£46k in debt.....at 24.

MFW_ASAP

YoungBusinessman wrote: »

Payday today was a bit higher than expected as just shy of £2,000 after tax landed in my account. The credit card has crept upto £4,500 as van insurance ran out so i put that on aswel. Its 0% until the end of the year so will pay just over minimum payments till the last minute and hopefully the money will be in place in December to clear it so start afresh in 2016 if you like

I'm confused YB, are you running up the credit card debt so that you can make larger payments onto your debt? Seems a risky strategy, especially for someone who does not have guaranteed work (and where an injury could spell disaster).

kirtsypoos

Hi YB,

I've just come across your diary and have never come across anyone as motivated as you seem - I thought I was doing well but reading your diary has given me a kick up the backside to get back onto car booting and ebay listings - my income is set so I can't really earn more from my job but I'm going to sort out!

Well done! I've subscribed so I'm looking forward to seeing your further progress!

YoungBusinessman

Well its been a while!!! How is everyone? I had a one off chance meeting with a very well off 30 something year old last month and an hour in his company has honestly changed my life. He used to be £70k in debt with no assets to his name. Instead of the easy way out he grafted away and now he is £700k in debt....but with nearly £2million of assets....I was in shock. Iv known this guy since before the time he would have been in debt iv always thought of him as "rich". When he was £70k in debt he wasnt spending any money apart from paying the debts down while working all the hours he could to maximise income. I just assumed with all the hours he worked and no time to spend it that it all just sat in the bank. Anyway il try not to waffle on, this guy has seriously motivated me.

Financial update is i will be hitting £30k this year. Plus the £5k on credit card will be gone by the time the 0% runs out. Im really knuckling down at work putting in more and more effort everyday. I had one absolute belter of a day 2 weeks ago where i earned £500 gross wages for the day. More of the same and il get through this debt no bother at all. Iv spent a bit more than i should recently so by time i pay off my cc i might only be running one months expenses ahead in the current account, i feel i need to get stuck in and get 3 months expenses in there before overpaying anyore debt. Thanks for reading, i promise this time il check in more!!! Enjoy the rest of your weekend, you dont need money to have a good time

YoungBusinessman

Hey guys how are we all? Its been a while!! Work has been mayhem these past few months, been maximising all aspects of income while keeping expenses withn reason. The result being as of next week(which will be same outstanding at end of Decemember) i will be owe £29,999. Yep, im overpaying it just enough to get below £30,000 this year. I feel like this debt is finally under control and i control it as opposed to it controls me. Give me 2016 at this and itl be gone!!

gallygirl

Fantastic stuff YB :T. Less than two years and it will be gone :beer:.

MFW_ASAP

That's fantastic. Great news to start the New Year with