I paid off my £16,000 debt in just two YEARS

A MONEY-savvy mum has successfully paid off all of her £16,000 debt in just two years after coming up with a very dedicated plan.

Lynne Beattie, from Knebworth, Hertfordshire, said her spending was unsustainable in 2017 and debts quickly began to mount.


Lynne Beattie managed to pay off all her debts in two years after following a dedicated planCredit: East News

She had been made redundant from a well-paying job two years previously and was in the process of carving out a new career with her new business, Ms Mummypenny.

But while Lynne’s income has plummeted, her expenses have not.

Less than 18 months after continuing to spend as she would have on a company salary, her severance pay ran out and her credit card debt started piling up.

After turning 40, the mother-of-three added up the balances on her four credit cards – and the sum came up to £16,000.

“I felt sick,” Lynne wrote in the Mirror.

“How could I get carried away with the expense and find myself in such a precarious position?”

She began to reduce her expenses and pay off her debts regularly.

But after six months, Lynne said she ‘found herself in a tough spot’ having not put money aside for emergencies.

She explained: “I was at the end of my overdraft, had no savings and still had a lot of credit card debt. I couldn’t afford to pay the mortgage. the next month.

“I sat with my friend eating cheap takeout (which he kindly paid for) and cried.”


The businesswoman said she had started to rationalize how she could get emergency money to pay for essentials next month.

And she started putting money into a small emergency fund to cover such eventualities should they happen again.

Lynne then went over all of her debt details, including loans and credit cards, and calculated her balances and interest rates.

She checked her credit rating and restructured her debt – moving her credit cards around to make sure they were interest-free for as long as possible.


The mother also stripped down every bill to the essentials, including energy, broadband, cell phone, insurance.

All non-essential bills were stopped while the debt was being paid off.

She also gave up takeout and went two spending-free months where all non-essential spending stopped – she didn’t buy clothes or makeup for a year.

Lynne sold everything she could on eBay and tried to make as much money as possible alongside her business.

And while she admits there were “dark times,” there were also positive times when she was paying big bucks at a time.

Three years later, Lynne is out of credit card – she paid off her £16,000 debt in 2019 and now, rather than going into the red, she finds she has money left in her save every month.

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