Pay off Freemans even though 0%?

MustStopSpending

I only owe a small amount on Freemans yet have to pay £40 a month. I was thinking of using my £2, 20p's and spare few pounds to pay it off. I know it is 0% but £40 is a lot a month and if I didn't have to pay Freemans I could put the £40 towards my debt.

Silly I know to clear 0% debt but in my mind I'd like the debt gone.

Am I mad?!

immoral_angeluk

Nope not mad at all. If paying it off would make you £40 a month better off I'd go for it!

JET34

I think that I would pay it off as once it's gone it's gone and you can put the £40 towards a debt with a high rate or on eyou owe most on...
I am sure that someone know's more will be along soon

oops_a_daisy

I would suggest to keep saving up so that you can then pay off one of your interest bearing debts as you may get a reduction for early settlement

all the best OOPS

edited to say that if you carry on with current payments it will only take 3 months to pay it off anyway and then you will have savings + interest as well as having paid it off

Storm

I personally would, simply because clearing one completely would give an extra surge of motivation. I would then say to get the £40 a month into as high interest as possible account so that when the 0% on the cc runs out in June you'll have a good size lump sum to pay off it.

MustStopSpending

I think I'm gonna pay it off, perhaps not the wisest thing to do but having one less debt will feel good and keep me motivated!

Crown

Hi, You are not mad a at all,

I know some of the hardcore DFW believe paying of debts in order of APR as it will work out more cost effective over time but I do beleive that clearing the small amounts give you encouragemnt to continue. The small wins give instant satisfaction and keep you motivated for the journey ahead.

Do you have enough cash to clear the catalouge in one go? if so id say go for it but make sure you concentrate on the Virgin card next as otherwise once the 0% is up you will be stung and it could cost you a lot more than £127.32 if you make just minimum payments on it.

good luck

oakdale_minx

I would pay it off. It is a great feeling to pay one off and then move on to tackling another.