Daft question

gazza975526570

tesuhoha - work out which is most important:

the satisfaction of reducig one of your credit cards by £600 or earing intrest on £600 for 3 months max - (about £8 at 5% credit interest)

i know which i would choose.........

tesuhoha

Besides that, if its in a savings account itll get used up on something else. It always does. £8 is just not worth the risk.

beanielou

Yes, would clear M&S by £600.
Well done you:rotfl:

nadnad

i'd put it on the capital one - but looks like I'm outnumbered - actually what I would do is try to get both cards onto one card, cos i like to tidy things up and i just think its easier that way.

Chortle_2

lol, sorry, didn't mean to make it even harder for you to decide!! Just telling you how I do it

I have enough 'stashed' in other 'emergency' pots and the like for other stuff to know that I won't dip into it before I need it (in actual fact, I could be debt free tomorrow if I pooled them all, but then I wouldn't have anything left to pay for the various things I've stashed it for, and so it would be pointless), and as I have over £3k in my 'debt' pot, I am earning a fair amount in interest on it. By the time my 0% rates run out (one in August, one in December) I will have more than enough to pay it all off, and will have made over £60 in interest. So for me, it is worth it, but then, everyones circumstances are different

tesuhoha

Chortle wrote:

lol, sorry, didn't mean to make it even harder for you to decide!! Just telling you how I do it

I have enough 'stashed' in other 'emergency' pots and the like for other stuff to know that I won't dip into it before I need it (in actual fact, I could be debt free tomorrow if I pooled them all, but then I wouldn't have anything left to pay for the various things I've stashed it for, and so it would be pointless), and as I have over £3k in my 'debt' pot, I am earning a fair amount in interest on it. By the time my 0% rates run out (one in August, one in December) I will have more than enough to pay it all off, and will have made over £60 in interest. So for me, it is worth it, but then, everyones circumstances are different

Wow, youve come back from £41,000. How long has that taken? I can see your point and would do it that way but we are moving soon to a house that needs a lot of work on it and if i put the money in the savings account I fear that it will be too much of a temptation to spend it on the house. My OH will certainly find a use for it. Therefore I need it not to be available.

Me_Myself_2

Hang on. If you will still have outstanding debts in August, you need to consider what APR's you will be paying then and pay it towards the highest.

domestic_goddess

I was all set to say go for the m & s but no wI am thinking a savings account. You might as well earn the interest even just a small amount, I just opened up a savings account with Halifax online and it took about two minutes as I am already with them for my current account!!! I feel really good when i go on line to check my balance and see my savings account with a balance in it!!!!

You can always pay just the minimum off your 0% and pay any extra into savings and pay all in one lump sum when your 0% expires.

I put all my paypal and mystery shopping into mine.

tesuhoha

Me_Myself wrote:

Hang on. If you will still have outstanding debts in August, you need to consider what APR's you will be paying then and pay it towards the highest.

Im planning to transfer everything to 0%. My credit rating is still good. We managed to get the American Express AMEX card and day to day shopping is put on there for the cashback. I immediately transfer from my current account what I've spent to my savings account and at the end of the month my Amex card will be paid off in full, so I am taking some advantage of interest. I have also transferred the £600 to a savings account until June 15th when it will be paid off the M&S card. I dont want to leave it there because as we are moving we might confuse it for money we have to spend, we've got so many different accounts and money saving schemes going on that it is possible that could happen, so id rather see it off the debt.

domestic_goddess

Sounds like you've got it sussed....

Good luck with your move.:T