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Debt Free Progress Thread
arsenalmorris
Posts: 13 Forumite
Hi i am new to the site, I am currently in the process of getting debt free and am gonna use this as a progress thread and also see if there is any better advice i can get to help it go down
We started of in April 2013 and I was just over 13.5 k in debt, I realised I needed to get rid of this,
I decided to make a spreadsheet of all my debts (best thing i have done) to keep a track of my progress, From this is fill it in every Monday with the debts I have and from this can see the amount falling which keeps me focused.
I now stand just over 11k in debt which may not sound like I have knocked a great deal off in 10 months but in that time I have also moved out and furnished the house I have moved into.
I currently owe:
Loan £8100
Credit Card 1 £800
Credit Card 2 £3150 - interest free
My basic pay is abut £1450 take home after tax and there is always overtime if needed, My out goings are low, I dont pay no rent as its my dads house and all the bills come to about £250 a month then petrol and mobile means my outgoing a month before debts are about £400
As you can see from the outgoing I have alot left over each month and it is allowing me to pay off great chunks each month and means i dont want to change my quality of life to much in regarding to cancelling Sky or getting a cheaper mobile phone
This month i have worked 84 hours overtime all at time and a half and this amount on its own is going to clear Credit Card 1, Then the main thing i am wanting to ask is which would be the best way of attacking the other debt, i will be wanting to pay about a extra £5/600 a month off my debts, would i be best paying this off the loan each month or getting rid of the credit card and just continuing the £200 a month on the loan till the other credit card has gone,
Also i am wanting to save for a new car aswell as I keep having to repair mine quite alot so want something alot newer and more reliable I wont have problems with, but am not getting this till at least both credit cards have gone,
We started of in April 2013 and I was just over 13.5 k in debt, I realised I needed to get rid of this,
I decided to make a spreadsheet of all my debts (best thing i have done) to keep a track of my progress, From this is fill it in every Monday with the debts I have and from this can see the amount falling which keeps me focused.
I now stand just over 11k in debt which may not sound like I have knocked a great deal off in 10 months but in that time I have also moved out and furnished the house I have moved into.
I currently owe:
Loan £8100
Credit Card 1 £800
Credit Card 2 £3150 - interest free
My basic pay is abut £1450 take home after tax and there is always overtime if needed, My out goings are low, I dont pay no rent as its my dads house and all the bills come to about £250 a month then petrol and mobile means my outgoing a month before debts are about £400
As you can see from the outgoing I have alot left over each month and it is allowing me to pay off great chunks each month and means i dont want to change my quality of life to much in regarding to cancelling Sky or getting a cheaper mobile phone
This month i have worked 84 hours overtime all at time and a half and this amount on its own is going to clear Credit Card 1, Then the main thing i am wanting to ask is which would be the best way of attacking the other debt, i will be wanting to pay about a extra £5/600 a month off my debts, would i be best paying this off the loan each month or getting rid of the credit card and just continuing the £200 a month on the loan till the other credit card has gone,
Also i am wanting to save for a new car aswell as I keep having to repair mine quite alot so want something alot newer and more reliable I wont have problems with, but am not getting this till at least both credit cards have gone,
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