When will you be debt free? 🎉

the_long_and_winding_road

Hi, good question!
December 2022, £29,500 over four creditors. 

A couple of interest bearing credit cards now moved over to new 0% deals and this is helping massively.

I have a plan and I’m sticking to it! 😉

BlueJ94

the_long_and_winding_road said:

Hi, good question!
December 2022, £29,500 over four creditors. 

A couple of interest bearing credit cards now moved over to new 0% deals and this is helping massively.

I have a plan and I’m sticking to it! 😉

Oh good luck 🤞 a few of us so far plan to be debt free next year 😀

picard1109

I want to be debt free before my 62nd birthday (I just turned 59).  I owe around £52k in CCs and loans. I can afford the repayments, so that's not the issue. The issue is I don't want this round my neck, and really want to be saving towards retirement. I have a spreadsheet with all debt on it, plus a plan for paying it down using the 'snowball' approach. I'm fortunate that working from home due to Covid is saving me quite a bit, and everything that's left over by payday is put towards paying down debt.  I've paid off two cards already, and due to pay off two more by April, and a third by this time next year. Then I'll tackle the loans.  I use balance transfers to keep interest rates low, and swap debt around.  I keep tabs on in-month spending with a budget spreadsheet, and check my accounts daily.  I've been doing this for around 6 months and I feel in control of my debt for the first time in many years.  My trajectory shows that I should be debt free 2 months before my 62nd birthday, which doesn't take into account any pay rises or payments from pension funds maturing when I'm 60.

BlueJ94

picard1109 said:

I want to be debt free before my 62nd birthday (I just turned 59).  I owe around £52k in CCs and loans. I can afford the repayments, so that's not the issue. The issue is I don't want this round my neck, and really want to be saving towards retirement. I have a spreadsheet with all debt on it, plus a plan for paying it down using the 'snowball' approach. I'm fortunate that working from home due to Covid is saving me quite a bit, and everything that's left over by payday is put towards paying down debt.  I've paid off two cards already, and due to pay off two more by April, and a third by this time next year. Then I'll tackle the loans.  I use balance transfers to keep interest rates low, and swap debt around.  I keep tabs on in-month spending with a budget spreadsheet, and check my accounts daily.  I've been doing this for around 6 months and I feel in control of my debt for the first time in many years.  My trajectory shows that I should be debt free 2 months before my 62nd birthday, which doesn't take into account any pay rises or payments from pension funds maturing when I'm 60.

Oh that's a great thing to hear! I really do hope you're debt free by then 🤞 I tried the snowball method but I just couldn't control my spending habbits, hence why I put myself in a dmp. Best thing I've done, I feel less stressed

craftyali

After 3 years of seriously tackling my debt (using Snowball method, transferring to interest free as much as possible), I will be debt-free by July - possibly sooner, as I have started Matched Betting.  Haven’t decided yet whether to use that profit to clear debt faster, or to get building an Emergency Fund.

BlueJ94

craftyali said:

After 3 years of seriously tackling my debt (using Snowball method, transferring to interest free as much as possible), I will be debt-free by July - possibly sooner, as I have started Matched Betting.  Haven’t decided yet whether to use that profit to clear debt faster, or to get building an Emergency Fund.

Oh good luck 🤞 

vixx_123

Hoping August 2021 (depends on lockdown etc as I've saved so much WFH). This is just my personal debt though (currently £5.5k) as me and my husband aren't seeing eye-to-eye on things, so there's another 10k interest free that's just on minimum payments and our car finance at £11k. At least I know that our joint debt is always going down and not added to.

Song

I'm hoping July or August this year.

It will be the first time I have been completely debt free in 40 years.

BlueJ94

Song said:

I'm hoping July or August this year.

It will be the first time I have been completely debt free in 40 years.

oh really! I wish you the best of luck!

Naomim

According to my snowball something like July 2025 but that's not taking into account any balance transfers I get between now and then. Currently all debts on 0% so hoping to do some shuffling when they run out so I can continue to overpay.