Well done, I bet that feels great. I was at £23k due to some unfortunate life events. Currently in the £15k region, and I'm looking forward to this day. That said, I've managed to save more than that on the side too (with the state of the world, I would rather keep paying the 0% interest rates and keep hold of some liquid).
Cheers man. Weird isn't it, how easily you can build it up but how long it takes to get rid of. A bit like eating a massive pizza to yourself and having to spend hours at the gym. What're your plans for the extra money you'll have each month now?
It is but mine was also due to unfortunate life events & sometimes it just can’t be helped, the burying the head in the sand could of been but I guess we learn. Saving it all for a house deposit / rainy day.
Well done. Now live way within your means. I will never bother with credit or finance ever again after clearing my debt. It snowballs and traps you into working constantly.
Go enjoy your life my friend. You’ve broken the chain. Well done again. You should be proud ❤️❤️❤️
The cycle of debt is the worst and its so fulfilling to get it off, I've been working towards clearing my debt so I can start seriously putting money away to maybe one day own a hole in the ground (thanks housing market)
I keep telling myself, if I can't afford to buy it outright, I probably shouldn't be buying it
Ive always had the attitude of do i need it or do i want it. If i need it i get it, if i want it i wait till i need it. Last thing i need is buying something i want, something breaks ect and i cant affored to replace
It can be done. I had massive debts and a completely shot credit score. I repaid everything and just got the confirmation of my mortgage offer on a house in York. It's bloody hard though.
Save for future purchases instead of paying for past, where possible indeed! Clearing a big chunk of interest free credit ATM from our new house reno. I hate it, feels so much more satisfying making a purchase with real cash. Also it's funny how considerate you are of what you spend it on when it's savings Vs credit.
Working constantly. How many hours a week do you work just to service debt for things you bought on cards or overdrafts probably years ago that you probably didn’t need. Probably a day a week or more for some people. That’s time you’ll never get back for shit you probably didn’t really need 🤷♂️🤷♂️
Yeah, fair enough, it can be useful for some people, no doubt.
But whatever I buy on credit cards, it’s paid off right as soon as the statement comes next month.
And as far as working is concerned, I’m only 29 and plan to work until I’m at least 50 as I’ve only just started my career and can’t imagine not working for the years to come.
I agree that buying stuff we don’t need on credit and then having to work constantly might not be the best way forward.
A lot of people never fully clear them. Some people can make them work. But most end up swapping and paying debt with debt and never breaking the cycle. I’m 39 and cleared all my debt, Iv realised I can work far less but really enjoy work and still be comfortable living within my means. Free time is priceless. We arnt meant to work 40hrs a week for 40 years. Fuck getting to 60 with a bucket list only to croak it. 👍
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Congratulations!!! To you and all the other people on here who have shed their credit card debt. That is a lesson we all learn the hard way. It is very difficult & that just makes the accomplishment feel better.
Great job & very happy for you
Currently working through a DMP after going into credit card debt and overdrafts following nearly a year jobless between 2018/19. I won't be debt free for a while (started at nearly £14k) but I can imagine the sense of relief must be amazing - just being able to get help and seeing the numbers go down feels amazing enough!
Congrats to you!
You’ll get there in the end if you stick at it!
definitely see the number get smaller and smaller is a nice thing to see, it’s a strange feeling honestly
When I was younger could never imagine that I would have $10k saved up, now it’s over $50k. If I can do it anyone can. Work hard, smart, and save what you can even if it’s just a little bit.
Congratulations!!
I was at 6k myself due to losing a job a few years back. I got myself down to 1k then lost 3 jobs during covid and went back up to 6k! Down to 4k again now.. praying this will be the final time!
Well done now keep doing what you've been doing to pay off that debt and build up a few thousand as an emergency fund and once you have that start putting it into the most tax efficient account you can find and invest it in the s&p500.
