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Pay off card or save?
sisyphus01
Posts: 3 Newbie
in Credit cards
Hello,
Another new one here!Hope someone can help i have 6000k of debt on a Virgin C/C interest free until Oct 2010,now i intended to pay this off (or most of it!)before the interest kicked in.But i just had a thought would it be worth paying off the minimum amount each month and then saving as much as i can and getting the interest and paying it all off when i have saved enough.
Any thoughts?
Thank you!
Sis.
Another new one here!Hope someone can help i have 6000k of debt on a Virgin C/C interest free until Oct 2010,now i intended to pay this off (or most of it!)before the interest kicked in.But i just had a thought would it be worth paying off the minimum amount each month and then saving as much as i can and getting the interest and paying it all off when i have saved enough.
Any thoughts?
Thank you!
Sis.
0
Comments
-
Absolutely.
This form of arbitrage is known as "stoozing" and there's a sub-board devoted to the subject at the top of this board
People who don't know their rights, don't actually have those rights.0 -
ok Thanks i will have a look at that!
Sis.0 -
Pay off a little bit more than the minimum so that it appears that you are not in financial distress to them.
If you have a credit card with a 6000k balance then this could be interpreted as 6,000,000 pounds. The k is meant to be a x 1000 multiplier.
J_B.0 -
Joe_Bloggs wrote: »Pay off a little bit more than the minimum so that it appears that you are not in financial distress to them.
Well I always pay the absolute minimum - why pay more when you can be earning interest on those funds ?
Its never been a problem to me and I've been stoozing for 8 years.0 -
sisyphus01 wrote: »ok Thanks i will have a look at that!
Sis.
MUHAHAHAHA we got another one. Welcome. Join us. Your private quarters in our hollowed-out volcano are being prepared.
You'll also find more on the stoozing site www.stoozing.com."A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
Which, by the way, is sponsored by Money Saving Expert.You'll also find more on the stoozing site www.stoozing.com.
For a comprehensive list of 0% balance transfer cards like Virgin, updated regularly and not influenced by advertising commissions, the stoozing site is hard to beat
http://www.stoozing.com/0fees.htm
Welcome to MSE, btw.People who don't know their rights, don't actually have those rights.0 -
If you have a credit card with a 6000k balance then this could be interpreted as 6,000,000 pounds. The k is meant to be a x 1000 multiplier.
Whoops,it is only 6k,thanks for the advice guys,i will check it all out,feel happier now anyway!
Sis.0
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