On my credit card I owe exactly £2,349.26, and the sooner I get rid of it the better. I initially put about £1,500 on my card in 2003 when I went travelling around Canada and didn?t have any savings and instead put everything on the card. I then put another £1,500 on my card when my bank took away my interest free overdraft (I still have an overdraft but not completely free) and so using a 0% balance transfer I put that on another credit card.
Altogether I?ve actually been very good, and not really put anything on my credit cards, but haven?t been able to shift the bulk of the debt. I?v been transferring my balance every 9 months or so so that I can keep 0% intrest which most companies offer. This way whatever I pay in is actually paying off some of my debt and not paying off interest. I?ve so far done this for 4 credit cards?. and I?m running out, or the companies are getting smarter and introducing fees to transer balances (usually around 2% or £50).
I would like to get rid of my debt with 9 months, which may sound a bit optimistic, and taking into account the £200 I?ve just paid I owe £2,149.26, that would mean paying just under £240 over 9 payments, which is entirely do-able. I may even try and pay a bit more and get rid of it sooner.
There?s no point in me trying to save if I?m always owing money to the bank. I think this is the best thing to do, and I may treat myself at Christmas instead as I was doing the Christmas Club at my old pub job and have at £250 saved with them, which is a bonus. I could get that back now but am not going to.
I need to stick to this.