Debt

» By Patsy | the 02-07-2012 at 18:38 | 24 views (16 unique) | 1 comment | Report post!

I have one debt at the moment. It’s a bank loan I have been paying off for years and my last ever payment on it is in April this year. Only three more instalments and it’s gone. I can’t tell you how good the thought alone is. I have cleared a huge credit card, huge overdraft and another loan in the last year and when April ends and this one has gone I will be debt free. At the moment I use my credit card to pay my rent every month but I clear the full balance every month. I do this for two reasons, firstly to collect points that give me money back in the form of Marks and Spencer vouchers but more importantly I do it because I was told that using a credit card and clearing the balance every month should help to start improving my credit rating. I have to do something, it’s currently terrible. I hope I never get into debt again. I don’t intend to, ever. I am now working hard at saving money and ensuring I have a safe net and a deposit on a house for the future.