£45k debt - how?

Windofchange

£246 a month seems too small to service a credit card debt of £22760. I remember an old card I had back in the day that was maxed to its 8k limit and it cost me nigh on £200 a month to service. Are you sure that is your credit card expenditure? Maybe you have some 0% cards where the minimum payment is small?

boxofpaws

Windofchange wrote: »

£246 a month seems too small to service a credit card debt of £22760. I remember an old card I had back in the day that was maxed to its 8k limit and it cost me nigh on £200 a month to service. Are you sure that is your credit card expenditure? Maybe you have some 0% cards where the minimum payment is small?

Hello Windofchange. The SOA you are looking at is my first attempt and it was nonsense.:o

I have done a revised one on page 2. The calculator asks for minimum payments, but we do pay more.

boxofpaws

Afternoon, MSE-ers. Just an update to say thank you so much for all your help when I posted in January - you got me back on track and the current debt is somewhere around £30k. Still a way to go, but going the right way.


I will add to this thread once a year until I am debt free.


Merry Christmas you lovely lot!

trailingspouse

Would just like to say well done. You're wiping £1000 A MONTH off your debt - that's immense.

boxofpaws

Thanks! We’ve had some good luck along the way, and still a long way to go but we’ve made a good start

Windofchange

Yeah good on you for facing it as opposed to just taking the bankruptcy route and walking away from it all. At this rate in a few years time it will all be gone. I started a similar journey about 3 years ago, although with not quite as much debt as yourself, and I am about £1500 away from the finish line.