Debt free wannabe

Wardee

Hi guys, just a bit of an update for how my debt free targeting has gone through the year so far. There’s still a long way to go and it really does feel never ending. Not sure why I’m posting maybe just to get some new advice or general tips to keep motivated.

January 2019:

Debts: £22449
Assets: £11
Net worth: -£22488

To date:

Debts: £17620
Assets: £1038
Net worth: -£16582

My current debts are:

Loan: £5343 - £250/month ends September 2021
Credit Card 1: £5670 - £135/month 17% apr
Credit Card 2: £4944 - £49/month 0% until 01/10/2020
Credit Card 3: £1662 - £16/month 0% until 22/12/2019

I started paying a lot into CC3 (£3058 starting balance) just as motivation to try and clear one card of debt but then started to attack CC1 for obvious reasons (CC1 starting balance £6794). Assets wise it looks better than it really is as we approach a new month, savings are currently £182. It’s only recently I’ve been trying to keep things interesting by saving here and there even though I know it’s counter intuitive but it keeps me sane while targeting all this debt.

At the moment I’ve stopped putting so much into credit cards as it gets tiring never having any money in the bank especially with Christmas around the corner even though I know my debt is coming down gradually.

Just after some general motivation or tips going forward. Stop saving? Carry on having no money but put it all into debt?

findingthisdifficult

It might be useful to post an SOA (statement of affairs), people can then help you identify areas where you may be able to cut back.

Depending on how much you've got in savings, I think they suggest £500 if you live in rented accommodation and £1000 if you own your house, if you've got this amount saved you could pause on the savings and throw more at the debt busting.