I am feeling super happy this week! We sorted out some small debts over the past few days! whoop! We are £1700 closer to debt freedom! We are literally busting debt!
We decided to focus our efforts on the myriad small debts we had lying around rather than throwing it all at a single debt. there were a few reasons for doing this:
There is nothing better than busting debt! Being able to strike something off you to-do list! Being able to strike off a few at once is even better!
A lot of our larger debts are actually defaulted so they are not accruing interest, however by adding up all our individual cards (which have a high APR) these total about £80 per month in minimum payments alone.
We don’t want to borrow money, we don’t want to owe anyone. By getting rid of the credit cards we are perpetuating our mindset that borrowing is not for us! not only have we paid them off but we are cancelling them too! (why do they always ma,e you wait a month before you can close them?!!)
credit report! I don’t know -credit reports are things that only genies and Experien understand but I would think that by reducing our available borrowing that would be a good thing? right? 🙂
Next month our focus is on some of the defaults we still need to work on and Mr CR’s student loan! Eek!
Feeling good right now! Hoping with all our debt busting we’ll keep on track for debt freedom in May 2015 – keep your fingers crossed for us! 🙂
What debt busting are you proud of so far in 2015?
This blog post is part of the Financially Savvy Saturdays link-up party hosted by Mel at Brokegirlrich! Follow the link below to find out more and to add your own blog post to the link-up party! 🙂
Image: used under Creative Commons License – from TaxRebate.org.uk (via Images-of-Money flickr)