Are you “debt free”....?

If only! Best there is is 5% on 2.5k but only for one year and you can never get it again if you’ve used it and 3% on 1.5k. Not much else :man_shrugging:

1 Like

I get 3% on my student current account up to £2k probably as an incentive to not go into the 0 interest overdraft :money_mouth_face:

I’m reading though everyones post and never felt going uni would help me reach my goals, I’m 23 and last year started my own business from taking out an 13k loan followed by another 7k the business worked was making 4k a month part time and kept my current job as I love it, but when splitting up with my partner then her kicking me out and stopping me see my son ended up really depressed and stopped what I was doing putting myself in a deep hole im now struggling to pay it all off but hey it’s a life lesson, now iv got my own ebay shop making £400 a month but going to expand when I’m debt-free in 6 months as cant afford to expand I only sell 4 different items lol

3 Likes

What kind of site hustles

A bit of buying and selling Web domains and alot of renovating a couple of houses we’ve lived in the last 4 years.

2 Likes

No unsecured loans - never had one. I’m using the CC as a charge card i.e repaid in full at the end of the month. That’s reaping the benefits, for there are a few, with no interest. The banks may not like it, but I don’t like to be treated as an asset on a balance sheet.

Still not mortgage free, but maximising the overpayments took more than a decade off the payment schedule since those payments went 100% towards equity. Any extra savings/investments besides the emergency funds happen after running out of overpayment allowance.

I am aware that investing that money may yield a better return than having to pay relatively low interest on my mortgage, but when the choice is between being leveraged and the piece of mind of going mortgage free - the piece of mind wins every time.

6 Likes

So this isn’t stepchange’s number or site and should be avoided. Quite why you’d feel the need to prey on people in dire straits is beyond me.

7 Likes

A post was merged into an existing topic: Removed March 2020

I am in my late 20s, no morgage, no credit card, didn’t go to uni, got a decent paying job in software engineering.
Happily debt free until I get a morgage.

1 Like

My only Debt is my Mortgage, before all this Coronavirus stuff kicked off my Freetrade account held enough to pay it off, now I’m a few grand short :open_mouth:

I’m interested to know more about this.