Published on January 1st, 2016 | by Pete0
January 2016 Update
Happy New Year! Well, how are we all? Life here at MoneySuperstar Towers is pretty much the same, apart from being a year closer to debt freedom that is! I’ve shaken off the New Year hangover, and am starting the process of getting myself organised to crack on with more debt destruction in 2016. The good news is that there was a bit of a flourish at the end of 2015, when I had a bit of a windfall (which I may write a post about at some point) which meant I had some money available to pay off my Barclaycard. That debt is now gone, so by way of update, I am left with the following debts to see to:
- Halifax Credit Card – £3,515
- Nationwide Loan – £674.82
- Next Store Card – £180.16
- Current Account Overdraft – £2,300
- Student Loan – £4,604.03
Because I’ve now paid off my Barclaycard credit card, I can now use the £85 I was putting towards that to increase my payment to my Halifax card to £130. The Nationwide loan finishes in May this year anyway, and then another £136 will be freed up to put towards the Halifax credit card. Once the loan and the Halifax credit card are paid off, the Next store card will be next, and then I can turn my attention to getting back to black by paying off my overdraft. The student loan comes straight out of my pay so will be paid off in the long run anyway, without much attention needed from me. Progress is ongoing.
Let’s get down to the figures. At the end of December, my debt stood at £11,448.31. After my January payments, my total debt will be £11,007.13. That’s a very pleasing £441.18 off the debt, and this is steady progress. Also, as a special treat, and to celebrate the fact that MoneySuperstar is five years old today, I thought I would check to see how much debt I have repaid in total over that time. The total is…£14,816.63. Crazy, but still some way to go.
2016 is calling, let’s not disappoint it…