Debt is taking so long to drop down!!!!

gracie83

Does any one else find that no matter what the sums should be, it takes so much longer in reality to pay money off? We currently have £4000 on a credit card and have between £400 and £600 a month which goes towards paying it off. According to my calculations we should be home free in around 10 months. The problems are that we just don't seem to be making any progress! There is always something urgent that needs doing each month eg the gas fire is not working so a repair man is needed. I am so looking forward to pouring our spare cash into savings rather than paying back the credit card! (PS I am too nervous to apply for a 0% credit card balance due to just buying my first home and am worried about having a rejection on my credit record - plus when we started paying the card we did not think it would take as long as we thought!!)

beemuzed

Yes, I find this too. I guess it's because we've never been in the habit of saving for things, and certainly not for "emergencies". Still, it is only the unforeseen expenses which hit us now, as we no longer just but whatever takes our fancy, so in the long run we will get there - and I'm sure you will too!

corrig24

I'm the same its a really slow process but at least its in the right direction. Hang in there.

JoeHel

It does seem to be sooooo slow. I'm gagging for payday so I can get in there and transfer the amounts that snowball has estimated I should pay. The only thing to keep in mind is that the lower the balance gets, the less interest is added on, so it will suddenly go down a lot quicker near the end. Hang on in there in the meantime - it's going in the right direction!

Mrs_Money_Penny

I know exactly what you mean. Some loans seam to take for ever to clear. We had a short fall of negitive equity back in the 90's. £13,000 we started paying it off just after my son was born. I am hopefully going to clear it next month just before my son's 12th birthday!!!!!!

moz86

Too true my friend! Im trying to pay back £250 a month. But this month Im probably not going to do it, as my car needs fixing. Always something that gets in the way! It happens to the best of us.

oops_a_daisy

not sure what your APR is but I have just put the figures into the snowball calculator based on 29.9% APR ( at a guess ) and if you pay £600 per month you will have it paid off in 8 months but if you only pay £400 per month it will take 12 months to pay off. Set yourself mini goals for example congratulate yourself when you get down to £3000 and £2000 etc etc instead of just looking at the overall goal. As JoeHel said you will start to see the totals go down quicker after you have made a few payments as there will be less interest on the lower balance so you will start to see it going down a bit quicker.........just takes time. Dont be dis-heartened, you will get there and then just see how quickly you can build up some savings with that extra £400 to £600 per month.

xoopsx

In_Search_Of_Me

I agree and this is the reason I have made the diffcult decision to sell my much loved flat (lived here 8 years) and move back to my mums. It means alot of sacrifices (my ife - friends, allotment plus a 2 hour commute for work) but the stress of knowing I'm on a debt treadmill will make it all the better - hopefully I'll be able to pay the lot in 2 yrs approx...This way I get to live rent free and 1/2 bills - even if I rented I wouldnt be able to pay as much off every month...not sure if you have any soutions - selling house & renting is one example. I know in my case that it means I will loose alot of money, have to sent furniture and start afresh ina couple of years time but also know it wil be worth it long term as the relief at paying a fair whac off monthly will help. The endless treatmill of debt has been awful - feeling I;m getting nowhere fast. Like you doing well then there's a blip (this time cat being ill & 300+ bill) and I'm months behins and will over £25,000 to pay off it just seemed endless. For what? A flat I love but I can have another flat in a couple of years time that will ne enjyed more because I will be able to afford it & NEVER will I make the same greedy "ohh I want that, lets put it on CC" again...big hugs and hope you feel better soon