Let's Do This 17 April 2015 at 1:01PM edited 23 April 2015 at 10:57AM in Debt free diaries 51 replies 3.6K views

andrewbro

Over 20 years including five at University, several years enjoying the good life and 6 years being a father I have accumulated the following credit card debts:-

Natwest: £17940
Barclaycard 1: 450
Barclaycard 2: £7400
Halifax: £8,100
Tesco: £3000

These total £36890 and I am paying over £700 per month servicing these. As a relatively high earner I can service these debts but I have had enough and feel I should do something about this. I have therefore devised the following plan:

1) Shuffle the debts around onto 0% deals (I have a spare CC that keeps offering me long term 0% and the other cards also make similar offers so this should be relatively easy).

2) Maintain the payments at around the the £700 mark so that the debt reduction "snowballs".

3) I have a small consultancy business so I will use all net income from that to pay the debts as well.

4) Pay off the smaller of the Barclaycard debts this month to give me a small morale boost!

I want to be credit card free by 40 which is three years away. I therefore need to keep motivated so I thought that posting on here would help. I will keep you updated.

Wish me luck......

andrewbro

I have now paid off Barclaycard 1. This brings my total debt down to £36440. Still a long way to go but at least it is a start!

Now I have to do some credit card shuffling!

Money_mayhem

Good luck, I wish you well on your journey.

*subscribed*

Mm

japmis

Have you looked at doing a Statement of Affairs (SOA) to see where you can squeeze your budgets? I've also found You Need A Budget software (YNAB) has revolutionised my finances.

Good luck!

andrewbro

Thanks for the encouragement people. It is much appreciated.

Have now transferred the bulk of the Natwest card to the spare MBNA card that I have which is 0% and lasts over a year. Hopefully will pay off what is left on the Natwest card over the next month or so.

Will have to take a look at preparing a statement of affairs.

Sellurgranny

Good luck with your debt free journey you're amongst like minded people here all with the same purpose from numerous different starting points but hopefully all with the same destination!

Surg

andrewbro

Following the clearing of my Barclaycard I received a letter from them offering a 0% balance transfer until January 2017. Have therefore transferred the Halifax monies to the Barclaycard. I also paid the fee so that the debt does not get any worse.

I have also decided to do the extra payment every week challenge and have paid £16 towards the Tesco card.

Little steps but hopefully in the right direction!

andrewbro

I have done the extra payment every week challenge today and paid £50 towards the Natwest card.

I have also decided to participate in the take your lunch to work challenge. If I do the 14 days that I am aiming for then I should save around £70 which can go towards paying it off.

Serendipitious

Andrewbro, there is also a lovely thread called Payment A Day Chapter 16, and you'll be guaranteed a warm welcome over there if you want to pop in.

Wishing you well with everything.

andrewbro

Have managed to have a no spend day yesterday unfortunately I had to pay for a towbar to be fitted on my car today. I try and justify on the grounds that it is for our caravan and this means that we can have cheap breaks away!

andrewbro

Paid £20 to my Natwest card in my effort to make an additional payment a week.