When will you be debt free? 🎉

[Deleted User]

I could be debt free today if I wanted to as my current account balance is higher than what I owe. My debts are set without more interest being added so there is no desperate need to have it cleared asap, plus they are not on my credit files (shady boiler finance agreement on standard payment plan, not actually arrears & old HA rent arrears).

Reason why I'm not just clearing them in one lump is because I spent years on little income with never any money left at the end of the month. Now I earn more and have managed some savings I don't want to go back to living like that again. 

MidsHollie

I was originally aiming to be debt free at some point in 2023 (hence the name of my diary), but after paying off over 40% of it last year, it is more than likely going to be at some point in the first half of 2022. I’m looking forward to having so
much spare money once I’m debt free to save up for my help to buy loan and over pay my mortgage. 

BlueJ94

MidsHollie said:

I was originally aiming to be debt free at some point in 2023 (hence the name of my diary), but after paying off over 40% of it last year, it is more than likely going to be at some point in the first half of 2022. I’m looking forward to having so
much spare money once I’m debt free to save up for my help to buy loan and over pay my mortgage. 

Good luck! Hope you manage to pay it off sooner than you thought

Birdee

March 2022 for me too hopefully. Am trying to clear it all this year but it's perhaps a bit ambitious. When I first started my debt journey I thought March 2023 was realistic but am one of the lucky ones where Covid19 has left me with more money in my pocket - no longer spending £200 a month commuting and have reduced my rent as a result of moving in with my partner. 

Budgeting is key for me. And having clear goals. Once I'm out of debt I have a clear goal about saving for a house deposit so will continue to budget well below my means to achieve that. Working out what makes you happy is also really important. So then the money you do spend is worth it and going towards enriching your life. 

Good luck to everyone with their goals. 

anjyeah

jadewest94 said:

Morning all 👋 I'm trying to be a bit more active in here. 
So when will everyone be debt free and do you have any tips?
I'm roughly going to be debt free March 2022 with the help of a DMP! Any advice on how not to get back into debt?
Have a lovely day everyone ☺️

Just the post I was looking for! 

I literally just had the "Eureka" moment just now when I realised that I could half my credit card debt if I continue with my current payments with no (or less) purchases monthly. With that said, that would mean I would likely be debt free by December 2022. 

I wasn't able to hold the splurge for shopping (credit card) this month but now that I have a ballpark figure - that would cease for the next few months!  Right now, the challenges work for me (hiding extras away with SPC and the virtual version) - and the forum has kept me motivated so far. And when I do think of getting myself a treat, I have decided to equal it to an extra shift if I need to. Just so I don't touch any of my extra outgoings. 

greensalad

Hard to answer as I guess it depends on everyone's interpretation of "debt free!"

I still have student debt, and will do until around 2023. But I have no consumer debt as of last week. 

My partner has a credit card which we hope to pay off this summer, and because we're joint income I consider it mine just as much as his, so I'll probably count myself "debt free" when we complete that debt.

findingthisdifficult

I am debt free as of yesterday (excluding my mortgage)  6 years after my first post on here, I can safely say my diary on here kept me accountable and for that I am grateful.

BlueJ94

anjyeah said:

jadewest94 said:

Morning all 👋 I'm trying to be a bit more active in here. 
So when will everyone be debt free and do you have any tips?
I'm roughly going to be debt free March 2022 with the help of a DMP! Any advice on how not to get back into debt?
Have a lovely day everyone ☺️

Just the post I was looking for! 

I literally just had the "Eureka" moment just now when I realised that I could half my credit card debt if I continue with my current payments with no (or less) purchases monthly. With that said, that would mean I would likely be debt free by December 2022. 

I wasn't able to hold the splurge for shopping (credit card) this month but now that I have a ballpark figure - that would cease for the next few months!  Right now, the challenges work for me (hiding extras away with SPC and the virtual version) - and the forum has kept me motivated so far. And when I do think of getting myself a treat, I have decided to equal it to an extra shift if I need to. Just so I don't touch any of my extra outgoings. 

Great to hear!! Good luck on your debt free journey! 

BlueJ94

findingthisdifficult said:

I am debt free as of yesterday (excluding my mortgage)  6 years after my first post on here, I can safely say my diary on here kept me accountable and for that I am grateful.

Woohoo great job!! I bet it feels great! I've been in debt since I was 17, I'm 26 now. Feels never ending but now I have a rough end date I feel slightly better. 

findingthisdifficult

jadewest94 said:

findingthisdifficult said:

I am debt free as of yesterday (excluding my mortgage)  6 years after my first post on here, I can safely say my diary on here kept me accountable and for that I am grateful.

Woohoo great job!! I bet it feels great! I've been in debt since I was 17, I'm 26 now. Feels never ending but now I have a rough end date I feel slightly better. 

It feels surreal, I have been in debt for 16 years and my husband brought extra debt to our relationship when we first got together, after many consolidations (such a bad idea) we have finally won the battle and got rid of all of it.