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My debt free plan for 2026
Breadline_Bettie
Posts: 14 Forumite
Myself and hubster have decided that we need to finally clear our debts.
5 years ago we bought a house that needed a lot of work that has swallowed all our spare cash, around 70k to date, it's a very small house and it has been updated rather than a full reno. It was just very old fashioned and the bathroom hideous.
We have decided to stop renovating and start clearing debt.
I have a loan with around £6k left and 2 credit cards, one with £4,700 and the other with £5k. My hubster has £10k on credit cards.
We don't use any of our cards, they are all on 0% interest and we switch to avoid interest when the current deals end.
I earn £59k, hubster £56k, we have no children at home, we plan to pay £1500 a month off my debts until they are cleared and then move to hubsters.
Posting for accountability in the hope that we can finally become debt free.
5 years ago we bought a house that needed a lot of work that has swallowed all our spare cash, around 70k to date, it's a very small house and it has been updated rather than a full reno. It was just very old fashioned and the bathroom hideous.
We have decided to stop renovating and start clearing debt.
I have a loan with around £6k left and 2 credit cards, one with £4,700 and the other with £5k. My hubster has £10k on credit cards.
We don't use any of our cards, they are all on 0% interest and we switch to avoid interest when the current deals end.
I earn £59k, hubster £56k, we have no children at home, we plan to pay £1500 a month off my debts until they are cleared and then move to hubsters.
Posting for accountability in the hope that we can finally become debt free.
5
Comments
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I would love to renovate a house so following so I can get inspiration.
£1500 is a lot.Credit card 1891
Overdraft 136.90
2026 EF 100/30000 -
Sounds like a good plan. I assume you know that it's best to hit the debts with highest interest first. But whatever strategy works for you is great.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Welcome to the diaries . £1500 a month will have it all cleared before you know it.Life is an adventure, never stop exploring.0
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