Pay ALL Your Debt Off By Xmas 2026!

MissMoneyMishap

Hi everyone, I've taken a really good look at my debts, and it's not pretty. This has got to be the year I make some actual change in my financial life. It's gone on for decades, and I should be earning enough to have a pretty comfortable lifestyle, but instead I'm in this perpetual cycle.

I've got around £14k to get cleared this year. On paper, I earn enough to do it, just about so I'm going to push really hard to make extra money every month to make sure it happens.

Good luck to everyone, and well done to those who are already getting on it!

  

MissMoneyMishap

@BlueJ94 - not sure if I missed your decision on the whether the consolidation loan was a good idea or not when I skimmed through catching up on everyones' updates - My own experience of doing that has seen my debt continue for decades like a yoyo diet. Weigh up vary carefully how long that adds in the time you'll serve as well as the interest you'll pay.

The way I have gone on adding the loan to cover the debt with a higher, but single payment in mind, then the card continuing because I have never learned any lessons, and it becoming one big payment and lots more little payments.

In the last 10 years, I've gone from around 6k up to about 20k, down to about 4k, back up to £10k.... and now, all told it's about £30k. Can I tell you how this happened? Not really - But the quick answer is probably by thinking I've got a clever idea to beat it by just doing XYZ and then making it much worse because I can't control myself once I've had that clever idea.

You do you, of course, but that's how my life has happened. Nearly 50 years old and wasted most of my life burdened by my inability to use money like a normal human. ( That's a bit dramatic...but seriously - it's bad!)

Highlanddream

MissMoneyMishap said:

@BlueJ94 - not sure if I missed your decision on the whether the consolidation loan was a good idea or not when I skimmed through catching up on everyones' updates - My own experience of doing that has seen my debt continue for decades like a yoyo diet. Weigh up vary carefully how long that adds in the time you'll serve as well as the interest you'll pay.

The way I have gone on adding the loan to cover the debt with a higher, but single payment in mind, then the card continuing because I have never learned any lessons, and it becoming one big payment and lots more little payments.

In the last 10 years, I've gone from around 6k up to about 20k, down to about 4k, back up to £10k.... and now, all told it's about £30k. Can I tell you how this happened? Not really - But the quick answer is probably by thinking I've got a clever idea to beat it by just doing XYZ and then making it much worse because I can't control myself once I've had that clever idea.

You do you, of course, but that's how my life has happened. Nearly 50 years old and wasted most of my life burdened by my inability to use money like a normal human. ( That's a bit dramatic...but seriously - it's bad!)

Don't beat yourself up, it is so easy, fully understand. Figuring it out at 50 is better than 60! 

BlueJ94

MissMoneyMishap said:

@BlueJ94 - not sure if I missed your decision on the whether the consolidation loan was a good idea or not when I skimmed through catching up on everyones' updates - My own experience of doing that has seen my debt continue for decades like a yoyo diet. Weigh up vary carefully how long that adds in the time you'll serve as well as the interest you'll pay.

The way I have gone on adding the loan to cover the debt with a higher, but single payment in mind, then the card continuing because I have never learned any lessons, and it becoming one big payment and lots more little payments.

In the last 10 years, I've gone from around 6k up to about 20k, down to about 4k, back up to £10k.... and now, all told it's about £30k. Can I tell you how this happened? Not really - But the quick answer is probably by thinking I've got a clever idea to beat it by just doing XYZ and then making it much worse because I can't control myself once I've had that clever idea.

You do you, of course, but that's how my life has happened. Nearly 50 years old and wasted most of my life burdened by my inability to use money like a normal human. ( That's a bit dramatic...but seriously - it's bad!)

Thanks! I decided to go ahead but going forward i plan to stop all my credit cards, im going to be strict on this and make sure i dont add any debts ontop.. I have £277 going towards the loan when the loan drops to me which should be tomorrow. 

leannej85

Update:
#12 - £244.94/£5,336.77 (4.59%)

HSBC Credit Card: £76.16/£3046.28 (2.5%)

Creation Finance: £158.78/£1110.24 (14.3%)

Bank of Mum: £10/£980.25 (1.02%)

Bank of Dad: £0/£200 (0%)

Just threw an extra £20 at Creation Finance. Being conservative for car MOT at the end of the month.

Bangbangdebt

Hello, we’re in 49000 debt (ouch) and we’d like to reduce this by half this year. 

MissMoneyMishap

Hi everyone,

Not sure I have a number? Bit of progress off my immediate problem and Phase 1:

£22.00 off Overdraft £81.73 Creation DD £45.00 Tesco CC DD

£148.73 Total

ThriftyPrincess40

No 3 paying £90 off my debts today 💪🏻

Highlanddream

ThriftyPrincess40 said:

No 3 paying £90 off my debts today 💪🏻

woo hoo that's brilliant. You are smashing it.

leannej85

#12 - £274.94/£5,336.77 (5.15%)

£30 Vinted profit