Credit Card

steverochester

Hello Guys
Need some help here, in August 2010 I was made reduntant and was was given reduntancy pay which wasnt a lot. Do I pay off my credit card or put it into a savings account.

Please help:)

Steve

The_representative

steverochester wrote: »

Hello Guys
Need some help here, in August 2010 I was made reduntant and was was given reduntancy pay which wasnt a lot. Do I pay off my credit card or put it into a savings account.

Please help:)

Steve

Unless you need the money for any other pressing expenses, then I would suggest paying your credit card off - it is a debt cleared, and one less thing for you to worry about.

jonesMUFCforever

Let's see here APR on credit cards say 18% average - Savings account rate 2% net if you are lucky.
What do you think??

Hax

Of course, if the OP hasn't found another job and if this is the only money the OP has to live off until they get another job, then they should maybe hold onto it and try to make it stretch as far as possible. (IMHO of course)

ironlady2022

Depending on the amount and the amount of debt on your card, I would suggest making it 'last' until you get another job especially if this is your only savings.

izools

It also depends on the 'float' you have in your current account to last, and the probability of receiving another salary mandate from a new employer within the next 1/2/3/6 months etc.

Unless you have a known source of income at a known date you shouldn't use the money you do have for anything other than essential expenses.

It's all well and good paying off a credit card with money you have NOW but where does that leave you if you still don't have a salary mandated THEN?

Don't touch until you know where more is coming from. Not where more MIGHT come from, but where more WILL come from