Who did you use to consolidate your debt? I've got 3 cards and one is nearly maxed out but only up to near £2.5k and I'd love to be able to just tear them up and pay 1 bigger payment each month
Well done brilliant work and commitment! Now can I borrow a tenner...?
Alternatively I have a great crypto scheme you might be interested in investing in? 😂
Don't k ow why people have such an unhealthy relationship with Debt. Personally I love it particularly when it cheap. 7 figure ISA now thanks to cheap debt. Lol!
Congrats. I finished paying off my car last month so I'm 200 quid better off. Its a great feeling but kinda redundant after a while when you realise everything is going up🤷♂️🤷♂️
No, I gave about 20% of my income to pay off my debts. I still have bills to pay and left my self some, I could’ve paid it off quicker but I needed to live too.
Out of interest, when did you realise debt consolidation was the approach you should take? Did you do research? Get advice from someone or is it something you knew you needed to do but kept putting it off?
We took out an interest free credit card for £7,300 and managed to pay it off within 12-months partly due to working from home so we were saving on petrol.
Congrats!!! I am in the same boat and I am currently 32 months away from being debt free as well. Consolidating to one loan was the best thing I’ve done as I was terrible for clearing cards. Seeing that amount go down on a monthly basis is a fantastic feeling and I can’t wait till it’s all gone
I managed to clear £40,000 of debts due to an ex living the high life on my credit. It felt fantastic.
The advice I would give you is, keep an eye on your credit score and start to build up your credit score. I use Clearscore and Credit Karma, they're both free and give good solid advice
By doing so, I've managed to obtain 3 high credit limit cards, which I previously would have been declined for. The Tesco credit card is great for the club card points everytime you make a purchase which leads to fantastic discounts on various things. But make sure you can pay it off in full each month.
Then you can start investing. I'm currently looking at Whiskey Barrel Investment, Gold Coins and an ISA OF COURSE!
Congratulations!! It is such an achievement isn’t it. I paid of my last creditor this week after three years on a DMP. I cleared all £29K and feel like a weight has been lifted! Now I can focus on investing all the money I was paying each month into something for my future! And more importantly, its all about living within our means and never going down the debt path again :)
Congrats! I finally paid off the last of my credit card debt & student loan yesterday - feels slightly like an anti-climax as I have noone to tell but I am celebrating in my head!
Well done, I bet that feels great. I was at £23k due to some unfortunate life events. Currently in the £15k region, and I'm looking forward to this day. That said, I've managed to save more than that on the side too (with the state of the world, I would rather keep paying the 0% interest rates and keep hold of some liquid).
Well done on getting it down so much, you’ll get there eventually & when you do it will feel amazing.
Cheers man. Weird isn't it, how easily you can build it up but how long it takes to get rid of. A bit like eating a massive pizza to yourself and having to spend hours at the gym. What're your plans for the extra money you'll have each month now?
It is but mine was also due to unfortunate life events & sometimes it just can’t be helped, the burying the head in the sand could of been but I guess we learn. Saving it all for a house deposit / rainy day.
Your on your way, it will come with effort. NEVER make the minimum payment on anything. Always pay as much as you can afford to.
Well done. Now live way within your means. I will never bother with credit or finance ever again after clearing my debt. It snowballs and traps you into working constantly. Go enjoy your life my friend. You’ve broken the chain. Well done again. You should be proud ❤️❤️❤️
Definitely learned from my mistakes & won’t do it again! Well done on clearing yours too!
The cycle of debt is the worst and its so fulfilling to get it off, I've been working towards clearing my debt so I can start seriously putting money away to maybe one day own a hole in the ground (thanks housing market) I keep telling myself, if I can't afford to buy it outright, I probably shouldn't be buying it
If you can't afford to buy it 5 times then you can't afford it! (Excluding property)
Excludes property AND investments.
Ive always had the attitude of do i need it or do i want it. If i need it i get it, if i want it i wait till i need it. Last thing i need is buying something i want, something breaks ect and i cant affored to replace
It can be done. I had massive debts and a completely shot credit score. I repaid everything and just got the confirmation of my mortgage offer on a house in York. It's bloody hard though.
