How best to become debt free?

Monchan

Thanks.

I think I'm gonna try and economise a little better and withold on refinancing the current loan. I only have 12 months on it left and feel I should bite the bullet, pay it off and try and work on the credit card debt at the same time as best as I can. Hopefully once the main loan is seen off I can then tackle the cards full on.

RAS

Hi

Well done for giving it your best.

beef up that SOA and people will help you sort it out.

keep spending diaries and find out where the money is going. Also head over to the OLd stlye board and find cheaper ways to do things.

hypno06

Have you used the snowball calculator at www.whatsthecost.com - a nifty little tool and you can get your debt free date, work out which to pay off first and also see directly how much difference chucking an extra few quid at the debt really does make.

It is certainly a motivator in my opinion!

Good luck.

HairyHandofDartmoor

I still think you could try doing a balance transfer to a cheaper credit card and then cut up and cancel the old one.

M&S are offering 5.9% for the life of the balance with no fee and this is a good deal! It was 3.9% when I did it and they let me transfer £6000 on from a card that I was paying 17.9% on! Read Martin's article on balance transfers.