1 year challenge to clear debts

(103 Posts)
IwanabeDebtFREE Thu 08-Nov-12 12:02:33

I owe 25K on a mixture of credit cards and an overdaft. I want to clear this in one year.

I have started some changes, food shopping/packed lunches which will save me at least 4000 alone.

I have listed out the debts with highest interest rate ones to be tackled first and am going to use snowball technique.

I am owed some PPI which I will repay debt with.

I have surrendered an insurance policy this morning which is uneccesary which I can get 4000 for

Going to Ebay and sell gold.

wish me luck the challenge begins and anyone else wish to join me welcome

Mum2Fergus Sat 26-Jan-13 18:58:37

Hi Trinity...Id definitely target anything interest bearing first...and maybe then the CC, you want rid of that before interest kicks in...

Ikeameatballs Sat 26-Jan-13 19:20:01

How can I work out what to do about my car finance? I have worked out that approx £60/month of the repayment is interest. Will I be better off trying to pay it off with a credit card on a 0% deal and then hoping that each time I need to switch I can do so onto another 0%? How will I work out costs on that if I assume I need to pay 3% each time I switch card deals ???? [head explodes confused

createacard Fri 01-Feb-13 18:44:32

Hi everyone, I am new to mumsnet so just take a browse around the site. What a great thread this one is. I too have some debts I would like to clear. I use my bike when ever I can, although I'm limited a bit as I live out in a village. I use my woodburner as much as possible in place of my heating and I also have one of those monitors that tells you how much electricity you use and I make sure everything is switched off before I go to bed. I have three ventures up and running, one is with an online greetings card company called SendOutCards which I have enjoyed doing for a year now and recently with Fm perfumes and cosmetics. I also had a friend of mine show me last summer an opportunity with Banners Broker. If my spread sheet is correct I will be debt free by the summer, after that I intend to overpay on my mortgate. In the meantime I will stay fit using my bike.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now