Confused - Please help

Spiggle

Hi,

I hope this is ok as I have posted on the DFW board as well (with full SoA).

So short version. I'm totally confused as to whether to:

a) pay off my CC debts (£1931 + 1253 = £3184 both on 0% ending Nov 10 and Jan 11 respectively) and be debt free

b) tart around as I have done for many years with the CC and then OP my mortgage (main £46271 @ £354 pm min 0.69% currently + 2nd £7834 @ £63 pm min 1.49% currently) by £200 and £150 per month respectively

c) put any and all surplus each month into mine and OH's ISAs which have a combined total of £2000 currently both at min 3.2% interest until March 2011

The logic says put it into savings (better earning potential) but I really would like to be both debt and mortgage free in five years. (It's a birthday wish as I hit the big 50 this month.)

I know that it's ultimately my decision. I know that I'm dead lucky with both my mortgage rates and my ISA rates. I know there are people on here in far far far more difficult positions than me. But I can't help but think of future interest rises, we're both getting less young (:D) and I really want to lift the burden of our debts.

Any advice gratefully recieved. Thanks in advance for any thoughts you share with me.

All the best,
Spigs

dimbo61

Moving your CC debt normally costs 2.5/3% even if you go onto a 13/16 months 0% deal so if it was me I would clear the CC debt first then build up your savings in ISA,s until you have 3/6 months of income.
After that OP the mortgage!

Spiggle

Thanks Dimbo61,

I forgot about transfer fees for two reasons. Firstly, I've been at my finances all day now. Secondly, I was only thinking of re-tarting the B/card onto the A&L/Santander zero card which would give me six months to pay off the remainder at 0% and no transfer fees as I have their bank account. I would be chucking some OP at both the CC in addition to the mortgage OP.

Thanks for your thoughts, really appreciated.

All the best,
Spigs