Withdrawing from ISA?

viaduct82

Hello, First poster here looking for some advice.

I currently have about 2K in a Halifax stocks and shares ISA but at the same time have about 2K debt on an amex credit card. I am currently paying off more than the mininum amount (about £300 per month) but have £50 or so interest building up per month on the credit card. My current account is in overdraft too. I was going to pay off the credit card debt with the ISA but the Halifax advisers have told me not to do this as I will lose money long term. Does anyone have any suggestions as to wether it makes more sense to pay off the credit card over the next 6 months or pay it off in full now by emptying the ISA?

Thanks for any advice!

D

opinions4u

It sounds like the interest you're paying is higher than the investment return that you could expect to make.

So while you may "lose" some of your ISA allwance by withdrawing from it, to me it makes sense to do so.

juicyjude

I would get rid of debt straight away if that is possible. Interest on ISAs currently is very low, so it would make sense to me to pay off the credit card totally agree with opinions4u.Just my opinion of course, hope this helps

Sooler

the advice from the Halifax probably only referred to the ISA. they wouldn't be authorised to give any advice on other companies products.

I'd pay off the credit card in full, then pay the £300 a month into the ISA