What sized loan should I get?

Eoin_McLove

Joe_Bloggs: Funnily enough, I've been looking at 0% credit cards for the last hour, and Sainsbury's looks the best with its 0% on purchases for ten months. In fact, I've just posted a thread in the credit card forum concerning this. I was thinking of using this Sainsbury's card to pay for my food throughout the year. I imagine I should be able to get a credit limit of around £1,500, which should pay for most of my food next year. Thanks!

bikerqueen

I thought on e of the key things about credit cards was not to use them as income, because they're not. or have I got the wrong idea?

Joe_Bloggs

@bikerqueen
If you can back every penny spent on a 0% purchase card with money earning interest in savings accounts then all is fine. If you can't then you are spending beyond your means and will need to budget to pay back the balance just before the interest rate becomes extortionate. These cards are a serious temptation into further debt. Fortunately you can monitor the amount spent, online, on a daily basis.
J_B.

bikerqueen

I think that's what Eoin hopes to do though, he does not have the money to eat and socialise etc, so is hoping to ram food on to a 0% card for a year.

beanielou

Eion
have just read this thread>Am glad you havwe deceided to stick with the £8000 loan.I hate to say this but I wish that I had £34 leisure money per month never mind per month!
Good luck
Hope your new job goes well

Eoin_McLove

Thanks beanielou. I know, I can't complain with £35-40 leisure money per week, but I have expensive hobbies (records for DJing, in particular) and drink a lot of beer, wine, and whisky.