Credit Cards and redundancy

YelenaK

The UK division of my employer is going to be closed - in other words, I am to be made redundant soon. This is my first time and I don't quite know what to expect...so I'd like to ask a silly question...
I've just got a credit card with 0% interest on purchases for 13 months. I thought, I'd use that from now on and just pay the minimum payment every month - to make whatever cash I have to last longer ... But will it work? Or as soon as the credit card provider knows I am out of work they'll demand the balance in full? ( I don't know how they could find it out, but still...)

Thanks in advance for any reply

redped

So long as you're paying at least the minimum amount each month, there's no reason for the credit company to ask you to pay the full balance. This would allow you to use your redundancy money to live off while you look for another job.

YelenaK

redped wrote: »

So long as you're paying at least the minimum amount each month, there's no reason for the credit company to ask you to pay the full balance. This would allow you to use your redundancy money to live off while you look for another job.

Thanks, redped - just the answer I wanted.

Orville

YelenaK wrote: »

The UK division of my employer is going to be closed - in other words, I am to be made redundant soon. This is my first time and I don't quite know what to expect...so I'd like to ask a silly question...
I've just got a credit card with 0% interest on purchases for 13 months. I thought, I'd use that from now on and just pay the minimum payment every month - to make whatever cash I have to last longer ... But will it work? Or as soon as the credit card provider knows I am out of work they'll demand the balance in full? ( I don't know how they could find it out, but still...)

Thanks in advance for any reply

I would be very wary of doing that. All too often while on the dole it is easy to rack up debts. The temptation to spend on the card is all too easy and if you do, once the 0% ends you can guarantee the interest will soon rise. Hopefully you will get another job before the period ends but you can't be certain of that. My advice is if the card has insurance and you have spent some, put a claim in and cut the card up.