I can do this...!!!

Lolly25x

Wish I had found this forum ages ago!

I am on a debt free mission. Iv came so far this year already. But still have a bit of a journey.
In January 2014 I started the year with
£1000 owed to Blackhorse - now paid off.
£500 on a Vanquis credit card - now paid off.
£750 on a Lloyd's credit card - down to £375.
£900 on a very account - down to £350
£500 on a capital one card - still £500.
I'm aiming to have all these paid off and cleared by 31st Dec 2014

My next mission is to clear my £2,500 overdraft, I just don't know how to tackle this one yet. I have a poor credit history. And really don't want to do anything that would have an adverse effect on it.

I really have transformed my spending this year, and that's why I have been able to pay so much off.
I also had a huge clear out and in 3 months I made £600 on eBay selling old clothes etc...
But now I don't have anything else to sell to make extra money from I'm going to need to come up with another plan!
Any hints and tips would be great

moohound

Hi, and welcome to the forum, you sound like you have made good progress already, but have a look on the DFW challenges sub board for inspiration.

Are you dealing with the debt with the highest interest first?

Good luck with the rest of your journey to debt freedom xx

Million_Percent

Firstly, well done for the progress you've made so far.

Best thing is just to direct your spare money to the debts with the highest interest rates, while maintaining min payments on the others. It's called snowballing.

Assuming your credit cards are not 0% deals then I'd imagine your overdraft would have the lowest interest rate. Probably best to pay off the CCs first then direct all your spare toward the OD.

To speed up the process you can either try to save money or earn more. Have you done an SOA to review your monthly income and outgoings? If you post it here you will get lots of suggestions of ways you can save money.