mart360

Just been going through some old paperwork, and found one of my credit card

statements from last year -

Just over 2K owed

In Jan this year we made a decision to get rid of the cards, and use a

snowballing method to pay them off.

Just compared it to the bill received a few days ago

Just over £900 owed in 6 months that one will be gone, and the other

shortly after



Anyone else been killing the plastic, i know a few on here were talking

about it a while back

Mart

Trout

iTrader: (1)

This is a problem banks have at the moment - people are paying off debt and mortgages much faster and not saving.

Gives them a whole range of problems from not having cashflow, not meeting HM Gov lending targets to making less profit.

mart360

Who'd want to save at the moment with the rates offered.

It will get worse for the credit card company's from this month, as they

have to clear the highest interest rates on balances first, rather than

deferring the debt until all the lower interest rate is cleared, but charging

interest for years

Mart

Coffin Dodger

Well, just applied for a Nationwide Gold Visa card to help ease a temporary cash flow problem - our extension is coming to an end and the extras are adding up quickly, not helped by me deciding to have granite worktops in the kitchen.

Anyway 15 months 0% interest on balance transfers with a 3% fee, got accepted immediately, £8000 credit limit. So it still pretty easy to get yourselves up to your eyeballs in debt

Personally I will not be, the card won't be used after the balance transfer, and the cash to pay it off will be going into a savings account to help recoup the 3% transfer fee, then paid in full several weeks before the interest free period is up...

EddScott

We've not faired quite as well as Mart360 but then we have chosen to start a business at probably the worst time in 10 years - we making a little profit though, Phew!

Our credit debt is pretty much where it was at the start of the year. We've borrowed for the business so I guess our overall debt has increased but only way we could afford the business. House needs some work but that will come out of income so won't be until start of next year I can really attack the cards.

brendy76

iTrader: (6)

I have no plastic left at all, had debts of around 11k a couple of years ago, missus was still working and I ploughed as much as possible for a while. Such a feeling knowing exactly how much is going out of your account on a monthly basis now and that it isnt mostly going on interest...well, bar the mortgage.

mart360

Thought i'd give this one a bump

Forgot to update it in feb, when we finally became debt free

we cleared just over £30k in 7 years, all we have now is

Mortgage, (how i would love to get shot of that puppy)


So in true spending style have just booked a proper family holiday

small change compared to the original sum lol

Mart

joz8968

iTrader: (13)

Wow. £30k eaten up in 7 years! Amazing - very well done indeed.

That takes some serious, dedicated discipline!

mart360

It wasnt easy, but we made the descision, got a good 7yr low rate loan, and hit that, and did the rest by overpayment...

have to admit, even now i look at paying things and thinking "How much"!!

although in perspective there proably reasonable, you just get used to cutting back.

One of my big hits used tobe phone contracts....

started at £15 per month, and ended up 5 years later on £36 per month.

back down to £26 now.... looking to go lower next time

Mart

Coffin Dodger

Paid this off. No debt for me except the mortgage

Reminds me actually that I should probably cancel this card now

mart360

this is what i set up...

(although now i have found a cheaper version)

Card 1 17% APR - purchases

Card 2 - 7% lifetime balance transfer

Card 2 was cut up, so no purchases can be made

At the time 7% APR was cheaper than a bank loan, so we dumped everything onto that and over paid....

Just seen now sainsburys are doing the same with no transfer fees!!

Always handy to have one in case of emergency.

Mart

Chip

Only loan is a mortgage but there is enough in other accoiunts to offset it so interest free.

The Zohan

No cards, no loans other than mortgage, if we want something we save for it.

EddScott

I look back at my post to when the wifes business was making a profit - its proved to be a bit of mistake so far. Only really open now to pay the bank and pay the lease - as soon as the lease is up for renewal if we can't do a deal with the landlord we are jacking it in. If we can't turn it around thats £15K gone.

On the bright side I've got my cards down from 9K to 5K in 12 months. Hope to get a another 2 or 3K gone by Christmas just in time for our new baby.

Level of stress right now is running fairly high if truth be told.

Jamescsti

I've got a couple of finance agreements and loans ending in the next month or so, will give me an extra £150 a month which will be nice.
Also when my current phone contract ends in September I'm out of the whole latest handset thing. Going to get a giffgaff sim in my iPhone 4 and use it till it dies on me.
It costs a fortune in mobile contracts trying to keep up and it's all a bit pointless now, will save me another £40 a month.

hodgy0_2

We don't have any cc debt, and I have not had a personal phone for the last 12 years, we don't have sky, or any car loans or store cards

But I do have several large mortgages and we take quite a few expensive holidays a year

prodriverules

iTrader: (52)

No CC's and no loans thank god,things aren't to bad at all at the moment in my house hold in money terms and the business is going well too!

Bargain Bucket

You've worked hard and paid off your debts. That is to be commended !! Very admirable.

Of course the majority of the nation just builds up more and more debt and when they can no longer afford to keep themselves, will deposit themselves on the doorstep of the council and demand that the state looks after them. Grrrrrr.

Leslie

I have always found it easier and less of a worry to avoid going into debt anyway.

Les