Time to get cracking

Lu2025

Hi All,

The time has come for me to be accountable and take action. I have been a lurker for a while and I am really inspired by the diaries on here. In fact it was reading these that finally gave me the push to write my own diary.

We are in approximately £48k of debt😳 The debt has been bubbling away the last few years, expensive holidays, house improvements, and probably at least 20k of that on multiple failed IVF’s until the final one was successful and we now have our little girl who is 5, I would have 10 times the debt to get her😁

I like many of you have been paying off cards, then not cutting them up, before I know it I have more things on the card that I have just paid off. I could go on. 

Anyway, the plan is to be debt free by the end of 2023, so 2 and a half years to go. I have all our cards on 0% and will be using the snowball method to start with the smaller amounts, hopefully by closing down cards etc that will give me the motivation, it is a long way off though. I have not included our mortgage, will just keep plodding away with that. Anyway, look forward to hearing your stories and your welcome to follow me on my debt free journey😁

Debt (June 2020)

(Me)Halifax CC £3786 / £4000

(DH)Halifax CC £6429 / £7000

(Me)TSB CC £4400 / £4400

(Me)Nationwide Loan £7366 of £7500

(DH)Nationwide Loan £7137 of £8000

(Me)Tesco Loan £7696 of £14500

(Joint) Halifax Loan to pay off MIL House £10,530 / £36,000

Total £47,344

swfcfan

Good luck! Just stopping by to wish you the best! You’ve got this! 

NewbieJD

Good luck. I will attempt to follow as I tackle my own journey.

Mum2Nan

Hi Lu2025

Thanks for stopping by and commenting on my diary and for your words of encouragement.

I understand getting rid of the smaller balances as they are easier wins.  I am no expert but do you know when all your 0% deals end as I would also take those into account and may be concentrate on the one that finishes soonest. 

Whatever you decide I wish you well on your journey and will subscribe to see how you are getting on.

M2N

YouWithTheSadEyes

Have you thought about posting a SOA? You will get lots of advice on areas you may be able to cut down on to maybe help you on your way. 

Best of luck on your journey. 

savvylondoner

Good luck! I'm following your diary I had similar amounts a few years ago and have paid it down - it feels great and does get addictive! 

FootyFanDan

Hey, 

I just wanted to pop by and wish you luck on your journey

FOMO_overspender

Hi @Lu2025, also stopping by to wish you luck and all the encouragement on your debt free journey. 
I know someone has mentioned already but doing a SOA is super useful and if you felt like you could post on here (not obligatory) people will give you lots of tips. I just found it really made me look at my spending and see where I could cut back and also what was important to me enough to put money aside throughout the year, so I don't add to my debt. 
FOMO

Lu2025

Hi Everyone😊

Thank you so much for all of your comments, I have also marked off your diaries so I can follow your journeys.

I did do the SOA, not posted it on here, will keep an eye on things for a few weeks and if I end up living outwith my means then I will post it. I am happy taking the scenic route as you call it and chipping away at the debt. To be honest, a huge achievement for me will be to just not use a credit card at all, as the problem was that every month, a week before payday we were skint and I would use the CC for fuel or food shopping. Havnt done that for the last few weeks but Lockdown will have a huge bearing on that. Did our food shop for the week, still probably putting on things that we do not need ie luxuries but at the same time this isnt a race for me, if I can see the debt going down every month then this will be fab😃

Lu2025

Almost at pay day, this is the 3rd month where I have not eaten into credit cards at the end of the month to pay for things like food or fuel so I am happy with that. All payments made to credit cards etc. Still thinking that with lockdown that is the reason why I am
not eating into credit cards so in a way I am dreading going back to “normal”. Also working from home has saved a considerable amount of money on fuel etc. Hope you are all doing well. 

YouWithTheSadEyes

Your debt is really coming down. Great work 👏🏻