let the games begin…

April 2012: Full amount of debt which I owe = £20,103.23 – say what?!?!

April 2012

  1. overdraft 1 = £850.00
  2. overdraft 2 = £500.00
  3. friend’s loan = £500.00
  4. CC1 = £2,666.87 (21.9% APR)
  5. CC2 = £4,891.11 (16.79% APR)
  6. CC3 = £7,645.40 (15.75% APR)
  7. Loan = £4,399.85 (8% APR) – note, it was more than this, but I cannot remember exact amount
    – then fight to claw back what’s rightfully mine began – 

May 2012

  1. overdraft 1 = £850.00 : new balance = £0.00 (due to windfall)
  2. overdraft 2 = £500.00 : new balance = £0.00 (due to windfall)
  3. friend’s loan = £500.00 : new balance = £0.00 (due to windfall)
  4. CC1 = £2,666.87 : new balance = £0.00 (due to windfall)
  5. CC2 = £4,891.11new balance = £1,715.66 (due to windfall)
  6. CC3 = £7,645.40new balance = £7,568.63 (minimum payment)
  7. Loan = £4,399.85new balance = £4,223.49 (5-year fixed loan)

– let’s make some history, and start snowballing/snowflaking these suckers –

June 2012

  • CC2 = £ 1,715.66 : new balance = £953.56
  • CC3 = £7,568.63 : new balance = £7,499.09
  • Loan = £4,223.49 : new balance = £4,223.49

So there you have it, people.  In April I was £20,103.23 in debt.   However, by June I’ve managed to reduce it to £12,676.14

It hasn’t been easy!  A lot of ‘good’ money went through my fingers via windfalls, to reduce my debt, which makes me feel physically sick just thinking about it.  However, I had to use that money – much that it burns me to say it – so that I can crack on and be debt-free as quickly as possible.

Each month I’ll keep you up-to-date on how I’m doing.  However right now, I’m literally killing CC2 by snowballing/snowflakes, and I’m aiming to start killing the big CC3 with my July paycheck.  I’m starting with the highest interest first and working my way down.

It’s not pretty.  I never said it would be.  However, let the games begin, and I hope to God that I win this almighty battle.  Let’s knock this sucker out!

We need a revolution people – let’s go get it!

  1. Looks like you have already been progressing towards your goal very sweetly! Cut almost in half is great, congrats! It just gets easier!

  2. Woah that’s AWESOME! I’m absolutely amazed by your progress! I hope I can pick up speed like that, soon!

  3. Hi and thanks guys. It was made easy due to my windfalls (luckily I had shares to sell and also a compensation windfall came – if it wasn’t for those it would be an uphill struggle). It’s really starting now, and it’s up to me to really concentrate and crack this – without any distractions. I have been invited to a wedding in India this fall, which was announced yesterday. I really want to go, however realistically, can I? This will be vital money I would be using. I really do not know (unless I budget this amount – let’s see).

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