100 STEPS TO DEBT FREE BY XMAS 2024

CMD79

3 MASSIVE Steps forward this morning with some minimum pays going out...

4 / 100 Steps towards freedom 

  

Aso

Good morning,

Could I join you in this challenge please? I'm currently working on cc debt of £3100 so 1 step will be £31. My 0% interest on cc ends July so that will be my target.

Currently paid one step so far.

CMD79

Aso said:

Good morning,

Could I join you in this challenge please? I'm currently working on cc debt of £3100 so 1 step will be £31. My 0% interest on cc ends July so that will be my target.

Currently paid one step so far.

Brilliant! Welcome  I'll be glad of some extra company. I've added you on - good luck for the journey x

outoftheviciouscircle

CMD79 said:

outoftheviciouscircle said:

I'd like to have a go at this. My debt however is massive, but I would like to pay £20,000 off it this year. I will have time tomorrow to work out how I will achieve some of these steps, will update then!!

Yeah Blimey, did you manage to pay off £16k last year looking at your signature? That's fantastic. Good plan! Do you want me put you down for £20,000 and £200 per Step then? LEt me know tomorrow when you've had more time to look at it if you like. 

I managed more than that, I stopped updating my signature around October so I think it was pretty close to £20,000. i would love to aim for the same again this year so if I can have £200 per step that would be great!!

Can I give a little update as today was a DD debit day.

£251.88 paid towards debt today so Step 1 Complete.

How would you like me to record this??

BudgetingBelinda

Hi, I really like how this sounds!
I have a DMP and all debt comes in at £6000 - my monthly payments are £455. I want to pay it all off this year so need to find any extra strategies to help- I would love to join.
so total debt £6000/ 1 step = 60
I've paid this months £455 so 7.5 steps/100?

I am aiming to budget strongly this month and will see how many steps I have to add Jan 31st and update. 

I am doing the grocery challenge, 1p challenge and NSD challenge. This is where I plan on making up the difference. 

I am building up a buffer/emergency fund too though in conjunction with paying off the 6k. 

The thought of being £455 up a month and having no debt is almost in touching distance with these steps!? Let’s hope!

CMD79

outoftheviciouscircle said:

CMD79 said:

outoftheviciouscircle said:

I'd like to have a go at this. My debt however is massive, but I would like to pay £20,000 off it this year. I will have time tomorrow to work out how I will achieve some of these steps, will update then!!

Yeah Blimey, did you manage to pay off £16k last year looking at your signature? That's fantastic. Good plan! Do you want me put you down for £20,000 and £200 per Step then? LEt me know tomorrow when you've had more time to look at it if you like. 

I managed more than that, I stopped updating my signature around October so I think it was pretty close to £20,000. i would love to aim for the same again this year so if I can have £200 per step that would be great!!

Can I give a little update as today was a DD debit day.

£251.88 paid towards debt today so Step 1 Complete.

How would you like me to record this??

That's incredible! 

Brill - I'll add that on. Just check in each time you take a Step to let us know how many Steps you are up to.

Well done on Step 1! Only 99 to go, and by the sounds of it, you'll get these ticked off quite quickly!! Great start to 2024 xx

CMD79

BudgetingBelinda said:

Hi, I really like how this sounds!
I have a DMP and all debt comes in at £6000 - my monthly payments are £455. I want to pay it all off this year so need to find any extra strategies to help- I would love to join.
so total debt £6000/ 1 step = 60
I've paid this months £455 so 7.5 steps/100?

I am aiming to budget strongly this month and will see how many steps I have to add Jan 31st and update. 

I am doing the grocery challenge, 1p challenge and NSD challenge. This is where I plan on making up the difference. 

I am building up a buffer/emergency fund too though in conjunction with paying off the 6k. 

The thought of being £455 up a month and having no debt is almost in touching distance with these steps!? Let’s hope!

Fantastic! Glad to have you along for the ride! Yes exactly, well done. That's a lovely, easy 7.5 Steps a month already in the bag. That's exactly how I'm feeling too; we're really close to sorting out lives out and being able to enjoy that money, or breathe with that money, or put that money towards better things, or things we need. Cannot wait! 

Bowties

Hi

I don’t know what I am doing really. All I know is that my credit card bills are rising, as well as the cost of everything else, and I am at my absolute limit financially, and if I don’t take my head out of the sand and do something now, its going to get horribly worse.

I don’t have any other debt other than credit cards

Debt owed on two cards is 1550.21 + 3206.17 = 4756.38

I used to only pay the minimum, but I’ve got in touch with the CC companies and now have rounded them up after reading this thread and feeling inspired.

*Increase dd on the other credit card to £166 per month

*Increase dd on credit card to £200 per month

My interest rate on these cards is horrific, so i think i'll need to see how this affects my steps and where this leaves me next month.

So, i think as it stands now, my steps are:

1/100th of 4757 = 48

1 step = £48

Does that sounds correct? I've never been great with money but going to try and understand things better and get a grip on things.

I work full time and do not earn very much. But I’m determined to find a way to raise more cash to pay off these horrific credit cards.

THank you and here we go

CMD79

Bowties said:

Hi

I don’t know what I am doing really. All I know is that my credit card bills are rising, as well as the cost of everything else, and I am at my absolute limit financially, and if I don’t take my head out of the sand and do something now, its going to get horribly worse.

I don’t have any other debt other than credit cards

Debt owed on two cards is 1550.21 + 3206.17 = 4756.38

I used to only pay the minimum, but I’ve got in touch with the CC companies and now have rounded them up after reading this thread and feeling inspired.

*Increase dd on the other credit card to £166 per month

*Increase dd on credit card to £200 per month

My interest rate on these cards is horrific, so i think i'll need to see how this affects my steps and where this leaves me next month.

So, i think as it stands now, my steps are:

1/100th of 4757 = 48

1 step = £48

Does that sounds correct? I've never been great with money but going to try and understand things better and get a grip on things.

I work full time and do not earn very much. But I’m determined to find a way to raise more cash to pay off these horrific credit cards.

THank you and here we go

We'll look after you, don't you worry! Strap yourself in - Yes, looks right to me. Can I ask what your interest is on the cards? From what you said, I'll take a guess that it's 39.9 or maybe 49.9?? If so, you're probably paying £60 a month in interest, off the top of my head. So, working out very roughly, I think with the rounding up you've managed to get to, you'll be taking 7.5 Steps per month. If you can make an extra Step or 1.5 Steps with making extra money, you can still just about get that cleared in a year. Is there any possibility to get a 0% balance transfer? Only do that if you're really confident you're going to stop spending though! (I can tell you, from bitter experience, be confident in this or do not do it!!)

Best wishes for the New Year - I hope it gets easier 

Aso

Cleared another 11 steps with my dd, So currently cleared 12 steps 😊

Trying to plan what I can do to get some extra steps in:
* I will be returning a couple items to the shops tomorrow which will go straight back to cc which should be a couple of steps. (The very last of the spending on the credit card was on the boxing day sales, still waiting on things to arrive so I am sure there will be more returns to come)
* I have agreed to an extra shift at work next week which will be between 1-2 steps (won't get the extra payment until end of feb but at least I know I am taking action now. And I should get paid this month for an extra couple shifts I managed to get last month)
*I have listed some kids clothes on V.. not for much but will maybe help towards a step.