SS's 2008 Debt Free Diary

southernscouser

Gemmzie wrote: »

Are you due the pay rise? Could you hold off moving out till it comes?

I'm not guaranteed it. But if I don't get something I'm gonna be mightaly p1ssed off. I asked back in January and chased it up last month. Still no comeback! :rolleyes:

Snaggles

Are you SURE you couldn't bear to hang on a few more months, get yourself debt free, and THEN move out? We are in April already - you are going to be debt free this year....is it worth putting yourself through all this stress for the sake of a few more tiny little months living at home?

Not knocking your ambitions, because I'm sure you could do it - but do consider all the options.

southernscouser

Snaggles wrote: »

Are you SURE you couldn't bear to hang on a few more months, get yourself debt free, and THEN move out? We are in April already - you are going to be debt free this year....is it worth putting yourself through all this stress for the sake of a few more tiny little months living at home?

Not knocking your ambitions, because I'm sure you could do it - but do consider all the options.

I'll have to re-evaluate things. The problem is I won't be debt free until August/September being realistic. It's then gonna be another 3 months saving up for a deposit and money for furniture so am then looking at January 2009!

I could stay here and it wouldn't kill me but I know it would make me unhappier than having to scrimp each month but be in my own place.

It's a difficult decision. It's not really the amount of debt that is the problem, it's the monthly payment! :undecided

Snaggles

Here's a thought (don't shoot me because this will be contraversial, but stuff it).

It's the loan that's the problem, yes?

Stay at home till August and get the loan repaid.

Then save for your deposit.

Buy furniture on low or 0% apr credit card.

You would still be moving out with a small amount of debt, but your minimum payments wouldn't be nearly £400, and you would be able to clear it at your own pace, as long as it's within the 0% period.

It might not feel right, but either way you would have some debt - at least this way it would be interest free (or almost), with manageable repayments.

Sorry if that's a crap suggestion - feel a bit bad for even suggesting it on DFW....lol.

southernscouser

Snaggles wrote: »

Here's a thought (don't shoot me because this will be contraversial, but stuff it).

It's the loan that's the problem, yes?

Stay at home till August and get the loan repaid.

Then save for your deposit.

Buy furniture on low or 0% apr credit card.

You would still be moving out with a small amount of debt, but your minimum payments wouldn't be nearly £400, and you would be able to clear it at your own pace, as long as it's within the 0% period.

It might not feel right, but either way you would have some debt - at least this way it would be interest free (or almost), with manageable repayments.

Sorry if that's a crap suggestion - feel a bit bad for even suggesting it on DFW....lol.

Not a bad idea at all. But why do I instantly feel guilty for even contemplating it? :undecided :rotfl:

It is certainly an option but I don't know if I'd have the balls to use a credit card anymore! :rotfl:

Good thinking though Snaggly. Gives me another option (providing I get accepted for a 0% purchase card) :T

Gemmzie

I was gonna suggest that too Snags, then with the Matched Betting turnover monthly, you can pay it off at whatever speed you want.

Gemmzie

southernscouser wrote: »

Not a bad idea at all. But why do I instantly feel guilty for even contemplating it? :undecided :rotfl:

It is certainly an option but I don't know if I'd have the balls to use a credit card anymore! :rotfl:

Good thinking though Snaggly. Gives me another option (providing I get accepted for a 0% purchase card) :T

Not all credit is bad debt! Avoiding ANY credit for the rest of your life is as daft as getting back into debt

southernscouser

Gemmzie wrote: »

Not all credit is bad debt! Avoiding ANY credit for the rest of your life is as daft as getting back into debt

I think it would feel like I'm cheating though! It's weird and hard to explain! :undecided

Snaggles

I understand why you would feel like that, but look at it this way - when your debt was at it's worst, you probably took out new cards to move your debts onto lower interest rates? That's all you would be doing now - you're not quite in a position to be completely debt free yet, but you are transferring it onto a lower interest rate.

If having a card bothers you, buy what you need and then cut it up. But I do understand, because I feel a bit the same myself....lol!

southernscouser

Snaggles wrote: »

I understand why you would feel like that, but look at it this way - when your debt was at it's worst, you probably took out new cards to move your debts onto lower interest rates? That's all you would be doing now - you're not quite in a position to be completely debt free yet, but you are transferring it onto a lower interest rate.

If having a card bothers you, buy what you need and then cut it up. But I do understand, because I feel a bit the same myself....lol!

The thing is, if someone else was posting this I'd urge them to stay at home and become debt free. It makes so much sense. But until your in those shoes and feeling how you do, it's just really difficult.

My head is all over the place! :rotfl: