Paying off a credit card, then spending again?

Leetness

Hey guys, hope this is the right place to ask this.

I'm a student with a £1250 maxed out overdraft and have a credit card with a £500 limit, also maxed out. I will get my student loans soon and i was wondering whether to pay off the credit card, then spend on it again, or to just spend the money, as is.

I can't afford to pay off the credit card and then cancel it as i don't have enough coming in to pay off the credit card and pay the rent.

What should i do?

Cheers guys.

bottleofred

Hi Leetness,

It depends greatly on the amount of interest they're charging on your credit card. Are you sure you can't get any money from a student hardship fund or a bursary that you didn't have to pay back? If not, then continue to use the card if you must, but try using it only for emergencies and essentials!

Good luck

Sparx

What should you do? Not max out every 'credit' limit you have when you full well know you can not pay it back.

Leetness

@bottleofred; It's 18.9% apr variable. I've been to the university and they said they only give out hardship funds to people who cannot afford food.

@sparx; I would have been able to if student loans got their act together and paid me the full rate I'm entitled to... Plus, it helps that when you do a work placement, they actually pay you as they promised.