2019 1% challenge

Can I join please. I'm aiming to become debt neutral in 2019 and my 1% is £118.

lynseydee wrote: »

Can I just ask what people do if their debts are on 0% deals? Do you still pay off your debt or put your percentages into savings until your debts start charging interest? All three of my cards are on 0% so seems silly paying extra if they're not costing me anything at the moment. Just wanted other people's views on it.

My (well mine and OH's) debt is all on 0% deals that have another 18 months or more to run. I pay the minimums and save spare cash into regular savers and other interest paying accounts. The current deals were fee-free switches and we make £200+ a year by saving our excess cash in interest-paying accounts. Apart from the interest gained, I also like to know that we have cash available if we have a car/roof/other emergency, so this way suits us.



Over the last 2.5 years we've reduced the card debts from -£40,000 on 0% (all spent on essential home improvements/repairs) to -£11,800, using this method. We also have around £7,000 in rapidly increasing savings, so aren't far off being debt-neutral. We'll carry on saving and increase our pension contributions once we're debt free (next step is mortgage neutral) rather than spending any 'spare' cash. We earn average salaries, have a huge mortgage and budget for a holiday each year, so it can be done.

I was waiting for this thread

4K so 1% is £40.

I've paid 50.48/4K so far so at 1.25%.

Have plans for about 25% of my total from money I am waiting for and a small payrise I'm expecting in March, but next step is to sell a lot of stuff!!

Sky_ wrote: »

My (well mine and OH's) debt is all on 0% deals that have another 18 months or more to run. I pay the minimums and save spare cash into regular savers and other interest paying accounts. The current deals were fee-free switches and we make £200+ a year by saving our excess cash in interest-paying accounts. Apart from the interest gained, I also like to know that we have cash available if we have a car/roof/other emergency, so this way suits us.



Over the last 2.5 years we've reduced the card debts from -£40,000 on 0% (all spent on essential home improvements/repairs) to -£11,800, using this method. We also have around £7,000 in rapidly increasing savings, so aren't far off being debt-neutral. We'll carry on saving and increase our pension contributions once we're debt free (next step is mortgage neutral) rather than spending any 'spare' cash. We earn average salaries, have a huge mortgage and budget for a holiday each year, so it can be done.

Well done.

I was thinking along the same lines in that I can afford to make the minimum payments every month whilst it's at 0% so might as well try and gain some savings from any money I have left over. I do currently have savings which would pay off all my debt but this was from my financial settlement from my divorce and want to use it for mine and my son's future so happy to keep that in savings and pay off the minimums on my cards. I did, not so long ago, pay a smallish (compared to what I owe) balance off from my savings when my credit card started charging interest and I didn't have any 0% offers from any of my cards available. I'm happy to do that if it doesn't eat into too much of my savings as I know that does make sense.

So I guess I don't really have a sum that I will be paying off of my credit cards at the moment above the minimum payments but will keep following this thread as I love reading everyone's achievements in paying off their own debt.

Can I join please?

My 1 % s 50 pounds.

thank you

XXX

Hi could I join if possible currently I just have my car loan outstanding at £7747.46 however my car is currently in the garage as the clutch has died, so I am going to put the work on the credit card as it's 0% for another 20 months, I anticipate this will cost around £500 but to make it easier I will say £1000 as that's the credit limit on the card.

So my 1% would be 87