Small Steps Out Of Massive Debt!

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  • After lots of deliberation, I eventually decided to close the HSBC card completely rather than keep it open and hope for a good balance transfer offer in a few months.

    I think it will be better for my credit file to close the account and to be completely honest I could do without the temptation of having an "empty" credit account.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,465
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    Sensible option GC. 25% of the debt gone is a great achievement
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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.
  • ada-or-ardor
    ada-or-ardor Posts: 136 Forumite
    It really is! Massive congratulations and well done GC! Keep slogging! Next time you hit this mark it will be 50% gone!! :-)
  • Sensible option GC. 25% of the debt gone is a great achievement
    Thank you! I'm really pleased to have reached a milestone :)
    It really is! Massive congratulations and well done GC! Keep slogging! Next time you hit this mark it will be 50% gone!! :-)
    Thank you! Yay! 50% gone would be amazing :D I'm aiming for 30% gone by the end of 2017 :)
  • You've done a great job, and using the bonus to pay down such a big chunk will really compound in terms of benefits, because you'll start getting the promotional offers and be able to get rid of some of those eye watering interest rates. Well done! 25% is enormous!
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 :eek: aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    January 2019 $211,580 Current MFD 31 June 2036
  • GeorgianaCavendish
    GeorgianaCavendish Posts: 2,387
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    edited 26 May 2017 at 12:12PM
    You've done a great job, and using the bonus to pay down such a big chunk will really compound in terms of benefits, because you'll start getting the promotional offers and be able to get rid of some of those eye watering interest rates. Well done! 25% is enormous!

    Thank you! I'm really hoping to get some offers for lower rates over the next few months, it would make such a difference to the rate of debt reduction!
  • Hiddenidenity
    Hiddenidenity Posts: 5,423 Forumite
    25% of debt gone forever! Amazing achievement :beer: :j

    Have a lovely weekend x
  • I saw this post on the reddit Personal Finance forum yesterday (I lurk there for ideas, but only post here :) )



    It made me think how much I have always assumed that an increase in quality of life would have to involve spending money. Over the past month I've done lots of things that were free or very cheap (like a couple of pounds) that have helped lift my mood ... I'm going to have a think about what else I could do to improve my quality of life during this debt busting journey.


    This is very true. People tend to talk about how expensive is as a way to measure how good or how enjoyable it was. Can you share the article, or maybe some of your ideas? I have recently read some articles by Michelle MC Gagh about her no spend year. It was a bit exteme, but she maskes some good points.
    MBNA (Was £2000), Now £2, 900 (Expected date Dec/2020)
    CAR (Was £300) Now
    £2, 000 (Interest free loan from family member)



    **Want to be on my way to being debt free for 42**
  • 25% of debt gone forever! Amazing achievement :beer: :j

    Have a lovely weekend x

    Thank you so much! :)
    This is very true. People tend to talk about how expensive is as a way to measure how good or how enjoyable it was. Can you share the article, or maybe some of your ideas? I have recently read some articles by Michelle MC Gagh about her no spend year. It was a bit exteme, but she maskes some good points.

    I will have a look at Michelle McGagh, I haven't come across her before but I have seen other things about no spend years ... I've always thought it sounds so difficult! It might be a bit like The Minimalists ... I wouldn't embrace their whole life philosophy but there were some interesting points in their documentary.
  • Not much to report at the moment, I've been attending a course this week so my working hours have been a bit all over the place.

    Just waiting for my June credit card statements to be generated and starting to count down to my holiday in just under 2 weeks :)
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