We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
2024 - The year to finally be debt free!
Comments
-
Hey, rooting for you too. I am looking forward to seeing your progress.
1 -
Current debt total is £12,400 and I’m almost debt neutral as savings almost the same amount
Paying Very off first as the interest free period finishes on those first and there is no way I’m going to leave them to fall into high interest 🙄
Part of me wants to pay off the debt when I have enough in savings and the other part of me says don’t be silly you are earning interest and the 0% on credit cards doesn’t end until Feb 2025 but I sooo want this debt gone
But I don’t want any to have no savings 🤦♀️MFW 2025 #50: £1989.73/£600007/03/25: Mortgage: £67,000.00
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
27/12/24: Debt: £0 🥳😁
27/12/24: Savings: £12,000
12/08/25: Savings: £12,0000 -
I have this exact same dilemma and I can't quite get to the answer.....in my case I am questioning paying off 1 debt which would still leave me with substantial savings, but they all have a purpose (holiday, pension payment, mortgage OP etc).
Best of luck with the decision making!
MM
xMortgage 1 - 01/2/2015 - £243,750 ; Mortgage 01/11/2024 - £132,576.55
Mortgage 2 - 2019 - £76,600 ; Mortgage 01/10/2024 - £47,763.29
MFit-T5 - reduce to £140,000 MFiT-T6 - reduce to £110,000
01/10/2024 Daily Interest - M1 = £18.27 (!!); M2 = £7.41
Debt at highest point in 24 -£21,344
Debt 1st November 24 - £16,192.18 24% paid. Focusing on this in earnest!!!0 -
I’m so indecisive sometimes!Mortgage_Minimiser said:I have this exact same dilemma and I can't quite get to the answer.....in my case I am questioning paying off 1 debt which would still leave me with substantial savings, but they all have a purpose (holiday, pension payment, mortgage OP etc).
Best of luck with the decision making!
MM
xAt the moment I’m veering towards finishing paying off very and cc1 which would still leave 8k in savings 🤔I appreciate it’s a nice problem to have in some ways! At least we have the facility to enable us to pay them off if we choose
Beat of luck with your decision too 👍MFW 2025 #50: £1989.73/£600007/03/25: Mortgage: £67,000.00
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
27/12/24: Debt: £0 🥳😁
27/12/24: Savings: £12,000
12/08/25: Savings: £12,0001 -
If all your debt is on 0% and you have the money in savings are you not stoozing?
Well Done.Gambling Addict - Acting now before it's too late. Gambling losses well over 25k.Current Situation Started Posting in Apil 24:Unsecured Personal Debt - September 2025Natwest CC 0% - £3000 (Cleared November 2024)
Lloyds CC 0% £4500 - (Cleared October 2025)
Barclaycard CC 0% £12,567 - £7500 - My final credit card!
19 MonthsGamble Free - Longest in years. Gambling is an illness. Seek help. It is not worth your life.0 -
Yes but there’s the urge to pay off the debt and be debt freeLonelygambler said:If all your debt is on 0% and you have the money in savings are you not stoozing?
Well Done.MFW 2025 #50: £1989.73/£600007/03/25: Mortgage: £67,000.00
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
27/12/24: Debt: £0 🥳😁
27/12/24: Savings: £12,000
12/08/25: Savings: £12,0001 -
MFWannabe said:
Yes but there’s the urge to pay off the debt and be debt freeLonelygambler said:If all your debt is on 0% and you have the money in savings are you not stoozing?
Well Done.
Yes I want to see some 'real' progress but worry about the month to month. Probably unnecessarilyMFWannabe said:
Yes but there’s the urge to pay off the debt and be debt freeLonelygambler said:If all your debt is on 0% and you have the money in savings are you not stoozing?
Well Done. Good Luck. Mortgage 1 - 01/2/2015 - £243,750 ; Mortgage 01/11/2024 - £132,576.55
Mortgage 2 - 2019 - £76,600 ; Mortgage 01/10/2024 - £47,763.29
MFit-T5 - reduce to £140,000 MFiT-T6 - reduce to £110,000
01/10/2024 Daily Interest - M1 = £18.27 (!!); M2 = £7.41
Debt at highest point in 24 -£21,344
Debt 1st November 24 - £16,192.18 24% paid. Focusing on this in earnest!!!0 -
That’s it, I’ve taken the plunge and paid off all my debts! 😃🥳
Yes I could have made some more interest on the savings for a few more months but wanted to start 2025 completely debt free
Now I can build on my savings, my pension and start my mortgage free journey 🤞
No more debt ever again is the plan. I’ve had some kind of debt my whole adult life 🙄
MFW 2025 #50: £1989.73/£600007/03/25: Mortgage: £67,000.00
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
27/12/24: Debt: £0 🥳😁
27/12/24: Savings: £12,000
12/08/25: Savings: £12,0004 -
Amazing work 🥳🥳🥳MFWannabe said:That’s it, I’ve taken the plunge and paid off all my debts! 😃🥳
Yes I could have made some more interest on the savings for a few more months but wanted to start 2025 completely debt free
Now I can build on my savings, my pension and start my mortgage free journey 🤞
No more debt ever again is the plan. I’ve had some kind of debt my whole adult life 🙄Emergency Fund: 1000/2000August Grocery Challenge: 208/550
S&S ISA: £420
Save 12k in 2025: #10 1200/10000
100 steps challenge.. to be where you want to be in 2025:
EF 60/100 (1 step= £20)
holiday 0/100 (1 step= £30)
savings 4/100 (1 step= £50)
2025 diary: https://forums.moneysavingexpert.com/discussion/6576803/a-fresh-start-a-year-of-growth-and-balance/p1?new=1
old diary becoming DMP free in 2024: https://forums.moneysavingexpert.com/discussion/6495850/freedom-and-independence/p11 -
Fab, well done. Good luck with the mortgage and savings V x0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards