Debt-free Club

[moonsi til]

Just pressed confirm payment on my online bank account paying off my 3 credit cards.. Can't wait to cancel them properly.

 

[Yelkcub]

Does a mortgage count as debt if the property is worth far more than you owe?

This question will determine whether I am already debt-free for the purposes of this thread.

 

[ChrisFilter]

I don't really count mortgage as debt anyway (though, of course, it is). To me it's filed under housing costs alongside rent. I'm going to be paying out a monthly fee for the right to live somewhere either way, so why worry about it?

I don't count student loan either. I consider what I get in my pay packet my salary, so never had the money to miss.

 

[ChrisFilter]

Just pressed confirm payment on my online bank account paying off my 3 credit cards.. Can't wait to cancel them properly.

Congrats!

I hope to have paid off credit card 1 of 3 in a couple of months.

 

[feyr]

That does seem a lot, but I don't know what the food costs there. If you could shave 20% off that you'd still be able to get the debt paid off quicker and still put money in savings. (Just a thought).

There is about a dozen mouths to feed!

£500 is for 2 adults, and 5 under 6's and 2 babies, so not exactly a huge amount! even taking out the fact that the 2 babies dont need normal food, thats still 7 to fed , and 5 of them ( the 5 males ) seem to be able to consume twice their own body weight in a matter of minutes

i'm lucky that my debt is low interest, and i'd rather have the buffer of a bit of savings incase of emergencies

 

[Yuwipi Woman]

If you're feeding that crew I can see why it's that much.

 

[moonsi til]

Congrats!

I hope to have paid off credit card 1 of 3 in a couple of months.

It's a grand feeling...I had 2 of them on low interest but one with a total of nearly £2000 was your average 18% and my bill just arrived informing me interest for the next month was a whopping £47.50 last month it was £55.14!!!

NEVER AGAIN.

 

[Chester Copperpot]

Right - I've got my loan down to £4900 with and addition £700 left to pay on the credit card. I'm aiming to have the credit card gone by February and my loan down to sub £3,000 if possible before our baby's due. I'm quite proud of the amount I've paid off in the last 6 months or so although I am becoming slightly obsessive about it.

 

[feyr]

managed to pay off debt by august as planned, and have managed to get some savings put away on top of what we save for each of the kids each month. mainly by cutting down a bit on food budget by using value stuff wherever possible, making use of special offers and bulk buying/cooking . also took a lot of overtime, 2 extra shifts a week plus some extra on calls. so now our only debts are student loans which tbh i'n not too worried about

savings will come in handy as all overtime has been suspended until futher notice

 

[Chester Copperpot]

Actually I had £700 on the credit card to pay back in my last post on this thread so perhaps I'm not doing that well.

 

[Chester Copperpot]

I still have about a £7k bank loan which I could certainly clear in the next few years but given the current climate any spare money I get I'm sticking in a savings account in case I lose my job. Really I should be putting it towards paying off the loan but it's nice to have a cushion.

Bump!

Nearly a year ago since I posted this and my loan is down to £3000! Am hoping to be debt free by next autum.

 

[ChrisFilter]

Reduced debt by £23,800 this year

Still got more than that to go though

 

[Bob_the_lost]

Go filter. Look at the interest you're not paying on that and smile.

I've crawled into the black for the first time in 7 years. It's such a relief to have it off my back, and i wasn't even in that much debt. I've been putting 36% of my takehome pay into repayments and that's now started going into savings instead.

Now all I have to do is keep saving so that someday I can get back into debt (mortgage).

 

[pinkmonkey]

Reduced debt by £23,800 this year

Still got more than that to go though

Blimey Chris - that's brilliant!

 

[moonsi til]

Reduced debt by £23,800 this year

Still got more than that to go though

Huge well done fella... It will soon be gone and then never again eh?

I'm kinda debt free. My BF owes me some money that is actually my overdraft and it will be sometime before he pays that back but none of it is mine.

I'm still not managing to save any cash though apart from £20 I put away for xmas each month. This is mostly due to me going on holiday/festivals a bit and each year I spend I think approx £5000 on this.

 

[Chester Copperpot]

I'm debt free!!!11!!!!1

I've got a nil balance on my credit card and the loans gone from my online banking screen. Yay!

 

[marty21]

I'm debt free!!!11!!!!1

I've got a nil balance on my credit card and the loans gone from my online banking screen. Yay!

good work, my debt has crept up lately to about a grand - which is managable, but I'd prefer to be without it.

 

[ChrisFilter]

Monthly repayments down to £600-odd from £1400. Which nice.

Total debt now down to a perfectly manageable £21k @ 3.5% APR (thanks to my parents).

 

[geminisnake]

Ace for both of you. Now DON'T DO IT AGAIN

 

[100% masahiko]

Great news Chris.
Is that £600 pm excluding mortgage now?

 

[ChrisFilter]

Yeah, that's £600pm for repaying loans. A lot more manageable than £1400!

 

[100% masahiko]

Well, that's a big difference to your lifestyle now.

I've not taken out credit cards or bank loans for a while now.
Feels great to rid that shit.

And stuff like this is just plain evil - http://www.loans4.co.uk/loan_news/news.php?item=905-More_people_taking_out_payday_loans