New 18-month target: debt-free by Jun 2010

(update, 30/6/09): I've made some progress since December)

Right now (Friday 19 December 2009) I'm £14,396.89 in debt.

Although this sounds scary, I'm quite optimistic. Slowly, over the last 6 months or so, I've been consolidating my debt from various credit cards and now I have a very simple financial situation:

Account	Balance 19/12/2008
Graduate loan (from bank)	-£2,319.95
Credit card #1 (paid monthly in full)	-£1,229.82
Credit card #2 (0% until May 2009, not paying off)	-£10,377.00
Current account	-£470.12
Total	-£14,396.89

I've decided that the thing to do is to set some very specific and measurable targets for clearing my debt. Overall I want to be debt-free by June 2010, in some 18 months. More specifically, the targets are:

Debt reduction targets	Monthly payment
1. Repay graduate loan by end of May 2009
1a. Repay by 31 Jan:	£500.00
1b. Repay by 28 Feb:	£500.00
1c. Repay by 31 Mar:	£500.00
1d. Repay by 30 Apr:	£500.00
1e. Repay by 31 May:	£319.95
2. Repay credit card #2 by end of May 2010
per month May 09 - May 10	£864.75

I'm really excited about this, and I'm going to write more soon about (a) how I got into this situation and what I could have done to prevent it and (b) what I'm going to change in my life to achieve these goals.

It's going to be an interesting and challenging journey, but I'll get there whatever happens.

Comments

[arizona bankruptcy lawyer]

Congrats on setting a goal. I hope there are no obstacles to making it happen.

[Michelle Boudreau]

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