Here Goes...Starting Up on a Journey

Superhoopza

End of Oct-24 Update:

Credit Cards and Overdraft: £33,038
Loans: £5,855
Total Debt: £38,892

Emergency Fund: £175

Started Journey Jan-24.
Reduction in debt from previous month: £2,205
Total Reduction in Debt: £17,736

Notes:

• Smashed the £40k barrier, delighted with that
• Paid off a second loan by increasing debt (at 0%) onto the cards, saving a few hundred pounds in future interest. Down to one outstanding loan.

Appreciate all the continued support the community provides.

MFWannabe

Wow that’s an amazing reduction; well done 👏 

enthusiasticsaver

Well done on getting below £40k and getting rid of a loan.  Sounds like you have had more luck with 0% deals recently which is obviously helping.  Hopefully the end of the year will see that overall debt reduced by £20k approx this year. 

Superhoopza

End of Nov-24 Update:

Credit Cards and Overdraft: £31,295
Loans: £5,479
Total Debt: £36,773

Emergency Fund: £300

Started Journey Jan-24:
Reduction in debt from previous month: £2,098
Total Reduction in Debt: £19,855

Notes:

• Nice to have cleared just shy of £20k in less than one calendar year.
• Going to utilise free credit to pay off my last loan this month, only leaving me with 0% and overdraft left.
• Should, even with Christmas spending, get to below £35k by the end of the year.

Appreciate all the continued support the community provides.

dawnybabes

You’re doing fantastic 

Superhoopza

I think after December I may keep my updates to 3-6 monthly, hard to see if there's actually much engagement of this thread or if the one update a month just gets lost in all the other diaries. What would people prefer?

dawnybabes

I think monthly makes you think a bit more each time ! It’s easy to skim over a band month then it becomes 2 and three ! Bit like going to slimming club - you ‘behave’ as someone is checking over you 

stymied

I’m following along

MFWannabe

Superhoopza said:

I think after December I may keep my updates to 3-6 monthly, hard to see if there's actually much engagement of this thread or if the one update a month just gets lost in all the other diaries. What would people prefer?

I would say carry on posting for your own benefits and also as motivation for others; some people may not comment but can read how well you’ve done and it’s great motivation for others in similar situation 

Debtfree2026

I’m following!