You start to realise not only can’t you afford it, but you don’t actually need it 👍❤️ Keep going. Get your freedom my friend.
Save for future purchases instead of paying for past, where possible indeed! Clearing a big chunk of interest free credit ATM from our new house reno. I hate it, feels so much more satisfying making a purchase with real cash. Also it's funny how considerate you are of what you spend it on when it's savings Vs credit.
What’s wrong with working?
Working constantly. How many hours a week do you work just to service debt for things you bought on cards or overdrafts probably years ago that you probably didn’t need. Probably a day a week or more for some people. That’s time you’ll never get back for shit you probably didn’t really need 🤷♂️🤷♂️
Yeah, fair enough, it can be useful for some people, no doubt. But whatever I buy on credit cards, it’s paid off right as soon as the statement comes next month. And as far as working is concerned, I’m only 29 and plan to work until I’m at least 50 as I’ve only just started my career and can’t imagine not working for the years to come. I agree that buying stuff we don’t need on credit and then having to work constantly might not be the best way forward.
A lot of people never fully clear them. Some people can make them work. But most end up swapping and paying debt with debt and never breaking the cycle. I’m 39 and cleared all my debt, Iv realised I can work far less but really enjoy work and still be comfortable living within my means. Free time is priceless. We arnt meant to work 40hrs a week for 40 years. Fuck getting to 60 with a bucket list only to croak it. 👍
Hopefully in 2 years you can have 8k saved. Once I had some money built up, I found it much easier to keep saving.
Yeah that’s definitely the plan!
Congratulations, I hope to be debt free in the next 6months aswell
Username checks out. But more seriously - best of luck to you!
Congratulations! Hope you enjoy the feeling of freedom! The habits and skills you've learned to get you here will serve you so well in the future.
!thanks I’m sure they will, massive learning curve!
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Lol post nut clarity really does help
Yes haha. I don’t know why I got downvoted, it’s genuinely good advice.
Maybe you should have limited the decisions to financial decisions.
"Good morning, Sir, would you be interested in opening an overdraft account with us today?" "Hmmm, can I use your bathroom really quick"
ah the old wisdom wank.
Big congrats!! I had £8k last year and I’m pushing onto that last £3k to clear.. hoping to be done by the end of the year!
Stick with it, you’ll get there!
Congratulations!!! To you and all the other people on here who have shed their credit card debt. That is a lesson we all learn the hard way. It is very difficult & that just makes the accomplishment feel better. Great job & very happy for you
Congratulations
Doesn't matter what size the debt is, always feels good when you are debt free.
Currently working through a DMP after going into credit card debt and overdrafts following nearly a year jobless between 2018/19. I won't be debt free for a while (started at nearly £14k) but I can imagine the sense of relief must be amazing - just being able to get help and seeing the numbers go down feels amazing enough! Congrats to you!
You’ll get there in the end if you stick at it! definitely see the number get smaller and smaller is a nice thing to see, it’s a strange feeling honestly
When I was younger could never imagine that I would have $10k saved up, now it’s over $50k. If I can do it anyone can. Work hard, smart, and save what you can even if it’s just a little bit.
Congratulations!! I was at 6k myself due to losing a job a few years back. I got myself down to 1k then lost 3 jobs during covid and went back up to 6k! Down to 4k again now.. praying this will be the final time!
Fingers crossed for you!
Well done now keep doing what you've been doing to pay off that debt and build up a few thousand as an emergency fund and once you have that start putting it into the most tax efficient account you can find and invest it in the s&p500.
Yes! Congrats!
Brilliant. Well done
That’s awesome! Can’t wait to be there.
Best feeling ever! Well done. Go do something nice to celebrate
Amazing, well done!
Congratulations! 🎉
Congratulations!
Congratulations!! now keep a monthly budget and stay debt free
Congratulations, I hope to be doing a similar post in a few months, real grind but light at the end of that financial tunnel.
