An update - 5 months on

Tyrone_Black · 9 December 2015 at 2:20PM

Probably not much to comment on here but I felt like getting it down therapeutically:

In July I posted on here that I had credit card debts of about £6k and it was all at 0% until at least April 2017 so was just going to throw enough money into savings to pay it off at the end. Well... I decided that the amount was playing on my mind too much, so I paid a chunk off early. So my current status is:

£4,200 owed on credit card (0% until July 2017)
£2,000 in current account (TSB, so earning 5%)
£1,200 in Help to Buy ISA (£200 a month to go in so will limit my ability to pay the debt off)

So I *think* my assets will exceed my debts by about March. Maybe even February if I really push it. The new plan is that I pay the maximum £200 monthly into the ISA and really try to keep my bank balance at £2k. Then anything I end up with above that at the end of the month gets thrown at the credit card, then I reevaluate at the end of next year.

Really I've gone from what was probably -£6,5k in May, to -£1k now, to hopefully £0 in March and on towards £3k at the end of next year. Feel like a total idiot for not tackling this years ago but also happy that I did it now because it's been relatively easy. The hardest part is maintaining a relationship with someone who has more money and doesn't seem to have noticed the level of parental support they're getting, but that's out of my control.

MallyGirl · 9 December 2015 at 3:57PM

sounds like really good progress. Well done

Bobarella · 9 December 2015 at 5:12PM

Well done you! No need to feel like an idiot. You have learned a lesson now and you wouldn't do the same things twice. Same as many of us. Keep going!