1000 days to get debt free!

recurrent-ostrich

Ooh, sold something on FB today, for £50, just waiting for Paypal payment, which I'll transfer straight into bank account. That's one and a little bit tyres paid for.

recurrent-ostrich

974 days to go:
Well, it's 2014! Hope everyone had a good one, hubby was on nights so I was in bed by 10 LOL!

A mixed bag over the last few days, have bought a few bits in the sale -a new hairdryer and duvet as ours were on their last legs and a couple of pillows. Bought some shoes for me, but that was from Christmas money and hubby said I wasn't allowed to use it for debt payment (because that's where my birthday money went last year).

Card payments have started to go out of the bank for January, I only update our debt total once a month when our statements all come, as amount paid doesn't correspond at all to debt reduced, because of interest :mad: and sadly we are not in a position to be able to apply for any new 0% cards at the moment (mainly because we'd fail the credit score!)

Tyres ended up costing £120 as the local garage ordered the wrong size for £90, and the right size were £130, so went to the other local garage who did them for £120. Wing mirror has come and hubby is going to get that sorted in the next week or so, then we're aiming to get it on the market by the end of the month.

Have also started on the house clearout -have got rid of about 8 years of old statments and papers this week so far! At some point I have a load of kids clothes to Ebay -I find it hard going as there's such a small amount of profit once you've paid Ebay and Paypal fees, but every penny counts I guess.

Anyway, hope all are well, do pop by and say hello!

[Deleted User]

Happy New Year!


Pmo2
x

recurrent-ostrich

Am rather pathetically excited. Went into my B******card online account, it's at max, but only has a relatively small limit but I've paid it every month without fail. It's at a low rate of about 6%. I clicked on the "increase my limit" tab, just to see what happened, and asked for an extra £1000. Got an error message, so logged out, logged back in to try again, and my limit has gone up by a £1000! :j If it's right, this means I can tranfer £1000 from my Ca*****1 card (thirty pigging five percent :eek:) leaving a mere two hundred quid on the highest rate! Was feeling really disheartened today, NY is always a bit crappy for me, another year of being skint and hard slog....so a little bit of good news. I know 1K is a drop in the ocean with our level of debt, but it's better than nothing!

Eyebright

That's fantastic re: the CC. £1000 at 6% is so much better than £1000 at 35%! It's little steps like this that add up to big changes, and our debts being paid off months sooner than anticipated

I'm really pleased for you! Good start to 2014.

recurrent-ostrich

Days to go: 971

More good news -have got a limit rise on my Nation**** card too, of £900. This means I can clear the Cap1 and Next account, and close them. These are my highest rate cards at 30 odd % and 26%.

Car is all ready to go on the market, so hoping for a prompt sale and that we get close to asking price of £2K. I'm debating what to do with it, whether to clear the next highest debt (25%), or take it off our (£3.5K) overdraft (18%). I know that mathematically, it makes sense to use it for the higher rate debt, but psychologically I'm wondering if it would be more of a boost to take it off the overdraft, as I find being permanently in the red really disheartening and think it might spur me on a bit more. What do people think?

Eyebright

Would the 2k clear completely the 25% CC debt? If so then financially it makes more sense to clear the debt with the higher interest, plus you have the satisfaction and psychological boost of having one less debt on your list!
Your OD will be got rid of so much quicker too once you aren't having to make so many debt repayments. I get what you mean about how carp it must feel to be permenantly in the red, but the most MSE thing to do would be to get rid of the higher interest debt. Hope that helps

recurrent-ostrich

Yes, thanks. I know it makes sense, I just hate that blooming overdraft!

[Deleted User]

Morning hun,


I agree with Eyebright, I've found in the past that no matter how many times I clear the OD (done that lots) we always end up back in it again because of the debt. x

Eyebright

I bet you do, I'm quite fortunate in that I rarely go overdrawn, and if I do it's usually by a couple of pounds, but the feeling of horror when I do *shudders*...

I can imagine it must be horrible to have it hanging like a stone around your neck, but just think, it won't be for much longer, you will soon have it kicked into touch!