Dark Sunday's 6 Year Plan

Dark_Sunday

Hi Cat,

Mortgage included but balance very low, so fortunate on that front. However unsecured credit card debt horrendously high. Everything gets paid on time, cash flow ok in terms of income higher than outgoings , but the CC interest really is a killer.

The plan is when mortgage is clear to throw the spare cash at the CC debt.

Dark_Sunday

Pretty uneventful week in every way, but still trying hard to stick to budgets.

Gonna keep looking at MSE CC eligibility tool weekly for 0% CC balance transfers & hopefully can get some later on when credit rating improves. This seems the best option to try to reduce the "killer" CC interest.

Would like to earn extra cash but gotta pretty busy job.

Dark_Sunday

Haven't posted much due to being very busy with life....time really does whizz by !! But still trying very hard to stick to budgets & reduce debt. I keep telling myself "CC INTEREST IS A KILLER" & this appears to be my biggest motivation. i.e. Reducing CC interest is actually a bigger motivation than reducing the debt & I hope some of you understand what I mean ?? I guess my subconscious thinking must be that if interest reduces then the overall debt will reduce quicker ??

On the negative side, there's 3 expensive months ahead with unavoidable family events. Nothing I can do about it really, so just trying to plan the finances far enough ahead to soften the blows. If I get to the end of May with overall debt reduced by £5k+ then I'll still be on plan.

Dark_Sunday

Just done the monthly numbers & debt still reducing. Trying hard to stick to the plan & budgets. Shall defo hit short term target of reducing debt by £5k by end of May. Next target gonna be £10k by end of Oct.

CC interest is still the real KILLER & can't get any 0% balance transfers due to high unsecured debt levels.

doingitanyway

You are doing great. I know what you mean about interest I am paying it too. All you can do is chuck as much at the debt as your finances allow so the greedy *****don't get even more

Keep on keeping on

ani*fan

Dark_Sunday wrote: »

CC interest is still the real KILLER & can't get any 0% balance transfers due to high unsecured debt levels.

Are you sure you can't get a transfer? I was in a similar position yet when I applied for 0% transfers I got turned down by one, and then approved by the next 3 I tried. Give it a go. It's not the end of the world if you have one failed CC application on your credit rating. I remember so well that interest being added every month and you are absolutely correct, it's a killer.

Best of luck.

Dark_Sunday

I've not actually applied for any 0% CCs but done the MSE CC eligibility calculator which currently gives me 0% chance on any of the 0% cards listed. I'm not confident at all about getting accepted just now. However on a positive note I've got free Experian credit rating with one of my CCs & it's recently improved a little although still not very good.

Dark_Sunday

The debt reduction marathon continues & still on track to reduce debt by £1k per month min. over a very long haul. It's not easy but I think I'm on track for 3 main reasons: trying to stick to budgets; writing everything down to keep track of finances; realistic targets set initially.

Dark_Sunday

The debt battle continues & I now actually feel that some progress is being made but it's defo a long, hard struggle. Debt has reduced a fair bit in the last few weeks.

tori.k

It is hard feeling like your often treading water, as soon as one 0% balance transfer opens up your soon be flooded with offers just gotta keep on truckin