Pay ALL your debt off by Xmas 2014!

beckyboo1980_2

Hi
Please can I join your challenge?!?!?!
Need to try and clear our credit cards before next xmas so that we can then concentrate on our loans.
Please put me down for £12,047 which is what we currently have on our credit cards. This huge debt is down to my husband being made redundant a year ago and debt we accrued until he found a new job six month later, having to buy 2 cars (not new by any means but still cost us a total of £4000) in the last year, and debt built up from when I was on maternity leave after having our twins 2 years ago. In the 16 years we have been together my husband and I have NEVER been without significant debt and would love to try and achieve being debt free within the next couple of years. If we were able to clear these cards that would not leave us debt free. We also have 2 loans which total £12,735 (£8507 by xmas 2014), but if we could clear the ccs by next xmas, we could then plough all our funds from servicing the credit cards into making over payments on the loans and hopefully clear these in approx' 6 months (fingers crossed!!!)
Can't wait to hear how everyone else is getting on and share ideas for making the extra income needed to make the extra payments. Need to pay £1004 off the credit cards a month, just a tad more than the £300 a month we have been managing for the last year or so! Oh well - onwards and downwards!
Happy new year everyone!
Beckyboo

rubywhatashmoo

Well I've flung £100 towards my CC as I wanted to feel like I was getting somewhere! I'm away from home for Christmas and can't access my bank properly or get to my spreadsheets and it's driving me mad!! :mad: Actually looking forward to getting back so I can have a good check on what's going on with the bank account (and be away from shops and bars and restaurants for get together's/birthday do's!)

Have had a great xmas but will be nice to get back to a routine - for a little while at least

#008 rubywhatashmoo: £100/£5700 - 1.75% :rotfl:

motivated

Hi
Please can I ask how you work our percentages of what i have paid
Thankyou

Gwengeth15

Hello could I join too please? I have £27,000 debt but could you put me down for £10,000 by December please?

32b3in2013

motivated wrote: »

Hi
Please can I ask how you work our percentages of what i have paid
Thankyou

Total payment / total debt X 100 I think

brokemedic

Just remembered another debt that I forgot to add to my total this morning. So that's £18, 864 in total...

God, I feel a little overwhelmed to say the least :eek::eek:

minicooper272

motivated wrote: »

Hi
Please can I ask how you work our percentages of what i have paid
Thankyou

32b3 has got it - it's 100 x amount paid/total so 100 x 30/7000=0.43%

beckyboo1980 - welcome to the challenge! Good luck with this years payments - you're number 045.

Gwengeth15 I've put you down for £10,000. Good luck for the year ahead! You're number 046.

brokemedic I've updated the total on the spreadsheet. I know it's overwhelming when you first add it all up, but you've taken the first step to recognise what needs to change! And now you get to watch as it goes down.

motivated

Thanks for the info on %
wow this is addictive lol

Raggydoll85

motivated wrote: »

Thanks for the info on %
wow this is addictive lol

Its a good addiction x

sharronej

Hi
I would like to pay off £8000 from my credit cards this isn't the whole amount by any stretch of the imagination but I have rediscovered the snowball calculator and have set up the required payment amounts with the bank so provided I put the right amount of money in and of course stop blooming using the cards we should have everything paid off in the next 40 months - gulp feels like forever after three years of kidding myself I'm paying our debt off this year I'm determined to stop digging myself back into the same flipping holes!