pay off debts early?

rhapsody7

Hi,

Just wondering what to do. I owe £7800 on two credit cards and I'm paying more than the minimum each month and have worked out it will take just under 3 years to clear them providing I can get interest free deals on balance transfers.
I have got a wage increase on the way in September and I can either use the extra money to get the cards paid off by the end of next year or use the money to enjoy life a bit more instead of not being able to go out and treating the kids occasionally.
What do you think? We're all so stressed at the moment.

Tixy

I'd want to clear the debts a bit sooner. But its no fun working hard and feeling like you have no treats at all.
How about a compromise - half the payrise to the debts and half the payrise to entertainment etc?

helpmepayit

Hi,
Month about? One month for treats, one month for debts? Good luck x

rhapsody7

Thanks, I am starting to think about getting the debt paid off as soon as possible because you never never know about job safety etc. My husband has been made redundant twice in the last ten years and yes that should have been a lesson to us!
I think we're going to sit down and have a chat later and decide what to do.

helpmepayit

That's probably the wisest thing to do. We are in pretty much the same boat as you and are just at the stage we want rid of every little bit of debt. Good luck to you on your debt free road x