Mentally exhausting

James_44_2

I kept meaning to post as I have hit quite a significant milestone - my credit card debt is down to £0!! I do have an M&S card which I use for work expenses but this is always paid off in full each month so not counting that as a debt. I have just had a promotion at work which explains the tardiness in posting - it is quite full on at the moment. It does include a decent pay rise so should mean I can pay things off quicker but I will explain why not necessary later in the post...

My debt position is now as follows:-

Tesco CC - £4,400  £0
MBNA CC - £10,900  £0
HSBC CC - £7,100  £0
Barclaycard - £3,000 £0

FD Loan - £27,193  £19,000
Barclays Loan - £12,572 £4,782

Total £62,345 £23,782

My plan is now to plow into the FD Loan. I see the benefit of trying to clear the Barclays Loan but this interest free so it makes more sense to attach the one which attracts interest.

I haven't included it in the above but have a PCP arrangement for my car which expires in December 2025. The reason for this is I don't see it as a debt as I can hand the keys back at the end of the agreement and shouldn't have much, if anything, to pay back. I am now considering putting most of the amount I was paying off the credit cards aside and purchasing a second hand car in December outright to replace the current one on PCP. I need a 7 seater (we have 6 in the family) so it does limit what I can purchase unfortunately. I am also nervous about second hand cars - I have had them in the past and the repair costs can get quite expensive so would want to purchase something relatively new with a low mileage.

Even with some scaled back debt repayments I am still planning on having it all paid off by the middle of 2026. The end definitely seems more in sight...