Welcome to No More Spending; how we manage our budget as we attempt to pay off our mortgage early, move abroad, and reach Financial Freedom by 2020. You can read more about this site here and subscribe to get all the latest updates sent to you by email or RSS feed here.  Thank you for visiting!

18 February 2009

Throwing a snowball at my debt

I've paid February's snowball of £500 and this leaves me with a debt total of £10,827. I've updated my sidebars and I'm now over 75% of the way there. Yay!!


This time next month I will pay off the last of my No1 loan. This loan is a consolidation loan taken at a time when I thought consolidating all my credit card debt into one monthly payment was a good option. It wasn't! I just ran the cards up again.


If you're considering consolidating your debt payments, cancelling your credit cards will not necessarily stop you using them again. I cancelled mine and just got new ones. It's all about mindset. Unless you are 200% confident that you will not run up a credit balance ever again, then I wouldn't recommend consolidating. Just stick to your debt repayment plan and clear the debt from where it is now.

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7 comments:

  1. great progress for you! congrats & keep it up
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  2. That's so great! You're so close to under 10K now - exciting!
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  3. I couldn't agree with you more about debt consolidation!! I did the same dang thing - more than once! You'd think I'd learn.... actually I did. I would never do that again. You are right, just stay the course and stick to your plan - that's the way to go.
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  4. Hi there-excellent post, consolidations are trouble if you don't have the right mindset. Very well done indeed on the snowball, you are going great guns!!
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  5. Wow 75% there is awesome! Can't wait till we get there!
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  6. i agree with you about debt consolidation, it's not the answer, congrats on the debt reduction progress!
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  7. You are true about deb consolidation. We did that and dug even further into debt, again! (slap on the hand).

    Anyhow... congradulations are in order with Snowballing your debt and your debt balance moving ever so more to ZERO. :-)

    Great job!
    ReplyDelete

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