My mother, who was £27,000 in debt, is now thousands better off thanks to a house hack
A mum has revealed how she managed to rake in thousands of pounds thanks to a simple home hack.
Jasmine started her journey to becoming debt free after reaching over £27,000 just before the summer of this year.
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Since then, she’s been doing her best to pay it off, discovering some clever hacks along the way.
Jasmine, known as @im_surthriving on TikTok has shared a number of videos on her social media page in an effort to help others pay off their debts as well.
In one particular video she captioned it: “My starting debt when I started this journey was over £27,000 and it’s crazy how much I’ve been able to pay off already.
“Hopefully I can pay off some debts next A few months and then focus on my car!”
READ MORE ABOUT MONEY SAVING MOTHERS
In the video she says: “I thought it was time to do a debt update.
“If you don’t know me, I started this journey just before the summer with debts worth £27,000 and I’ve really tried my best to pay it all off.
“I’ve already managed to pay off my £1,600 Monzo Flex, which was a huge relief as the money coming out of that was absolutely crazy.
“Next was paying off my PlayStation 5, which cost £540.”
The mother explained that she had bought the PlayStation with an Argos card, but had not paid it off for a whole year because she had lost the card.
She says: “The interest expired on September 17.
“I was able to pay that off this month, which I’m actually over the moon about, because I’m not going to lie, I’m trying not to panic too much. [but] That’s where I panicked.”
Jasmine decided to take part in one of the latest money-saving trends, the ‘no spend month’, which encourages people to stop all non-essential purchases for a set period of time.
She says: “So whatever money I had left from that, I literally bled into the PlayStation 5.”
Jasmine also sells old things from her house online.
She continues: “I then emptied my house and tried to sell as much as I could, but I’m not going to sit here and tell you I got the whole £540 of that.”
How to Pay Off Your Credit Card Debt Fast
By James Flanders, Consumer reporter
UK Finance reports that we spend a whopping £2 billion a month on our credit cards.
While that small piece of plastic makes everyday expenses easy, it comes at a huge cost.
According to The Money Charity, the average credit card debt is £2,485 per household or £1,312 per adult.
And if you’re stuck with a credit card with a high annual interest rate and only make the minimum payments, you could be forking out hundreds of dollars more in interest charges.
For example, if you owe £1,312 on your credit card and you’re charged a 24.8% APR.
If you stop making any transactions and pay £100 a month in repayments, you’ll pay off the card by September 2025, but at £207 in interest.
However, if you look for a better deal elsewhere and switch to a balance transfer credit card with a long interest-free period, you could save yourself £162.
If the same person was accepted for a 28 month no interest credit card with a 3.4% balance, and made the same £100 repayments every month.
They would pay off the debt early, in July 2025, and spend just £45 on the 3.4% balance transfer fee.
Before you take out a new credit card or increase the amount you borrow, it’s important to think about the consequences.
You should only borrow money if you can afford to pay it back.
It is always important to ask yourself whether you should borrow before taking out a new credit card, personal loan or overdraft.
If you use a credit card, I recommend that you always pay off your balance in full at the end of each statement period.
Lenders have a responsibility to help customers with debt.
If you are in a debt crisis, your first point of contact should be your lender.
They may be able to help you by offering you a lower interest rate or a temporary payment holiday. So if you’re struggling, contact your lender.
Her next task now is to try to pay off part of her loan.
She says: “I really want to fight the loan and then come Christmas I will have to put money aside for my car because then I have about seven months to really try and get that car. paid off.”
Jasmine’s video received a lot of attention and many rushed to the comments section to share their thoughts.
Many commented on how “great” she was doing and congratulated her.
Debt advice helplines
If you are struggling with debt, there are several helplines available that can offer you support and guidance:
- StepChange Debt Charity: Call 0800 138 1111 for free, impartial advice and practical solutions to manage your debt.
- National Debt Line: Contact 0808 808 4000 for confidential advice tailored to your situation.
- Citizens advice: Contact 0800 144 8848 for advice on managing your finances and dealing with debt.
- Money advice service: Call 0800 138 7777 for free, impartial advice on your financial issues.
Do not hesitate to contact these services. They are there to help you take control of your finances and find a way forward.
