Is it possible to pay off £6k in debt in a year?

[primrosemunchkin]

Hi, i've name changed for this as I know people in rl on here.

I am in approx £6k of debt and would like to pay it off asap. Currently I am pating off £200 per month which covers the interest(just under £100ish a month) and a bit off the balance. I am soon starting an extra job which will allow me to pay off another £150ish a month. I have been trying to reduce my food bill to around £200 a month from £300/400 a month.

My childcare costs will stop at some point during next year as dc2 will start school next sept and then I can change my working hours to fit in with school hours so no childcare(yay!)

I have been thinking about trying to find some more work but with the new job in sept I will already have 2 jobs (about 25 hours a week) and look after 2 dc, so where i'd fit in another job I don't really know Once dc2 starts school I may be able to up my hours at my 1st job to earn more but would love to have paid off the debt before then.

I am planning on making things for some people for christmas to keep costs down. And I have a stash of kids presents bought whenever I find cheap bits so they will do for presents for parties etc as they come up.

And am aiming to ebay things and have a bootfair stall over the summer to de-clutter and raise some cash.

So, if I really put my mind to the debt then would it be possible to pay off? Has anyone else done this?

I suppose the basics are that I need to find £500 per month to pay off the debt plus a bit more for interest. I have already got £350 per month once the 2nd job starts.

Any ideas how I can raise another £150-200 a month with my 2 other jobs already?!!

£100 a month in interest seems a lot to me, what form is the debt in, credit card, loan?

its a credit card. The interest might not be that much, maybe £80ish but was giving a ball park figure

could you not transfer the balance to one with a lower apr? can you still get credit cards with zero apr as an introductory offer? more of your £200 a month would be coming off your debt then and not on the interest.

or get a personal loan.. the interest is added at the beginning and then you pay a set amount each montt. It means you can see your debt coming down month on month by the amt you pay not the amount you pay less interest

have just done an online loan calculator and paying off 6k over 1 year with tesco is in the region of £500 a month.

Have you thought of going on the Bank as a healthcare assistant at your local hospital. If you do a long night shift you could earn between £100-150 (before tax).

try the money saving expert website for ideas

I would definitely see if you can get a credit card with 0% on balance transfers - you'll have to pay a small fee to transfer and whatever you do DO NOT buy anything with that card - just use it so that you can pay off the debt without incurring any more interest.

See here for more help