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  • FIRST POST
    • princess23
    • By princess23 6th Oct 17, 9:47 PM
    • 28Posts
    • 0Thanks
    princess23
    Help Please
    • #1
    • 6th Oct 17, 9:47 PM
    Help Please 6th Oct 17 at 9:47 PM
    Hi we have various debts spread over 5 credit cards that are currently all on 0 % deals which are always transferred onto another card to continue this form of paying them off.
    My question is would it be better to pay off our mortgage quicker (we have 10 years remaining and owe 125k ) by overpaying (which we can do without penalty)our fix deal runs out next year currently paying 3.09% and just pay minimum on credit cards (debt currently totals 20K) or continue to overpay on the credit cards to get them paid off quicker.
Page 1
    • zx81
    • By zx81 6th Oct 17, 10:05 PM
    • 13,626 Posts
    • 14,080 Thanks
    zx81
    • #2
    • 6th Oct 17, 10:05 PM
    • #2
    • 6th Oct 17, 10:05 PM
    Although currently interest free, the cards present a much bigger risk if they revert to their go to rates and you cannot get other BT options.

    Never rely on promo rates without an exit plan.
    • Maximum Saving
    • By Maximum Saving 6th Oct 17, 10:31 PM
    • 172 Posts
    • 330 Thanks
    Maximum Saving
    • #3
    • 6th Oct 17, 10:31 PM
    • #3
    • 6th Oct 17, 10:31 PM
    With a zero percent interest credit card it is great to be able to pay off the balance before the deal ends. Often a person getting a balance transfer has to pay percentage balance transfer fee. I think it is important to work out how you will pay off your non-mortgage debt off. It is wonderful to overpay a mortgage. Good luck.
    • jonesMUFCforever
    • By jonesMUFCforever 7th Oct 17, 11:13 AM
    • 24,078 Posts
    • 11,367 Thanks
    jonesMUFCforever
    • #4
    • 7th Oct 17, 11:13 AM
    • #4
    • 7th Oct 17, 11:13 AM
    I would suggest you get rid of any unsecured debt first before overpaying the mortgage. If interest rates rise then credit card debts will always be way more expensive than mortgages.
    What goes around - comes around
    give lots and you will always receive lots
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