Tuesday, January 09, 2007

Don't need no credit card to ride this train

On the whole getting out of debt thing (which we all want to do) I'm still making progress. For those of you who don't come here often, don't think that this is just a post-New Year backlash, I actually started talking about this in October when I had £2,349.26 on my credit card.

Well since then my total is £1550.65 which means I've paid off £800 in less than 3 months which I'm very happy with. My interest free period on my creditcard runs out at the end of the month so I've just applied for another credit card from HSBC which has interest free balance transfers on it 'til April 2008! Of course I will have my debt paid off by then.

I'm going to transfer the £1500 (if I get approved for the card) and then pay off even more money. In fact I'll be able to pay off even more as I've also been putting away about £100 each month into my savings, and when the end of debt is quite near, I'll pay the last large amount in one go.

It all sounds good doesn't it? Hopefully there won't be too many surprises along the way, although the car needs an MOT in the next few weeks, which won't be good news.

2 comments:

Aravis said...

Congratulations on making such headway! I hope that nothing unforeseen happens, and that you effortlessly reach your goal.

J said...

That's great! I am in a similar situation, and have been toying with the idea of applying for a new card to do a balance transfer...but am afraid I would just use it to rack up more debt.