Just wondering what you would do.....????

Nowisnow

Hi all you Debt-free Wannabe wonderful people!

I have paid £21,000 off my cruel credit card debt in the last 2.5 years. Only thanks to Martin and all of you, so thanks a million :T:T:T:T:T. I was completely financially illiterate .

I have £7,000 left to go and it is all on 0% interest . All being well, I can easily afford to re-pay the rest back at £375 a month until May 2017 when the 0% deals run out.

Question

Would you:

1) Carry on living frugally and working hard at a second job to bust it as early as possible?

2) Start to live again and cruise it until 2017. A holiday would be amazing!

3) Take the middle road - pay back more than I have to but not as much a I could?

I suppose I am asking because I am such an 'all or nothing person' - which is probably what got me into the mess in the first place! :rotfl:

I look forward to reading your thoughts.

Cheers :beer:

bbk87

I'd probably go for 3).

Then at the end of each month (day before payday) put whatever is left from that month on it.

Nowisnow

bbk87 wrote: »

I'd probably go for 3).

Then at the end of each month (day before payday) put whatever is left from that month on it.

Thanks bbk87 - that's a good strategy.

Karen777

I would say it depends how likely you are to build up further debt - I am not judging as don't know you but I know I have realised I cannot 'manage' debt - I am all or nothing and so would try and get rid asap... you have done so well to get this far though! good work!

chelseablue

Firstly well done you!


I would say 1) because Im just that sort of person

jackieblack

I would say 1 as well, because you never know what could happen to derail your plans in the future so I'd want it sorted asap then, all being well, I could do the fun stuff and relax, knowing I could afford it

chelseablue

jackieblack wrote: »

I would say 1 as well, because you never know what could happen to derail your plans in the future so I'd want it sorted asap then! All being well, I could relax and do some fun stuff knowing I could afford it

Jackieblack said it much better than me

enjoyyourshoes

Its worth considering what your LIFE goal is ? (or are)


Then consider how you can achieve this within your financial envelope


The put a well worked plan to achieve this objective.


Before you got All of the finances in line to achieve the first objective start considering the next an so on.


Many people who pay off their mortgage (forum here for that) then don't know what to do with themselves or their money


Always have a well thought through objective and plan


Sorry didn't opt for 1,2 or 3 ! so I probably didn't help you.

Bored

I think having all your debt on 0% can be an opportunity to diversify your financial goals a bi like saving an emergency fund or doing repairs/maintenance you've been putting off while paying off debt. I would be wary about getting too relaxed about it though, it's still debt and if you take your eye off the ball for too long you might find the balances creeping back up.

andyfromotley

Crack on and nail that sucka. For all the hi fives and well dones, (which i agree with) you are still a hefty £7.5k of debt.

Kill it!!

(My reasons are that you are obviously able to do it and as pointed out above you never know whats around the corner.)

cookson

I would definitely say pay it off ASAP too. It's still a decent chunk of money, and if your circumstances change it could be hard to make pay £375 per month.

I'd also try and have a healthy emergency fund too, something I'm currently working on myself

Good luck