Pay ALL your debt off by Xmas 2015!

abba1772

Direct debit for other credit card came out :hello: £47.07 being my total to £6427.70 / £6000

This is officially the most I've paid off in a year since I started my debt free journey let's see how much more I can clear before the end of the year :T

Karb

I've been absolutely hopeless at keeping this thread up to date.


The good news is that I'm down to just one debt now, with CC2 and my Barclayloan both paid off. The 0% deal on CC1 runs out at the end of this month, and I have a difficult choice to make. I have just about enough saved up to cover the final payment, but do I pay it off in full and be debt free, but with no emergency fund, or look to switch to another 0% deal.


The yearly total for #105 is £1342.87/£4742.87

black_cat

Karb - I'm sure you'll find people on here in favour of both options. We decided to keep some savings even though we could have paid everything off. There might be an emergency that needs cash. However, we didn't have to pay interest. If you pay it off will you be able to save some cash next month and manage Christmas? I must admit that I got very impatient at the end and just wanted to pay it off!

blubella

abba1772 wrote: »

Direct debit for other credit card came out :hello: £47.07 being my total to £6427.70 / £6000

This is officially the most I've paid off in a year since I started my debt free journey let's see how much more I can clear before the end of the year :T

Well done abba1772 ::T ...it's surprising when you set your mind to something isn't it!? Not that i've paid anything near that this year..but there's always next year

abba1772

blubella wrote: »

Well done abba1772 ::T ...it's surprising when you set your mind to something isn't it!? Not that i've paid anything near that this year..but there's always next year

Thanks........I don't think I would have paid off as much without this thread, 5 years I've been part of this challenge and it's wonderful knowing that without anything else cropping up I'll be debt free in 2016 and hopefully be able to purchase our first home next year

GettingOrganised

I haven't updated for months, the beginning of the year went so well, but due to income decreasing in May, I just felt like giving up. No overpayments made since then, just ploughed away at the minimums. Although this has brought my total this year to £3,474.61. I don't think I'll hit my end of year target, but I won't be far off and I've actually halved my debt since August last year.

black_cat

Getting Organised - that's still good going! Here's to Christmas 2016 :beer:

Karb

black_cat wrote: »

Karb - I'm sure you'll find people on here in favour of both options. We decided to keep some savings even though we could have paid everything off. There might be an emergency that needs cash. However, we didn't have to pay interest. If you pay it off will you be able to save some cash next month and manage Christmas? I must admit that I got very impatient at the end and just wanted to pay it off!

Thanks black cat. Yes, I've taken the cost of Christmas into account when working out whether or not I can afford to pay.


At the moment, I'm swaying towards paying it off, as I feel that the transfer fee is just a waste of money, and also, psychologically, I think it would be a real boost to be debt free after nearly 20 years. I just fear that if I do end up going back into debt by an unexpected expense, it might start me off on that slippery slope again.


My savings have come from a redundancy payment last year, and although I'm working again, it's on a much lower salary than my previous job, so it's not like I have plenty left over at the end of the month to throw at a debt. Decisions decisions.

Sandypan

Good morning everyone, haven't posted for a while but check in and read every bodies posts when I can. The regular overpayments to the mortgage have gone out so now

#07 - 16500/21,992.92

Won't be debt free before Christmas and will be joining this thread again next year. It's been a long slog but the end is in sight!

Pablosammy

Just a quick update... I've filled in the all-knowing spreadsheet after paying off my loan and I'm now at...

#41 £16,330/£15,000 109% :beer:

To celebrate paying off my loan, I've treated myself to a Fitbit as motivation to lose some weight. Finance is only one of the things in my life that needs sorting, and health has to be a high priority. It syncs with myfitnesspal automatically, as do the matching wifi scales, and gives you loads of info about your progress. I've done best in the past when I've been encouraged by technology, so here goes nothing!

I'll be running a big update later this evening, so I'll let you know how we all got on collectively in October!

Last but not least, I know it's a bit early but we should probably start thinking about who will be running next year's thread. Any volunteers?