Out of debt by 40?

Hi all
I am a long time lurker and have gained so much from reading everyone's diaries and posts, some incredibly inspiring people!

I am currently 34, married, two lovely boys and an averagely paid job, I think we come under the category of 'just about managing', we had a few months were I was waiting for a new job to start a few years ago and I used a barclaycard to tide me over, the introductory finished and I hadn't really paid much off, had a few returned DDs with first direct which has destroyed my credit rating and then couldn't switch... fell into the old trap of paying for day to day living with children edit cards and then, nearly four years on found I had over £8000 in credit cards, an income of £1100 and a hubby who has no idea. I have worked really hard the last couple of months, used a small lump sum to pay off the biggest card of £2500 and already feel much better!! Have done some overtime and ploughed ALL the extra money into the credit cards and am now in a position to be able to actually CLOSE three out of four accounts!! This is just an amazing achievement for me, i didn't ever think I would get here!! i now have £1900 left to pay which I just transferred to the barclaycard at 6.9%, clearly not 0% but better than the 28% I was paying whilst I wait for the credit file to improve. I had no idea when I would ever get all this paid off but I can now see the light at the end of the tunnel, I feel like I just made a decision one day and now I am seeing the results, is this a lightbulb moment?!

What next? Pay off the remaining £1900 and then get to work on the car loan, and then? Maybe even think about going mortgage free, £89k and 22years to run but actually wondering we could start making overpayments in the next few years! Exciting times ahead xx


  • Yes and good for you - you've grabbed it with both hands while it is still manageable to a certain extent, and are tackling it despite the credit rating hurdle.

    Sounds like you've got a good plan for the future. It does become addictive all this debt paying, money saving malarkey! All the best!
    Mortgage @ May 2014 [STRIKE] £103,347.24[/STRIKE]. Mortgage @ 2%:[STRIKE]£90, 321.99[/STRIKE], £89, 949.44
    CC @ 0%: [STRIKE]£5473.72[/STRIKE], [STRIKE]£5419.72[/STRIKE], [STRIKE]£5365.72[/STRIKE], [STRIKE]£5312.72[/STRIKE], [STRIKE]£5259.72[/STRIKE], [STRIKE]£5207.72[/STRIKE], [STRIKE]£5155.72[/STRIKE], £5104.72
    Home Improvement Loan @ 0%: £0, settled July 2017
    Emergency Savings: £2050/£5000
    Intending to be mortgage-free by 2022 :j
  • Seems you have two threads of the same thing going. :)
    Happiness is wanting what you have...
    Debt Jan 2017: £2589.22 DFD: [STRIKE]Sept 2022[/STRIKE] April 2022 but this Marching Minimalist can beat that!
    Use it or Loose it gym target: Feb'17 5/6 Mar 4/6 :j
    EF £0/£4200
  • timetobefrugaltimetobefrugal Forumite
    77 Posts
    Well done you! Will be lurking to see how you get on :)
    Debt Total October 2017 £20,511.27 :eek::eek:
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