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Original poster

Debt payoff 2026

105 replies

1AnotherOne · 27/12/2025 08:53

Morning all,

anyone want to join in a tackling debt for 2026 thread?

As of today I have £18.4k debt. I have paid off 26% of my debt this year to bring it to this total.

I have two loans (£260pm and £350pm) both of which will finish this year in February and August so that will free up a good amount.

My biggest problem is impulsive spending so I’ve created a section in my notes to write down what I want to buy. If I’m still thinking about it after 60 days I will allow myself to buy it.

Is it best to pay off each debt at a time or throw any spare money across each of them?

I also need to get out of my overdraft this year and start building up a good amount of savings.

What are your plans for tackling debt in 2026?

OP posts:
ByQuaintAzureWasp · 28/12/2025 11:29

Pay off the one with highest interest first

3luckystars · 28/12/2025 11:34

I’m always buying things too so will be trying your 60 day idea. Thank you for that.

Original poster
1AnotherOne · 28/12/2025 15:43

Sold some bits on Vinted the last couple of days so have £62 pending balance. I’ll pay this straight into one of my debts when it clears.

I’m working the next couple of days but on the 31st I’ll have a sort through some cupboards as I’ll be starting to take down the decorations anyway and see what else I can list.

OP posts:
mangomama91 · 28/12/2025 20:07

1AnotherOne · 28/12/2025 15:43

Sold some bits on Vinted the last couple of days so have £62 pending balance. I’ll pay this straight into one of my debts when it clears.

I’m working the next couple of days but on the 31st I’ll have a sort through some cupboards as I’ll be starting to take down the decorations anyway and see what else I can list.

That's amazing! And it's inspiring me to get more listed on vinted! A good idea to put it straight towards debt too!!

Mum2Fergus · 28/12/2025 20:27

1AnotherOne · 27/12/2025 08:53

Morning all,

anyone want to join in a tackling debt for 2026 thread?

As of today I have £18.4k debt. I have paid off 26% of my debt this year to bring it to this total.

I have two loans (£260pm and £350pm) both of which will finish this year in February and August so that will free up a good amount.

My biggest problem is impulsive spending so I’ve created a section in my notes to write down what I want to buy. If I’m still thinking about it after 60 days I will allow myself to buy it.

Is it best to pay off each debt at a time or throw any spare money across each of them?

I also need to get out of my overdraft this year and start building up a good amount of savings.

What are your plans for tackling debt in 2026?

I’d recommend you repay OD first off then tackle the debt.

grafittiartist · 28/12/2025 23:15

Can I join you please? 2026- I have to tackle it.

NooNooHead · 29/12/2025 11:24

I'm joining too please. £970 on one credit card and £200 on another. Am going to make an effort to save more too, even if it's only £30 a month.

herbetta · 29/12/2025 11:35

ForLoveNotMoney · 28/12/2025 08:13

Can I join please.

I started 2021 with £35,555!! Between then and the start of this year I got it down to £9k (£8k was inherited but I paid the rest of by myself as a single parent) My god was I proud!

This year I relaxed a bit and we had a couple of nice holidays, a fancy health club membership and I needed a new car so had to take out a new loan. The current balance is £12,294.74 to be precise.

I also had £350 on my credit card from Christmas spend but I had a selling spree yesterday and made enough to pay that off.

I am not a big spender as such, but we do love to eat out, coffees and cake etc and that really does add up quickly. I have cancelled the fancy health club membership too. We definitely got our monies worth last year but I can’t warrant that cost again for another year.

I have a lot of available credit too in the form of a large interest free graduate overdraft of £2.5k and two credit cards with about £15k available. I rarely use credit cards though so I’m not worried about those.

I may consider Monzo to as I’ve heard good things about it and my son is at an age where he needs to learn more about money (I am worried he is becoming a little spoilt and needs to learn the value of money and earning it) and showing him the pots and budgeting would be good.

If any of your available credit is interest-free (like your graduate account overdraft) then utilise it to either a) reduce amount paid for interest on other debt (and then overpay amount saved) or just take it and put it in a 4%+ savings account and use the money made!

Original poster
1AnotherOne · 29/12/2025 11:52

Welcome along!

had an email today confirming a refund of £500 for something I bought (impulsively!) but cancelled as the delivery was too long. The long delivery was a blessing in disguise as I realised it’s something I probably won’t use much.

I’ll pop that into my savings when it comes in just to tide over the long January payday. If it’s still in there come February then I’ll add half to the debt funds.

OP posts:
Debtcrusher · 29/12/2025 15:20

Would you consider ‘Paying Yourself First’ by putting that half against debts now and keeping back the other half in savings in case you run out of money by the end of the month… otherwise, it may just get spent, however good our intentions.

Original poster
1AnotherOne · 29/12/2025 20:48

Debtcrusher · 29/12/2025 15:20

Would you consider ‘Paying Yourself First’ by putting that half against debts now and keeping back the other half in savings in case you run out of money by the end of the month… otherwise, it may just get spent, however good our intentions.

That’s a great shout to be fair. Once my direct debits go out I’ll budget the rest of my pay check.

OP posts:
mangomama91 · 30/12/2025 19:24

Sold a few items on vinted. Not a huge amount but £12 in my pending which can go towards clearing some debt. Hopefully I can sell some more before going back to work next week! Good to have a declutter at the same time!
How is everyone else doing?

