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How it all adds up…

Credit card 1 – £6176 (a couple of different interest rates, most of it is 0% until next year)

Credit Card 2 – £1489.06 (recently balance transferred – 0% for 39 months)

Loan – £9796.05 – will be paid off December 2020

Car finance – £1046 – final payment in July 2017

Total debt: £18480.11


The loan is obviously my biggest outgoing, and it’s starting to take its toll.  I originally had a loan with higher APR, and was then offered another loan with the same bank at a slightly lower APR which I took.  I paid off the existing loan.  I would like to think that as my credit rating improves, I will be able to get a lower APR loan again to bring down the total amount I’m paying.  It was originally a quick fix to get rid of loads of different credit cards – it was difficult to keep track and during my dark days it was hard to ensure I’d paid them all on time.  This debt costs more per month but it’s much easier for me to manage in terms of my bad days.