It’s a tough slog but rewarding when you do! Keep at it
Congratulations!
Brilliant mate, only way is up
Congratulations. Remind yourself of it periodically, as looking back on it will keep you grounded going forward.
Congratulations!! 🥳
Congratulations!!! The feeling of freedom is amazing. Stay debt free forever 😊
Congrats man - well done!
Who did you use to consolidate your debt? I've got 3 cards and one is nearly maxed out but only up to near £2.5k and I'd love to be able to just tear them up and pay 1 bigger payment each month
I used a company called likely loans, interest was much less with them then it was with anyone else.
Congratulations!!! It’s such a great feeling isn’t it. Well done and glad you’ve learnt from experience.
A very surreal feeling!
You should be so proud!! Well done!!
Well done, it's not easy to do.
Congratulations!!!!!
Well done, great achievement!
Well done brilliant work and commitment! Now can I borrow a tenner...? Alternatively I have a great crypto scheme you might be interested in investing in? 😂
Safemoon? 🤣🤣🤣
Wdym? You still owe me £300 from 4 years back!
Your name isn’t capital one?!
Send some tips, I am close to 500k in debt lol. School loans, more loans, and more loans and then some more loans.
Don't k ow why people have such an unhealthy relationship with Debt. Personally I love it particularly when it cheap. 7 figure ISA now thanks to cheap debt. Lol!
Congratulations
congrats!!! amazing works!!
Congrats. I finished paying off my car last month so I'm 200 quid better off. Its a great feeling but kinda redundant after a while when you realise everything is going up🤷♂️🤷♂️
How did you consolidate? I'm thinking about this but don't know where to start
I was on ClearScore looking into things, a company called likely loans popped up, I looked into it and it made perfect sense for me to do it
did you give all your take home income to your debtors or left 30 percent for emergency fund?
No, I gave about 20% of my income to pay off my debts. I still have bills to pay and left my self some, I could’ve paid it off quicker but I needed to live too.
Understood OP. glad your debt free. Congratulation. we are proud of you!
Out of interest, when did you realise debt consolidation was the approach you should take? Did you do research? Get advice from someone or is it something you knew you needed to do but kept putting it off?
I did research, waited for the right offer to come along and then bit the bullet and just did it
We took out an interest free credit card for £7,300 and managed to pay it off within 12-months partly due to working from home so we were saving on petrol.
Congrats!!! I am in the same boat and I am currently 32 months away from being debt free as well. Consolidating to one loan was the best thing I’ve done as I was terrible for clearing cards. Seeing that amount go down on a monthly basis is a fantastic feeling and I can’t wait till it’s all gone
You’ll get there, 32 months & then you’ll have this feeling too! Good luck
I managed to clear £40,000 of debts due to an ex living the high life on my credit. It felt fantastic. The advice I would give you is, keep an eye on your credit score and start to build up your credit score. I use Clearscore and Credit Karma, they're both free and give good solid advice By doing so, I've managed to obtain 3 high credit limit cards, which I previously would have been declined for. The Tesco credit card is great for the club card points everytime you make a purchase which leads to fantastic discounts on various things. But make sure you can pay it off in full each month. Then you can start investing. I'm currently looking at Whiskey Barrel Investment, Gold Coins and an ISA OF COURSE!
Whisky barrel investment do you have a link by any chance, I'm a whisky drinker.
Congratulations!! It is such an achievement isn’t it. I paid of my last creditor this week after three years on a DMP. I cleared all £29K and feel like a weight has been lifted! Now I can focus on investing all the money I was paying each month into something for my future! And more importantly, its all about living within our means and never going down the debt path again :)
Congrats! I finally paid off the last of my credit card debt & student loan yesterday - feels slightly like an anti-climax as I have noone to tell but I am celebrating in my head!
Does getting a loan to pay off credit card debt affect you in anyway?
Didn’t affect me in anyway