what should i do???? advice needed

carslet

hi thanks for reading. i also put this in the debt free section but thought it might be better in here

i have got myself into a lot of debt on credit cards, no need to go into details but usual general things.

i do have 14,000 in savings in the bank.

i have 3 credit cards

1. 5000 17.5 %
2. 3000 17.5%
3. 3000 0%

total 11,000

i am not in trouble as such, i pay the minimum payments by DD always been paid so no bad credit score.

i pay both cc 2 and 3 extra 100 per month each and cc 1 150 extra per month.

i cant do this comftably but i can do it.

should i carry on as i am so i still have the 14,000 in the bank, or should i pay the lot off, or just one. any advice would be helpful
thank you

joedenise

I'd certainly be using the savings to pay off CC 1 and 2. Carry on paying CC3 minimum payment and then just before the 0% runs out pay it off.

I can't see any point in paying 17.5% interest and having savings in the bank. Your savings won't be earning anywhere near that amount.

Denise

carslet

joedenise wrote: »

I'd certainly be using the savings to pay off CC 1 and 2. Carry on paying CC3 minimum payment and then just before the 0% runs out pay it off.

I can't see any point in paying 17.5% interest and having savings in the bank. Your savings won't be earning anywhere near that amount.

Denise

thanks for the advice, this is what i have been thinking about the last few months, just hard to actually do it, but i think i am sure going to pay off CC 1 for a start

Fruit_and_Nut_Case

joedenise wrote: »

I'd certainly be using the savings to pay off CC 1 and 2. Carry on paying CC3 minimum payment and then just before the 0% runs out pay it off.

I can't see any point in paying 17.5% interest and having savings in the bank. Your savings won't be earning anywhere near that amount.

Denise

Seconded. :T

natscat84

Fruit_and_Nut_Case wrote: »

Seconded. :T

Thirded - no point in being charged a higher rate of interest that you're earning on your savings!

rartherinv

it must look very nice in your savings account and make your subconscious feel good to have decent savings balance, but if you think about it you are renting that money at high cost just to stare at, so what is the point??? pay off the interest charging cards and work on getting some real savings.

TTC40

Pay off 1 & 2 for sure. Set up a standing order to a savings account for what you were paying on the cards so that the money doesn't just get lost in the monthly spends.

redpete

You haven't said anything about what you might want to do with your savings, but I would resent paying out £115 a month for nothing if I could easily avoid it.

duchesspink1

its a no brainer for me, pay off the cards and get out of debt.