Credit Card Debt

Dave101t

why so worried about these people. if they are stupid enough to let their debts run riot then let them!
no one is going to write off credit card debt, thats wishful thinking.
i owe 100 quid over 3 credit cards, but thats just day to day shopping.

Dan:_4

Really2 wrote: »

So it would not be wise to do sow as surely the alarm bells will be ringing at the mortgage company then.

I did a quick read up on wiki (OK so it most probably wrong) and you are right it seems that most won't take them and if they do they charge a fee.

Well, you would think. It' not something I would do.

lostinrates

Generali wrote: »

I think that people have been paying the mortgage on the credit card in the States.

As so often happens, people get excited and translate the news to the UK despite the absence of any actual evidence (journalists have been known to do this too - take something happening in the US, find an annecdotal example in the UK and handily forget that annecdote isn't data, it's a datum point).

An aquaintance of mine (owns a small building company and a couple of houses to let and vrious other ''concerns'') told me he has been using credit to pay his mortgages. (he also tried to flog me his Jaguar:rolleyes:). His business, he tells me, is very healthy, but someone who he had done work for went bust owing a significant amount that impacted on cashflow.

He also was saying something odd about a portion of unpaid debt being ''picked up by the government' which I could make head nor tail of. (like much of what this guy says, )

Dan:_4

Dave101t wrote: »

why so worried about these people. if they are stupid enough to let their debts run riot then let them!
no one is going to write off credit card debt, thats wishful thinking.
i owe 100 quid over 3 credit cards, but thats just day to day shopping.

It's quite easy to get it written off - and many do, unfortunaly.

Treadmill

Dan: wrote: »

I worked it out the other night that I currently owe 27K on credit cards :eek:
Luckly, I have the funds to settle up tomorrow if I wish.

I'd settle up if I was you then, it will be cheaper, you're either paying in the region of £300 a month interest or paying about £810 in fees every time you do a balance transfer to stay on 0%

Neither makes sense if you have the cash to clear the cards in my opinion

Dan:_4

Treadmill wrote: »

I'd settle up if I was you then, it will be cheaper, you're either paying in the region of £300 a month interest or paying about £810 in fees every time you do a balance transfer to stay on 0%

Neither makes sense if you have the cash to clear the cards in my opinion

They are all on 0%. I don't mind paying the transfer fees, [800 notes a year for borrowing that sum is a bargain].

For other reasons, I am keeping the cash separate for the time being.

torontoboy45

Dan: wrote: »

I worked it out the other night that I currently owe 27K on credit cards :eek:
Luckly, I have the funds to settle up tomorrow if I wish.

stoozing, then?

those were the days: 0% bt fees and 7% from kaupthing.

Treadmill

Dan: wrote: »

They are all on 0%. I don't mind paying the transfer fees, [800 notes a year for borrowing that sum is a bargain].

For other reasons, I am keeping the cash separate for the time being.

Fair play to you, I bet thats not the cash cow it once was, it costs you 3% to borrow (Bt Fees) and your return will most likely be less than double that.

Is it worth the hassle ?

Dan:_4

Treadmill wrote: »

Fair play to you, I bet thats not the cash cow it once was, it costs you 3% to borrow (Bt Fees) and your return will most likely be less than double that.

Is it worth the hassle ?

LOL, not really anymore. Halifax have offered me a life for balance transfer at just 3.9% - Cheap, Cheap Money - and I have a 20 grand limit. So, I might transfer it all onto there (and settle the 7k).

Then, maybe invest the 20k in something?

Treadmill

Dan: wrote: »

LOL, not really anymore. Halifax have offered me a life for balance transfer at just 3.9% - Cheap, Cheap Money - and I have a 20 grand limit. So, I might transfer it all onto there (and settle the 7k).

Then, maybe invest the 20k in something?

Are there any fees for transferring a Balance to a 3.9% rate ? If not thats an ok deal. You're really going to struggle investing 20K at a rate above 3.9% without tying it up for a long time though, unless you like taking risks.