Pay off half of credit card or not ?

noely2008

Hi there - I would appreciate any help or advice

We currently have approximately £9,500 on an EGG card which i took out on 0% balance transfer in December 2007. I beleive this 0% will be ending soon.

We have no other debt apart from our mortgage which is on a very low rate of 4.29% until October 2010.

We have managed to save around £4,500 which at the moment is just sitting in a LloydsTSB internet savings account for convenience as we bank with them.

I work as a mortgage advisor currently and the company I work for is owned by AIG which are currently restructuring/selling assets, so i could say my job is a bit unsafe at present but fingers crossed !

My question is what is best to do at the moment. Do we pay off the £4,500 from the credit card and refinance the remaining £5,000 to a new 0% card. I would also need a card with minimum monthly payments a maximum of 2.5% of balance due to current cashflow. Or do I just refinance the full £9,500 to a 0% card and keep the savings as a back-up incase i do lose my job in the near future ?

Any help and advise would be appreciated.

Regards
Noel

poppy_f1

i'd pay off as much on the card as you can then do another BT to 0% for the rest

Staciep88

I agree, you should pay off that £4,500 from the credit cards so that when you do transfer the remaining amount to another 0% deal your monthly outgoings would be less, which wouuld be good for you.