Dark Sunday Debt Free in 2027

Dark_Sunday

After many attempts, I’ve started a new diary for the final push to eventually be debt free in 12 to 24 months.

I’ll post some numbers in the next few days.

Dark_Sunday

So here we go, Credit Card debt is quite high, but so is savings. Will pay some savings to the only non 0% CC later this week. 

Credit Cards £27.6k of which £20k on 0%
Savings £21k

Net -£6.6k

Ideally, I’d like to keep savings quite high, especially ISAs at 4%+ Interest. So the plan is to reduce the 3.9% CC £7.6k ASAP, then clear the 0% CCs when the deals expire, by October 2024.

Dark_Sunday

Wee bit paid to CC, good to start reducing debt again after the crazy festive season

Dark_Sunday

Been a good start to the year. Savings now only circa £1k lower than the CC debt. All but 1 of the CCs are on 0% balance transfers. 

WinterWarrior

Good luck. I admire your nerve in holding the savings. I paid everything off and started again.

Dark_Sunday

2023 was a very expensive year with some major birthdays & consequent extra expensive holidays. Lost a wee bit of financial discipline since mid year. Need to refocus for 2024. Make budgets, but not too strict & adhere to them.

Dark_Sunday

New year about to start. Determined to reduce the CCs. Revised plan to be debt-free within 3 years but could perhaps do it within 2 ? One of the issues I have is keeping a large amount in cash just for a rainy day, so I plan to start using some of this money to chip away at the CC debt.

MFWannabe

Morning. so last Jan cc debt was 27k and now it’s 44.8k? Is that correct? 

How much do you now have in savings? 

Is your cc debt on 0%? 

I was stoozing but I felt I always thought about what I could buy with ‘savings’ so took the plunge and paid off the cc’s once and for all and decided to start 2025 completely deft free. I still have savings left so now the focus is to build the savings back up again and look to make an overpayment on the mortgage when my lovely low fix ends at the end of 2025 😱

Dark_Sunday

Hi MFW, thanks for taking the time to comment. Yes the CC debt has increased for various reasons, mainly taking the eye of the ball.

Some of the CCs are 0%, others lowish %APR, no of them on high APRs. Plus 2024 was a very expensive year without boring any1 with the details. The CC debt will be absolutely hammered in Jan. 

Savings £25k+ but won’t use it all to reduce the CCs. 

Dark_Sunday

Cleared 2 CCs with money in current account £6.4k. Current account almost empty now. 

Dark_Sunday

£1k paid to a CC. Normally go away for an expensive weekend in Feb. but decided not to bother this year. Weather is awful & CCs far too high.