Recovering Gambling Addict Aim To Be Debt Free

GA2019

So managed to get it down to 2 credit cards.

Moved the 2k as 0% was up soon.

So

Card 1 5400 (0% Ends April 2022)

Card 2 8400 (0% Ends Jan 2023)

Total £13,800

Also trying to help my wife with her debt

Card 1 1700 (0% Ends October 2021)

Card 2 2100 (0% End November 2021)

Card 3 3200 (0% End April 2022)

Total 7,000

We use both our money to pay off debt. Should be able to sort out W Card 1 in next 2 months.

The aim is to clear it all by Jan 2023 but that will be some achievement.

Thanks for the support.

GA2019

Small update to just show my own progress.

Had some bad news in 2021 when my wife was ill with mental health problems and was off work for 6 to 8 months. This resulted in our finances taking a major hit. For this reason, I am only showing credit card debt that would give us back £450 a month which we are currently paying off each month. 

Our new target is to clear all the credit card debit by the end of 2024. I hope this will be sooner.

Card 1 £3,500 (0% Ends April 2023)

Card 2 £3,200 (0% Ends Jul 2023)

Card 3 £1,300 ( 0% Ends Dec 2023)

Total £8,000

We are also saving around £500 per month. Currently at £1,000. This is to allow us to build up an emergency but clear debt in lump sums when possible.

Thanks for the support.

GA2019

Small update for my own reference

Card 1 £3,600

Card 2 £0 due to be paid off in March

Card 3 £900 but will be paid off in April.

Happy to have finally got our household finances under control.

Could not have done this without the hard work of my wife who after being seriously ill in 2021 managed to smash 2022 by gaining an 8k payrise and 4k bonus... which will clear card 3 in April. (Her last card)

I am happy that Card 1 now only has holiday debt from 2023 on.

This could be cleared with savings but going to utilise the 0% for the next 12 months.

GA2019

Cost of living has been hurting everyone.

However been on holiday again and now have a manageable amount of debt but still want all credit cards gone.

Down to our final one

Card 1 £6,100 at 0% till Dec 24.

Now it is time to look at sorting the loans out.

Car HP £3,733 left over 15 payments and a final payment of around 10k.

Loan £13,500 left. Paying around £450 a month of this.

Yes things don't look great but in a much better financial position.

Luckily mortgage isn't due for renewal for over 2 years.

GA2019

Personal update

Updated debt slightly as had a 0% offer.

Now have 2 cards left now but less on the loan

Card 1 £5,700 currently on 0%
Card 2 £4,150 currently on 0%

Loan £4,987 paying £298 per month and overpaying on this.

This is between the two of us.

Car HP has £1,500 left until Nov 2024 but then a balloon payment.

Feel in a much of a better place from a number of years ago.

BookmobileBadGirl

Congratulations on the hard work you and your wife have put in to this.

it does concern me that your credit card debt is increasing again. Do you have the same amount in savings to pay it off when the 0% ends? If not you may need to look at your budgets and adjust to stop the debt getting any higher

Sarahwithlove

I think they transferred some of the loan to credit card to reduce amount of interest they are paying. 

What are your plans when the balloon payment is needed? 

GA2019

Sorry haven't posted in here for a while.

Gambling seemingly under control but know it is one day at a time.

All being well we should be credit card free this month. (Final £2k payment this month).

We have just changed car due to the 10k balloon payment coming up.

Yes this is debt but it is well below 10% of our income.

Loan Balance 16,919 (15k loan for new car). 352pm for 48 months. (We will be aiming to pay it off early).

So now time to save a emergency fund.

Current savings £3,000.

in_need_of_direction

Brilliant work.  Well done on bringing things under control even when life intervenes.

GA2019

Can now say all credit cards are paid off.

This has been a long time coming but having that money back in our budget is life changing.

My wife is a huge part for us getting there and has just been promoted to head of her department. I am so proud that we have done this together.

We have a holiday booked and will arrange a new budget once we come back in the middle of July.

Looking forward to not having the stress of debt over us anymore.

Car Loan 16,919 - 48 months at £352pm is our final bit of non mortgage debt.

Also we are expecting our first child and being debt free will ensure we can teach our child better money management.