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One day I will be debt free...
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I would transfer as much of the high interest debt as you can.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £171.8K Equity 36.37%
2) £2.6K Net savings after CCs 10/10/25
3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
(If took bigger lump sum = 60.35K or 47.6%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5K updated 10/10/251 -
I agree with those kind of interests and amounts you need as much as you can on low or 0% interest for as long as possible. Then focus on paying off the one with the highest interest and just over minimum on the other.*Dad loan - £5300 - £7200
*Virgin Credit Card - £3552.50 - £0
*Natwest - £1828.35 -£0.00
Barclaycard - £2315.25 - £0.00
Creation Finance - £960.32 £840
*Total debt - £8040/£11641.17*
Savings
*Savings Buffer - £100/£1500
*Emergency Fund - £1500/£1500
New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/2 -
I would definitely move the BOS to HSBC and any of the BC depending on what limit HSBC give you. I would still focus on the first tranche of HSBC and the BC as they are charging the highest interest. Once Fluid is gone then you will just have the two cards. You have to stop using the cards to live though. If you cannot afford to cover basics without using credit then exploring a DMP would be better.creditcardchaos said:So...still not eligible for any 0% offers but HSBC have offered a 1.9% deal which I think I’ll take up. These are the balances at the moment ..
MBNA - £0 / £1,900
Fluid - £300 / £1,100 (0%)
BOS - £850 / £4,200 (23.65%pa)
BC - £3,800 / £4,050 (17.65%pa)
HSBC - £6,975 / £8,000 (£4,850 @ 20.05% and £2,125 @ 1.9%pa)
= £11,925
interest still to be added so balance will go up slightly.I think I’ll probably move as much of the BOS one as I can to HSBC - transfer fee is 2.9%. Then once I have paid off the Fluid card I only have two cards and can concentrate on getting the balances down rather than making payments to all different cards.Does anyone have any different advice or something they’d recommend doing?
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The 365 Day 1p Challenge 2025 #1 £667.95/£472.78
Save £12k in 2025 #1 £12000/£124501 -
An update -
a few of the cards are gone ...
BC - £3,650
HSBC - £7,125 (I balance transferred a little to this)
heading the right direction! Still no 0% offers though.Oct 19 £16,670.40 / Dec 20 £11,925
EF - Dec 20 - £1,4251 -
Congrats on the reductions.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £171.8K Equity 36.37%
2) £2.6K Net savings after CCs 10/10/25
3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
(If took bigger lump sum = 60.35K or 47.6%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5K updated 10/10/250 -
Better to be on lower interest though then what you were paying before. At least majority now is going on getting debts down rather than interest.*Dad loan - £5300 - £7200
*Virgin Credit Card - £3552.50 - £0
*Natwest - £1828.35 -£0.00
Barclaycard - £2315.25 - £0.00
Creation Finance - £960.32 £840
*Total debt - £8040/£11641.17*
Savings
*Savings Buffer - £100/£1500
*Emergency Fund - £1500/£1500
New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/1
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