Should I shut down this card?

abby1234519 · 2 December 2016 at 3:52PM

So, have 4 cards 0% paying off debt totalling around 8.5k.

Have 1 Capital One Card with £1000 limit 35% interest - it doesn't have anything on it.

Do I close it or not? I'm currently building emergency savings fun, if anything else goes wrong with car I won't be able to pay for it in cash as I'm not quite there with the fund.

It would have to go on a credit card.

I want to close the Capital One card as I cannot (categorically) be trusted not to spend in it. But part of me worries that I'll get caught short. But I sort of would rather get caught short than resort to this card.

Shakin_Steve · 2 December 2016 at 4:19PM

abby1234519 wrote: »

So, have 4 cards 0% paying off debt totalling around 8.5k.

Have 1 Capital One Card with £1000 limit 35% interest - it doesn't have anything on it.

Do I close it or not? I'm currently building emergency savings fun, if anything else goes wrong with car I won't be able to pay for it in cash as I'm not quite there with the fund.

It would have to go on a credit card.

I want to close the Capital One card as I cannot (categorically) be trusted not to spend in it. But part of me worries that I'll get caught short. But I sort of would rather get caught short than resort to this card.

You answered your own question twice in the last paragraph.

ReadingTim · 2 December 2016 at 4:57PM

Shutting the card doesn't really address the problem of why you're in debt (ie you can't be trusted to spend on the credit card every penny you can get you hands on) and may cause you more problems in the future if your car needs an expensive repair which isn't covered by your emergency fund, even if you've been good at resisting temptation and not spend on the credit card.

Suggest you keep it and use it to practise your willpower and resistance to temptation - even if you have a relapse, the low credit limit means the damage isn't too great...

abby1234519 · 2 December 2016 at 5:21PM

ReadingTim wrote: »

Shutting the card doesn't really address the problem of why you're in debt (ie you can't be trusted to spend on the credit card every penny you can get you hands on) and may cause you more problems in the future if your car needs an expensive repair which isn't covered by your emergency fund, even if you've been good at resisting temptation and not spend on the credit card.

Suggest you keep it and use it to practise your willpower and resistance to temptation - even if you have a relapse, the low credit limit means the damage isn't too great...

I removed all details from paypal and amazon for example, it's not set up with any online account which stops me from just spending. I have to get it out of the locked tin etc, you know little things to give you extra time to think about what you are doing!

Maybe I'll keep it open and stick it in a block of water and freeze it.

My willpower is non existent. It's an absolute daily struggle to keep spending under control. That makes it sound like I don't want to get out of debt, I just have issues with money. But working on it!

-taff · 2 December 2016 at 7:05PM

cut it up.
You'll find an emergency otherwise.

MrsTinks · 3 December 2016 at 10:15AM

Can you give it to a parent or someone you trust implicitly to keep safe. That way you can't spend on it but if your car goes bang then it's still there. As soon as you have an emergency fund CUT IT UP and close it!

Should I shut down this card?

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