Original poster
1AnotherOne · 31/12/2025 09:14

mangomama91 · 30/12/2025 19:24

Sold a few items on vinted. Not a huge amount but £12 in my pending which can go towards clearing some debt. Hopefully I can sell some more before going back to work next week! Good to have a declutter at the same time!
How is everyone else doing?

That’s brilliant! My Vinted balance has been going up. I’m going to wait until the payments hit before withdrawing and I’ll move it to one of my debts.

I need to list some more bits soon.

I’ve been making an active effort to unsubscribe from any emails coming through - the sales are very tempting but there’s nothing I need. I do have some Zara vouchers so will have a little look on there sometime.

OP posts:
GRCP · 31/12/2025 09:16

Can I join?
We have £3.5k in savings and £7k debt. I want to clear the debt this year and build the savings, whilst getting a few small bits of the house fixed and then this time next year want to be looking at overpaying on the mortgage.

GRCP · 31/12/2025 09:22

I think I’m going to do a no spend Jan and a take away ban for Jan.

Bhbhhnhnvvghk · 31/12/2025 09:53

Just sharing this one …. I know it’s not the new year yet but I was paid today so I have paid off and closed this account so I’m not tempted to re draw . This was an annoying one as the minimum amount was £50 every month… and even though it was only a few hundred, the interest made it seem I was never getting anywhere….. also I like to think that I’m a fairly switched on person, but this was very much advised as an overdraft that you can use anytime , but has since been explained that it was actually a payday loan type company and affecting my credit score as such . Anyway the thing is gone now. First chunk done ✔️

Debt payoff 2026
Bhbhhnhnvvghk · 31/12/2025 09:59

FYI don’t leave more then you are willing to lose in your Vinted account… they can suspend your account at anytime if a seller complains (especially if the seller announces that the item is fake) leaving you in an annoying situation and the buyer with a free item .
there is a facebook page that flags up lots of scams on Vinted- I joined after losing nearly £90 . Luckily my bank got it back after several months…. But I now limit any purchases to under £10 (ie money I can afford to lose if it goes wrong )

GRCP · 31/12/2025 10:09

I’m considering Vinted again - have a few bits to list. I’ve made a bit on there in the past but feels like a pound here and there isn’t worth it. Maybe I’ll list a few bits and see how it goes.

BackyardBanshee · 31/12/2025 10:29

Wow @1AnotherOneOP, I really appreciate your frankness. Very well done on clearing over 1/4 of your debt.

The monthly sums are similar to mine. I’m so ashamed. Three loans plus a car, living on one credit card which I pay off every month. Avoiding overdraft on the whole.

It may not look like it, but progress is being made. I don’t have mortgage payments so I try to think of the loans as a monthly mortgage payment, but I am really ashamed. One of the major expenses has been taking over my parents’ holiday home which has incurred expenses. I can’t rent it out yet.

My plan is to keep the steady payments and as soon as one loan is down, to move my car payments to a loan as they are very high % interest and PCP.

I have taken on more work and also maximising my salary every month by “holding” it in a higher interest account (Revolut savings at 3%) and transferring my direct debits at the right time of the month from a cashback current account. I figure those pennies add up to something!

This is such a good thread. Good luck, everyone on here.

BackyardBanshee · 31/12/2025 10:32

Bhbhhnhnvvghk · 31/12/2025 09:53

Just sharing this one …. I know it’s not the new year yet but I was paid today so I have paid off and closed this account so I’m not tempted to re draw . This was an annoying one as the minimum amount was £50 every month… and even though it was only a few hundred, the interest made it seem I was never getting anywhere….. also I like to think that I’m a fairly switched on person, but this was very much advised as an overdraft that you can use anytime , but has since been explained that it was actually a payday loan type company and affecting my credit score as such . Anyway the thing is gone now. First chunk done ✔️

👏👏👏 Just wanted to say well done! Paid off before the year has even started!

littlebrownfox · 31/12/2025 11:09

Please can I join too. I am really good not spending on credit card then as soon as I slip up I spiral and think what’s another £50, another £50 etc etc etc. I hate my children to miss out on- I spend £600 a month on debt - what I could do with that money 😢

Original poster
1AnotherOne · 31/12/2025 12:19

GRCP · 31/12/2025 09:22

I think I’m going to do a no spend Jan and a take away ban for Jan.

Yes that’s my plan too! We have definitely cut back on our takeaways this last year. Meal planning really helps

OP posts:
Original poster
1AnotherOne · 31/12/2025 12:20

Bhbhhnhnvvghk · 31/12/2025 09:53

Just sharing this one …. I know it’s not the new year yet but I was paid today so I have paid off and closed this account so I’m not tempted to re draw . This was an annoying one as the minimum amount was £50 every month… and even though it was only a few hundred, the interest made it seem I was never getting anywhere….. also I like to think that I’m a fairly switched on person, but this was very much advised as an overdraft that you can use anytime , but has since been explained that it was actually a payday loan type company and affecting my credit score as such . Anyway the thing is gone now. First chunk done ✔️

That’s fantastic - what a relief!

OP posts:
Original poster
1AnotherOne · 31/12/2025 13:33

Received £800 today from side hustle and a return. I’ve put £200 straight to debts and will keep the rest aside for once my January direct debits come out and I budget the month. Hoping to throw a bit more at it soon! One card only has £100 left on it so I’m very tempted to pay that off and close the account.

OP posts:
Ohsoverytired11 · 04/01/2026 08:27

4th jan and so far no unneccessary spends... came close last night when i decided new leggings would be really important, but resisted! And they dont seem very important this morning!