-£40k... -£10k... -£5k... -£3.7k... -£2k to debt free to my first house!!!!!!!!!!

GZA1981

I’m hoping this message is in the right place.

About 2.5 years ago I got to the point where my debts had escalated to nearly £40k , through a combination of high interest loans and credit card debt, across 11 or 12 different accounts. It was mostly built up through consistent overspending and a little gambling, in a job not paying enough to support the lifestyle.

I had the classic lightbulb moment where I realised I was never going to be able to buy my own home if the debt continued to climb and didn’t start going down significantly. Something had finally clicked and I was determined I wouldn’t let it reach £40k.

I went about reviewing everything I spent and setting a realistic budget, I got a much better job and started to make a dent into the debt.

Clearing some of the smaller debts first for psychological reasons, then higher rates or ones with the largest monthly repayments next. Every account I cleared and closed felt brilliant, I now have just three accounts, two of which are 0%. I’m throwing everything into clearing the one charging interest.

It’s been a hard road so far but as of this morning the debt has fallen just below £10k , If I continue like this and use my upcoming bonus I’m expecting my debt free date to be in May, for the first time in about 15 years!

As pleased as I am to be clearing the debt I’ve also resolved a lot of the reasons it built up in the first place so I feel positive I won’t be returning to this dark place again.

I’m hoping this might help someone starting or going through a similar journey at the moment and give me the final push! 

GZA1981

This Tuesdays payday will see the balance drop to just below £5k.

I can finally see the end 

Aimingforthegoodlife

Amazing work! That is a huge reduction and you are so close now!!

Amber1980

wow you are doing incredibly well! You’ve cleared nearly £35000 of debt in about 3 years! You must feel great,I’m inspired 😊

GZA1981

Amber1980 said:

wow you are doing incredibly well! You’ve cleared nearly £35000 of debt in about 3 years! You must feel great,I’m inspired 😊

Thanks 

I've thrown everything at this, i'm so close now i'm getting excited about that final payment 

GZA1981

I'm down to £3,700 

Holding a little back to sort some unexpected expenses, I won't make my May clearance date... but what's another couple of months after all this time.

Everything left is on one card on a 0% deal until December.

I feel soooooo close now!

WinterWarrior

Well done, that’s amazing progress.

GZA1981

I'm now down to £2k

I have the money to clear it, but it is on a 0% deal until December and I've had some other things to pay for so I'm inclined to hold some cash for a little bit longer.

I'm soooo close 

KeepOnKnitting

Well done, that's fantastic!

TripleH

Well done. I don't want to be negative, but what is your plan when you've finished paying off the debts?

I would suggest saving up to do something nice in the near future.

Clearing the debt is part of the journey, making sure you don't get back in that position is the other half.

RobM99

Permission to dance like a demented squid on acid - granted. Not in public though.

Seriously though - Bl**dy well done!