me it's the initial oomph that's hardest and taking a break for a few months and really loosening the purses strings would be a challenge to come back from.

You mentioned matching the 0% date...how long is that beyond Dec 2014?

Other option is if taking 3 months off, say Jan to Mar 2014 means adding on Jan to Mar 2015...how about reducing your repayments by £100 per month for the 15 months and having some fun with that every single month rather than a 3 month splurge. May be easier from a child view point as well to have a treat every month to look forward to.

Just some thoughts

Sometimes life is just too short to spend a massive chunk of my disposable income on debt repayment every month - my advantage is that it is all on 0% - I have made a massive commitment since November 2011 to reduce a debt of £13000+ to what will be about £5300 by the turn of the year. Think I deserve a break or reduction in my debt repayment outgoings for a while. At least I will still see it coming down. Think I will take a 3 month break from the £400+ figure to maybe £100 (but put extra that I won't be paying to my Council Tax and Water Bill in Feb and March 2014).

Don't worry I will never go down the debt road again - I have bee tempted eg buying a car but keep pulling back realising I don't really need one when there are always taxis, buses and trains.

Thanks for the advice