On the Road to being Debt Free!!!!!!

mon1o

Well its not much but its a start! Some money i have been waiting for has finally cleared in my account and it means on monday i can pay off 2 of my cards (asda and mint) a total of £650! Now considering my debt is £3650 it doesnt really knock it down by much, but every little helps right?

I had considered just knocking £650 off my HSBC card but figured it would be better to get rid of 2 and concentrate on paying 1 credit card each month rather than still have 3 to pay. Does anyone think this is silly?

Im so happy that i can finally start to knock my debt down! :T
Monica xx

GeorgeUK

Is there much of a difference between the interest rates?
Even if there is, it may still be better that you have cleared 2 cards. In a few weeks, you could pjone up to cancel the cards and possibly get offerred a 0% BT offer to keep them open - this would mean saving even more in the long run. If they don't offer anything, then you haven't really lost anything - this just goves you other possible options.

Just remember not to spend on any 0% cards that you get.

Hell1

Hi:j

I agree with you, - paying off two cards will be a great feeling:j

You can then concentrate on paying off the last one!

good luck!

mon1o

Well today i paid off my mint card!!! :j Im so relieved to have finally done that tomorrow is the day i pay off my asda card and then i only have my hsbc and my overdraft left to think about. I cant tell you the relief i felt cutting the card into all those little bits and throwing it away knowing i never have to dodge anymore calls from mint about late/missed payments or being over my limit!!

Monica xx

Broken_hearted

I would pay off the two cards, the feeling of only having one bill left will spur you on to get rid of that one sooner.

4littleone

:j If you pay off the £650 do you realise you have paid off a massive 17.8% of your debt in one hit! Yay for you! :j

mon1o

No i never realised it would be 17.8% of my debt paid off! Wow! Thats not half bad! Thanks for that! Im so pleased to be finally in a position to sort my finances out. The other £3000 is gonna be the hard bit to clear but i can do it.
Monica xx

GeorgeUK

You've cut it up and thrown it away?
I take it you're not going to ask for 0% BT instead of closing the account then?

Congrats on doing that though. Just keep taking little steps and you'll soon have the rest of the debt whittled down to size. :T

mon1o

hiya! no mint wouldnt allow me a balance transfer because of my poor credit file but in the same breath they offered me the chance to keep my account open and increase my credit limit from £400 to £600! So i stayed strong and shut it down and as soon as i had done that i cut it up and got rid.

So much for an economic crisis down to all us who can obtain credit but dont pay it back! mint mustnt have heard about it! but anyway thats another thread :rotfl:

Lorne

Well done Monica, I use the snowball calculator at whatsthecost.com to help me keep focus with my payments working out which is best to pay first.

HTH

southernscouser

mon1o wrote: »

Now considering my debt is £3650 it doesnt really knock it down by much, but every little helps right?

It does! That £650 will clear nearly a fifth of what you owe! :T