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Debt and savings

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Comments

  • nigelhv
    nigelhv Posts: 7 Forumite
    Thanks for everyone's great advice, it's certainly given me some ideas.
  • JollyNolly
    JollyNolly Posts: 375 Forumite
    Me too. Made me wonder about a rather large bank loan I have. It's about £20K. Should I pay in what little savings I have (may be about £10K-ish) - if they'll let me - or somehow try to convert it into a 0% overdraft or credit card balance??
    £2 coin savers club: £1.49
    Official DFW Nerd Club: Member no. 047
  • black-saturn
    black-saturn Posts: 13,935 Forumite
    10,000 Posts Combo Breaker
    I used all my savings on paying off some of my debt. I realised that the money I'm earning in interest on the savings isnt as much as I'm paying out on that amount of the debt in interest. I just kept about £400 in the bank for emergencies. As soon as the debt is paid off your savings will go up quick anyway.
    2008 Comping Challenge
    Won so far - £3010 Needed - £230
    Debt free since Oct 2004
  • black-saturn
    black-saturn Posts: 13,935 Forumite
    10,000 Posts Combo Breaker
    JollyNolly wrote:
    Me too. Made me wonder about a rather large bank loan I have. It's about £20K. Should I pay in what little savings I have (may be about £10K-ish) - if they'll let me - or somehow try to convert it into a 0% overdraft or credit card balance??
    Pay off £9,600 your loan.
    2008 Comping Challenge
    Won so far - £3010 Needed - £230
    Debt free since Oct 2004
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