Debt Status Update: November 2019

Debt Status November 2019

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I often post my debt repayment status on Instagram, but forget to post it here. It’s something I should start doing to hold myself accountable. Of course, you can always see my progress via the debt-repayment progress bar (see right if you’re on desktop, or scroll down if you’re on a mobile). So, here’s my debt status in November 2019.

Total Debt

When I began this journey in June 2018, the total amount owing, in the form of credit cards, loans, car finance, mobile phones and an outstanding bill, was £20,605. Through Instagram, I’ve discovered that it’s not just me. For some reason, when you can afford the monthly repayments, you don’t always realise the full extent of the amount of money you owe until you add it up. And when you do, it’s a pretty scary feeling.

Which is why I decided there and then to do something about it. When you realise exactly how much money you’re wasting on credit repayments, interest, and slap-dash spending-cash on takeaways and things you don’t need, it’s soul-destroying. All that money that could have been saved for a future, or saved for a nice holiday for you and your kids, making memories that you won’t spend the next ten years or so paying for. 

Current Debt Status November 2019

17 months into this debt-free journey, I’ve paid back just over £8,000. 

My current debt amount is £12,297, just £300 off those first two digits reading £11k. This makes me feel so excited!

£8,000 paid off in just under 18 months is a huge achievement. Can you imagine paying back an £8,000 loan in 18 months? What about £5,000 in 18 months? No, I didn’t think so. 

I wanted to be debt-free within 2 years, but as my debt repayment speed slowed down, I don’t think that’s feasible. 

Average Debt Repayment Amount

Over 17 months, the average amount of debt repaid each month is £472.41. This is lower than I’d like, but I’m hoping it’ll increase over the next 12 months (Just imagine having that amount of spare money each month, and how fast savings would grow!).

I’m growing my business now that my youngest daughter is in school, which means big plans, lots of systems and big goals. 


Debt-Free Date Goal

My goal is to be debt-free by December 2020. It was July 2020, but I’ve had to be realistic. As a cancer survivor and someone who’s attended more funerals than I think fair (10 to be precise: 6 being close family, including 2 parents and 1 daughter), I believe that your health is the most important asset you’ve got.

If you don’t have your health, what have you got, really? 


Monthly Required Amount

This means with an outstanding amount of 12,297, I need to pay £1,024.75 per month. Sounds a lot, right? 

But if you consider monthly repayments, including minimum repayments, which are around £300-£400 per month, then I’m looking at finding an extra £600-£700 a month. 

If I can set myself a target income of £1,000 a month, I should clear that easily. 


Keep rooting for me. I can’t wait until I have no more debt shackled to me, and I can start making financial plans for the future. 

How’s your debt-free journey going? 

My Debt Status update 2019

About Author

Miss Penny Money is a personal finance blogger on a debt-free journey to financial independence, whilst juggling a writing career and bringing up a young family on a modest budget.

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