0% running out in 12 months! Will I make it?

Legacy_user

So, the 0% term runs out on my credit card next August (11th). It currently stands at £4,500. I would really like this gone so that I can get on with my life. It feels like a massive task at the moment but I'm determined to get there.

Plan of action:
-follow budget religiously
-throw any spare cash at CC
-make extra money

Any support and encouragement would be greatly appreciated.

enthusiasticsaver

Have you done an soa (statement of account) to see how tight your budget is?

To clear it in 12 months is £375 each month. Is this doable?

What other debt do you have?

Do you have any emergency savings so you are not forced to put more on credit?

Was the debt accumulated over time or was it for one offs? That would show whether you are consistently overspending or if the debt was for large items you are paying off over time.

Good luck and keep posting.

System

I have already increased my hours at work, so I'll have more money to throw at the credit card from next month. I have a couple of things to put for sale this evening. Also reworked the budget to free up a small amount of money. Waiting for some cashback to come through which will go straight on the card.

savingholmes

Good luck on your journey

System

Hi enthusiasticsaver. Thank you for your reply. We're 18 months in to our journey so I have a SOA and budget. There's £310 'extra' a month and I'm waiting for £400 cash back. I'm in the process of building our EF. I can't decide whether we should have a £500 EF or £1000. We're not home owners yet. There will be an extra £100pm once we have an EF. We have already halved our debt and hope to be debt free before 2021. There's also a car finance which we're letting tick over for now.

pidge04

Go for it, pinkdinosaur! Sell things, work as much as possible, cut back wherever possible - smash it! Clear it! It’s not long in the grand scheme of things. Good luck.

System

Thanks savingholmes and pidge04. I am so determined. We've paid off all the little debts now and this is the biggest. Will be nice to have a little challange and see the back of this credit card.

System

3 items listed. Won't fetch much, but every little helps. Already paid CC ny £45 this month.

beanielou

Happy shiny new diary

System

Feeling defeated today. I did think about pausing to build up an EF but paying off our credit card is keeping me positive. I'm now thinking I'll carry on paying £100 towards the EF and throw everything else at the credit card.

As well as paying off our debts we are saving for a house. I have told DH that I won't look in to what we can afford until the credit card has gone. For my sanity I really need to push forward to pay off the card.

Still undecided about the £500 or £1000 EF.

System

Another £55 sent to credit card. That's £100 overpayment already this month. 2 out of 3 items on EBay have bids, so should have an extra £5-£10 there. I don't get paid in August as I only work term time. I'd be happy with another £50 before the end of the month.