Paying off credit cards

This topic contains 4 replies, has 4 voices, and was last updated by Profile photo of motorbikemike motorbikemike 1 year, 10 months ago.

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  • #38798

    I know it’s not the right way to go about things and the money saving expert Martin Lewis would have kittens, but I would rather see savings in my account rather than pay debt off. I don’t know why, but I feel happier and more secure knowing I have money in the bank, even though I’m paying more in interest. Anyone else feel the same?

    #38820
    Profile photo of Jones
    Jones
    Member

    Hey, I do, I like to have money in the bank. It is like a security blanket really. I know it sounds daft if you have some debt but how I look at it is, if you can manage to pay off the debt (although you will probably be skint for ages) without having to touch your savings then that’s great. I would try and do that, then after the debt is paid off and you have been used to that money going out every month, I would keep adding those ‘would be’ payments to my savings and top that up. Win. win all round I say

    #38824
    Profile photo of Jane Monroe
    Jane Monroe
    Member

    If you don’t want to use your savings and you can afford monthly payments for you credit card why don’t you keep doing a 0% balance transfer until the debt is paid off? At least then you won’t have to incur any interest on your remaining balance?

    #39186

    I don’t know why but I never thought of a 0% balance transfer? I think that’s the best as at least I’ll be paying the debt off quicker. Maybe I could start paying it more and still having a little savings and gradually get used to it?

    #39368

    What I’ve learned (the hard way) – try get a 0% balance transfer and pay it off ASAP. You WILL actually feel better paying it off than you will seeing money in savings. I used to think like that and now I’m debt free, I feel much better than having debt with savings. I’d still keep a credit card for emergencies or to put a £10 every month and pay it off for a good credit rating. But honestly, try and pay it off!!

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