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Debt free date
dottyanne
Posts: 1,530 Forumite
How do you guys work out your debt free date. Is it by deducting monthly payments over the debt total or not ? How about debts with interest? Or additional pay,sent? Just wondering as I'm trying to calculate mine, may use snowball technique to start with 
Focusing on clearing the credit cards in 2018 :T
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Comments
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The snowball calculator will give you an estimate of your debt free date. If your 0% interest credit card repayments are 3% of the outstanding balance and that's let's say £100 per month now then as long as you continue to pay £100 a month every month by direct debit rather than 3% then you'll be debt free in about 3 years without really changing much at all. If you set the direct debit to pay the minimum 3% of the outstanding balance each month it'll take more than 10 years to be debt free as the balance reduces each month the payment also reduces taking much longer to clear the debt.
Circumstances change in any case the target is just an estimate.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0
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