My long overdue journey to becoming debt free!!

MissPennySave

Morning everyone, another payday has arrived so here are my monthly totals for March.  Full disclosure, I have had to make some adjustments to my targets so I am now looking at a September/October DFD, but its for a good cause as we have bitten the bullet and are moving!! I am so excited! My husband wants to swallow the rest of my debts into the new mortgage, but I am thinking whilst everything is on 0%, as I will be switching the balances around at the end of this month as I have new 0% balance transfers available on other cards, and even the 3% fee is a lot cheaper than the the long term interest if they were moved into the mortgage, that it would be better to continue on my journey, albeit a slightly longer one, but I will still be debt free this year!:

CC1 0% Mar 25 - £16,200.00/£3,120.00
CC2 0% Apr 25 - £10,790.00/£9,140.00 

Debt paid off so far £34,366.96 (73.59% paid off)

Grand total left to pay = £46,626.96/£12,260.00

 MPS.x  

joedenise

I agree with you - no point in adding to the mortgage if you've got another 0% CC transfer card and will be debt free later this year.  It's never a good idea to turn unsecured debt into secured debt.

lucielle

That’s exciting news!  Also agree, get it paid off then you can attack the mortgage. 

L

in_need_of_direction

i'm with the others having twice consolidated non secured debt into my mortgage.  payments may be lower but it's for a lot longer.  keep on doing what you're doing

MissPennySave

Morning everyone, another payday and its the bonus pay cycle as well so an extra big chunk paid off!  and I am now FINALLY under £10k!!!  Whohooo, I cannot believe I am here, the finish line is in sight, so now its the last final push to get this wrapped up and to start the next chapter of my journey, saving!! :

CC1 0% Mar 25 - £16,200.00/£970.00 (I've decided to clear the final payment next month rather than doing a BT)
CC2 0% Apr 25 - £10,790.00/£8,990.00 (This will be moved to a no fee 12 month BT next month)

Debt paid off so far £36,666.96 (78.63% paid off)

Grand total left to pay = £46,626.96/£9,960.00

 MPS.x

lucielle

Excellent, well done

Sarahwithlove

exciting news about the moving! It's never a good idea to take credit card debt and turn into mortgage debt. The credit card debt will likely have little impact on your new mortgage application 

jaxsmar

Well done great job

MissPennySave

Sarahwithlove said:

exciting news about the moving! It's never a good idea to take credit card debt and turn into mortgage debt. The credit card debt will likely have little impact on your new mortgage application 

Thank you, so far its going well, hopefully exchanging in the next few weeks!  We have our mortgage offer as well now and we got a good deal so you are right, the credit card debt didn't impact it all, phew, so it's all systems go x

MissPennySave

Morning everyone, hope you all had a great Easter!!  Payday today so checking in with my monthly balance update:

CC1 0% Mar 25 - £16,200.00/£0.00
CC2 0% Apr 25 - £10,790.00/£8,940.00

Debt paid off so far  £37,686.96 (80.70% paid off)

Grand total left to pay = £46,626.96/£8,940.00

 MPS.x