Clearing debt and saving strategy

CH27

cococoladebt wrote: »

Fair enough. I may do this if barclaycard 0% doesn't come through. Otherwise I will pay down the 4k card earning 19% interest.

Definately!

cococoladebt

You know what... I'm going to make a £1k payment to the £4k card now ...

cococoladebt

Paid £1,500 on that card ... wasn't too bad.

CH27

That's great.

cococoladebt

Anyway heading off.. thanks for your help.. need to get some revision done for my CFA exam.

Geting paid in 2 weeks so hopefully I will pay off £900 to the same card.

GeorgieFTB

I would suggest saving the money up in the highest interest you can find. If in 2012 you can't get another 0% deal then you just pay off your debts, or at least as much as possible.

If you have the cash reserve in place then you have the chance to do whatever you need to do, at any point. I remember saving up, it's not quite like paying off debts, with debts you have a ready made target, with savings its not quite the same. I found it handy to have targets to motivate me.

Good luck
Gx

cococoladebt

Thanks G...

Having been accepted for a Barclaycard I decided not to pay the £1k on the other card... and transfered back to a savings account 3% interest... Not bad.

cococoladebt

only got 3k limit from barclaycard. meaning i have to pay £1300 to the other card...

GeorgieFTB

Cool, attack that card then fill up your ISA as fast as possible, look at the best regular savings accounts and any other account that gives you a decent return on your money. I did this when saving a deposit and at one point had 3 regulars set up with the max going out so about 750.

You're about 3 years behind me, I didn't rack up huge debts but I did earn nowt for a while and had several kids... I just wanted to let you know that it is possible for everything to work out, you also have the added life lesson of getting out of debt, something that some people don't learn til much later!

Good luck
Gx

cococoladebt

GeorgieFTB wrote: »

Cool, attack that card then fill up your ISA as fast as possible, look at the best regular savings accounts and any other account that gives you a decent return on your money. I did this when saving a deposit and at one point had 3 regulars set up with the max going out so about 750.

You're about 3 years behind me, I didn't rack up huge debts but I did earn nowt for a while and had several kids... I just wanted to let you know that it is possible for everything to work out, you also have the added life lesson of getting out of debt, something that some people don't learn til much later!

Good luck
Gx

Thanks. I've just made the payment to Halifax. So effectively I have all my debts on 0% which is great and I don't need to pay any interest until late 2012 on any credit card. The only big debt which incurs interest is a mortgage of £152k. I'm not too concerned about this because it's a buy to let and I receive a surplus of about £500 which goes into the savings account. I'm not looking to overpay because I'm gathering a deposit for the next buy to let or my own house.

My cash ISA is already full and I have a Halifax saving account paying out 3%. Now all I'm going to do save, save and save as much money I can between now and late 2012. It'll be such a great feeling to have huge savings and then have the choice to roll on the 0% to new cards or pay the whole lot off.

Thanks again for the reply.