Paying off cards dilemma

phillipa

I was lucky enough to be given £2000 as a Christmas present from my parents. I know that the advice is always to clear debt first rather than saving, and I have quite a bit of debt, but this is shared jointly with my husband. We've been going through a bad patch and I feel I would like to have some of my own money saved just in case, but the interest free period is just up on one of my cards. I have taken out 2 new cards in the last 6 months and don't want to risk another for a balance transfer. I've not told my husband about the 2 grand and already resent that I pay for more that he does as I earn twice as much. Any advice?

themull1

How much debt is there?

phillipa

In total about £20,000 but most of that is fixed rate loans with manageable monthly payments. £2500 is an interest free credit card till August 2011, and £2000 is the card that is about to start charging.

Jammi

Not that much of a dilemma.

Pay into the card that is about to start charging interest, and hide the rest from your husband in a personal savings account.

phillipa

There wouldn't be any left though as the card is the same amount (2k) as the cash I have.

[Deleted User]

If you save the money you will get maybe 2% interest on it,i assume the cc will be 17%apr?no brainer really

Degenerate

Are you looking for financial advice or marriage advice?

themull1

If the £2000 is your credit card i would use the money to pay it off.