When should I pay?

Mozette

td_007 wrote: »

I am assuming that the OP is not going to transfer on a daily basis or when a small amounts eg. £10 becomes available - it would be preferable but not very practical

If it's just a matter of making a payment via the net, or dropping in to a bank, how is that not practical?

Get as much paid as soon as you can would be my advice. It reduces the interest and, as the OP says, reduces the temptation to spend it.

td_007

Mozette wrote: »

If it's just a matter of making a payment via the net, or dropping in to a bank, how is that not practical?

Get as much paid as soon as you can would be my advice. It reduces the interest and, as the OP says, reduces the temptation to spend it.

I agree paying as soon you have extra money available is going to more effective. However, note my second point as well. Transferring small amounts to another account provides the OP with a small buffer if needed to meet any other monthly commitments (again with the assumption is the OP is walking a tight-rope between income-outgo). I would rather have some money in hand than have a direct debit bounced. The loss of of few days interest (we are taking 7 day cycles) will be comparatively small to the bank charges.

Strapped

!!!!!!, there's some truely bad advice going on around here! OP, just pay as much as you can, as soon as you can, making sure that you pay at least the min payment amount off each card each month, and anything you can afford to pay more than that is paid off the most expensive card first (the one with highest APR). Forget leaving it in your bank account, or setting up another account, or any crap like that. Just pay the freaking cards off!

CannyJock

td_007 wrote: »

I am assuming that the OP is not going to transfer on a daily basis or when a small amounts eg. £10 becomes available - it would be preferable but not very practical

True, but maybe making a payment each week on her payday would be preferable and practical?

td_007

CannyJock wrote: »

True, but maybe making a payment each week on her payday would be preferable and practical?

Yes that is what I meant by 7-day cycle in my last post.

CannyJock

td_007 wrote: »

Yes that is what I meant by 7-day cycle in my last post.

So you're agreeing paying every 7 days as her wages hit in her bank is preferable to paying monthly? Is that not what we said right back at the start?

rodent

Dear o dear, wot a mess !!!!!!!!!

Let us say I am the CC company, it works like this:
For everyday that you owe me money i will charge you interest, I willnot charge you interest on money once you have paid it back, so pay me back as fast and as often as you can.(ie weekly) making sure that you at least pay the min amt by the due date on the satement.

Why would you want to put it somewhere else (another acc) and let me charge you more interest on that money whilst it is sat in that acc "doing nothing" ?

As you are managing "on a tight budget" and not falling behind with anything ..may i suggest you stay on this budget , especially when your OH gets an income : because you can then plough 100% of that into wiping out the debt ...very quickly ...if you are you are committed.

YB & CJ have made it very clear, pay as much as you can as quick as you can high APR first then work down.

As for emergency funds ....just re-use the cc ....but it had better be a proper emegency!

KISS- Keep It Simple, Stupid.

The Rodent

NickX

The earlier you pay the less interest you pay.

Simples !!!

determined1_2

unless the payment that is made is not as much as the interest that has accrued since the previous payment.