SouthernGuy's Debt Free Journey

SouthernGuy

Hello everyone,

For the last year I've been quietly tackling a debt that I built up over a few years on credit cards and loans.

I thought I'd just share my journey from this point onwards with you to hopefully inspire others to take up the debt free challenge and show that it can be done with determination, also to hopefully get support when the going gets tough from other Debt free wannabes. The dream of the take away curry and pint to celebrate becoming debt free is a good one that hopefully isn't too far away.

My light bulb moment came at Christmas 2012. At the time I had a large debt just under £12k and as I looked around the room at my family opening their presents it struck me that the bank had financed them, not me, this hurt!

All of my debt is on credit cards and loans and I have never defaulted or anything, but enough was enough, I want it gone...

I started chipping away at the debt bit by bit. In April last year my debt stood at £11,500. After a year of paying bits back here and there my Debt stands at just over £8k. I'm so pleased with my self for clearing just under £3.5k off of it so far :j . It's helping to make me determined to shift it completely. In that time I haven't bought anything on credit card.

It actually hasn't been anywhere near as difficult as I thought it would be. To be fair I haven't been tackling it as hard as I could have been. In the last year I have sold my house and up sized. I have also still treated myself to the odd treat occasionally.

Now that I have moved and am starting to get settled I'm hoping to hit it a bit harder to shift it asap (circumstances permitting). Obviously different months have different outgoings (ie my car insurance is due next month) but I will shift whatever I can whenever I can.

Please watch this space

SouthernGuy

bettyruth

Best of luck, you sound determind and ready to tackle it!

SouthernGuy

Morning all,

Well, I got paid end of last week. :j

My plan was to wait until just before next payday so that I could purchase my car insurance etc and then whack a big sum off the CC to give me the 'high' feeling. Today though I feel a bit down (Monday Blues) so decided to pay £200 off the CC for now so that I get the 'high' when I see the balance owed has dropped tomorrow morning (to below the 2k level ). I will then pay another payment to it later.

I might pay off in smaller more regular amounts if I find it helps keep me on the 'Getting Debt Free High' feeling. It might make it not feel so long between paydays and payments, also I definitely can't spend it if I've paid it off the CC (I don't keep my CC with me or even know the pin, It's purely a balance transfer card and will be closed when the balance is cleared).

Anyway have a good day everyone.

TTFN

SouthernGuy

Morning all,

Just a brief update to say that as well as me making a payment to CC1 yesterday my DD of £60 went out to CC2 which is another £60 off that debt.

It was so nice this morning to login to CC1 and see the balance now is under the £2k amount :j:j Small things an all but every little helps.

Have a good day.

SouthernGuy

I couldn't resist paying the £34.47 off CC1 to round it down to £1800 yesterday. It's just nice seeing that balance drop. I've got a long way to go but do at least feel I'm making progress.

SouthernGuy

Afternoon all, I'm feeling a little bit cross with myself at the moment.

I've had a really rubbish day and as a result have made a purchase to cheer myself up that wasn't essential costing £65. It was an item I've wanted for a while and was paid for with my own money (not cc or anything) and I am still knocking large amounts off of CC1 but I do feel guilty.

I did have a bit of good news to get home to though. My first CPP claim came back with a £75 cheque today obv that does cover the cost of my treat which is good and it leaves an extra £10 to go off the CC so I guess I shouldn't feel too bad.

SouthernGuy

Afternoon all,

Just calling in to read a few posts and provide a quick update.

Bank holiday was great and I managed to not spend any of my own money. I did go out with the wife but that was paid for from the joint account that we both pay into monthly so that was nice.

I'm waiting to sort my car insurance out late next week and will then hopefully be in a position to pay off more of CC1.

Hope everyone is ok

wannabe_credit_free

Your doing really well. Its a great feeling watching those numbers go down and knowing you will get that debt monkey off your back sooner than later.
Well done...:T

SouthernGuy

Thanks, yes it is very rewarding. I'm hoping once I've cleared my debt that I'll be in a position to join 'Mortgage free wannabe' and start paying that off. Then I'd truly be 100% debt free... That's the dream anyway

Calling14

Sounds so sad but sure I wrote a similiar post to you re- Mortgage free wannabee. Must be more to life than this.

I have similar debts to you started at 13K now 7.5 but spent on clothing over weekend oops 65 pounds. Good luck on your journey I will try and race you, had car repairs last week set me back this month. Long road but the challenges and good folk on here get you motivated.

Will be following

SouthernGuy

Ok quick update. Got a letter from CC1 company today saying I'm eligible for a credit limit rise, no thank you! Amazing how actively paying off a balance triggers a limit rise..