what to do?

little_miss_troubled

ok, I have just transferred £2280 onto a 0% credit card for the next 13 months- there is no way Im gonny be able to pay that balance off within this time so my plan would be to jump to another card after the promotional rate, however, I have another 0% credit card with a balance of £969 which runs out maybe January.

Do i just try and pay the lower one off first, Im only gonny be able to pay £50 at the most to each of the card per month and even at that Xmas is coming up so mite be even be able to repay as much.

Or do I sell some shares that I have invested, however that might only get me £600 depending on share price and put that to the lower credit card

Need advice?????????????????

davidjwest

Sell the shares and pay the smaller card and then you can quite quickly get rid of the £300 odd remaining on it.

That will give you best part of a year to pay the other card off before the 0% ends.

I started off a similar way to you, having a couple of small cards with a few hundred pounds on each. I had my light-bulb moment last year when I was in debt to the tune of £40k - learn from other peoples mistakes and do yourself a favour.

little_miss_troubled

Thanks David, I have a light bulbmoment all the time but always fall off the wagon, not this time though. Ive cleared my overdraft as the bank was charging me a pound a day. Was gonny keep the shares and use it for my hubbys special birthday in a years time and buy him something good but think this is more important and probably is the right thing to do. Just wish all I had to concentrate on was that on card never know might win the lottery this week.

persian_star

If you're on a 0% with both cards, only pay the minimum amount until those deals are up, meanwhile put all your 'repayment' cash into savings where it can earn some interest (albeit not very much in the current climate). Budget to try and get enough in said savings to pay off the full amount on the first card when the 0% finishes, and then again for the second card. Cash in your shares as soon as you find you don't have enough to pay back one of those cards when your deal expires, as the interest will wipe out any earning you've made of those shares very quickly.

My hubby turned 30 this summer - I desperately wanted to take him to San Diego Comic Con as a treat but we both agreed that until our debt is gone it would be foolishness in the extreme. So when we're out of debt, we're going to go then. I know it's difficult, but you really can do no better than pay off debt first - I've been in debt for over 10 years and now I'm finally dealing with it the relief is enormous.

Have you done an SOA to see if you can save any money elsewhere to go towards your debts?

Best of luck