Small Steps Out Of Massive Debt!

Moneybutterfly

I love reading your progress how do I subscribe ?

Honeysucklelou2

Just caught up on your diary GC. Well done on paying off 26%. That's fantastic!

GeorgianaCavendish

Honeysucklelou2 wrote: »

Just caught up on your diary GC. Well done on paying off 26%. That's fantastic!

Thank you! I'm really chuffed

Moneybutterfly wrote: »

I left O2 to go to giffgaff as cheaper. They're pretty good and review your usage every month to see if you need a cheaper tariff and you get £5 if ya recommend a mate x

Ooh, that's good to know! I signed up for a 12 month SIM only contract with O2 earlier this year (at the time it was the cheapest deal for the level of data I wanted) but I'll keep giffgaff in mind for when I have to renew. You've got some great money saving tips

Moneybutterfly wrote: »

I love reading your progress how do I subscribe ?

There should be a button at the top of the thread, next to the pink Reply To Thread button.

GeorgianaCavendish

Not much happening today on the debt-busting front. I'm waiting for my transfers to go through (shifting £950 from MBNA to Tesco, and money advance of £660 from MBNA on 6.9% interest rate to pay off the catalogue debt) and for my latest statements to be generated so that I can update my debt spreadsheet and redo the snowball calculator. Feels like I'm doing lots of juggling of debt at the moment rather than making "real" progress by paying things off, but I keep reminding myself that getting my credit card debt on the lowest interest rates possible will help pay off the debt sooner.

Naomim

Once you've shifted the debt it'll certainly help bring the debt down and someone on here mentioned Stealth Debt busting. I used to do this and am going to start again. Pay the minimums on my credit cards, but as the debt reduces, so do the minimums. If you keep paying the same amount per month, they will come down quicker.

Naomi x

GeorgianaCavendish

That is a really good idea Naomi, I'm definitely going to be doing that with the 0% card and B/Card!

JoJoC

Lots of good debt shifting going on - hope it makes a dent into your DFD or at least help to keep the motivation up and the interest rate down!

Naomim

GeorgianaCavendish wrote: »

That is a really good idea Naomi, I'm definitely going to be doing that with the 0% card and B/Card!

I've just done a new snowball calculator for my credit cards. DFD April 2024 :rotfl: But if i can pay an extra £20 a month and keep switching to 0% it should come down a lot quicker. Spreadsheet at the ready :T

Naomi x

GeorgianaCavendish

JoJoC wrote: »

Lots of good debt shifting going on - hope it makes a dent into your DFD or at least help to keep the motivation up and the interest rate down!

It is helping to keep motivation up, I've just done a quick snowball calculation inputting the figures balance transfers I've already initiated. That knocks two months off my DFD!

Naomim wrote: »

I've just done a new snowball calculator for my credit cards. DFD April 2024 :rotfl: But if i can pay an extra £20 a month and keep switching to 0% it should come down a lot quicker. Spreadsheet at the ready :T

Naomi x

My DFD is Sept 2020. Ideally I'd like to get this down to Jan 2020 because that is when my personal loan ends. Actually Dec 2019, so that I could start 2020 completely debt free!
I don't know if it is even possible to shave another 10 months off my DFD but it is something to aim towards!

EssexHebridean

The way you're going, I can't see why you wouldn't be able to! :T