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Should I to interest only on mortgage in order to pay off credit card?
theleavingoflondon
Posts: 1 Newbie
Hi everyone
Really hoping to get some advice from forum members on this!
I have £5k on a credit card on interest only (tarting again in Nov) and am currently overpaying my mortgage by £200 a month.
Thinking of going back to interest only on my mortgage repayments to free up some extra cash to clear the credit card - the reason being that I am thinking of moving abroad in Feb/March 2011.
I have about 2k in savings as well
Any advice from forum members would be a huge help!
Really hoping to get some advice from forum members on this!
I have £5k on a credit card on interest only (tarting again in Nov) and am currently overpaying my mortgage by £200 a month.
Thinking of going back to interest only on my mortgage repayments to free up some extra cash to clear the credit card - the reason being that I am thinking of moving abroad in Feb/March 2011.
I have about 2k in savings as well
Any advice from forum members would be a huge help!
0
Comments
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Put in your mortgage & card amount, apr and min payments. Available money you have to spend a month - http://www.whatsthecost.com/snowball.aspx
Most likely paying off the card will win.
Savings do not earn as much money as debt interest, you should use the savings to clear of as much of the card as possible.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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