Credit Card Balance - Nil. First time in many years.

Hedge

Hedge

Hedge

Soldato
Joined
18 Oct 2002
Posts
19,598
Location
Somewhere in the middle.
Just thought Id share my little buzz from finally looking at my Credit card and having it clear.

Ive been paying around 300 a month off it since November or so and its now cleared.

Got a 500 overdraft which Im gonna clear in the next 2 months. Then its time to turn my attention to saving for a house deposit.

Not long turned 28 and a foot on the housing market is my target by 30.

Its a good feeling! :D
 
Well Im not the best person to ask for "Not getting into debt" lol.

I have always been pretty crazy with money but this last 6 month Ive ensured Ive made big card payments because Im sick of it hanging over me .

The only advice Id give is simply account for your Phone, Car Insurance and Utilities etc within the first 3 days or so from payday. Then work out the minimum you can handle per week to spend. Leave yourself a bit of a buffer.

Then chuck a nice big lump payment onto your debt. If you are paying £50 a month interest try and aim for £250 at least.

You have to cut back on some fancy things but its worth it.
 
T345 said:
Sorry, to clarify, it's my parents I'm talking about, and it's 1300 not 13000
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Let them deal with that themselves :p
£1,300 is not a significant amount of debt for a healthy household.

Hedge said:
Just thought Id share my little buzz from finally looking at my Credit card and having it clear.

Ive been paying around 300 a month off it since November or so and its now cleared.

Got a 500 overdraft which Im gonna clear in the next 2 months. Then its time to turn my attention to saving for a house deposit.

Not long turned 28 and a foot on the housing market is my target by 30.

Its a good feeling! :D
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Camalot said:
Well done mate im about a year off.
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Well done guys! :)
 
Gotta be honest though guys. My mentality has improved a hell of a lot but I did make what is probably a daft decision...

I splashed out £300 quid on PC parts after paying my final £300 credit card payment this month.

I figured the key to me saving money has been my PC keeping me entertained on an evening. So I upgraded my monitor and PC case.

It probably should have went off my overdraft but I do still like a little bit of joy :D
 
T345 said:
Wow, I think it's a lot of debt? What is a very large amount of debt? (realistic)
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£1300 is very small debt for many people.

It can be cleared by anyone earning a reasonable wage in around 6 months. Thats not too bad.

Many people are looking at 7-10000 on cards and loans. Most of the cars you see driving about town are probably bought on a £10k loan.
 
T345 said:
Wow, I think it's a lot of debt? What is a very large amount of debt? (realistic)
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Before I sorted myself out, I was up to £18,000 including credit cards, loans and overdrafts.

As of this month it's down to less than £7,000, and will be paid off by July next year at the latest.
 
I could actually clear a £1,300 debt in about two months :o

Remember though, there's "Secured Debt" and "Unsecured Debt" which is more expensive.

"Secured Debt" is secured against a particular possession (usually a house) which means that you pay less interest because there's less of a risk to the lender.

For an average earning household, £15,000 or so would be considered a fair amount of debt.
 
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