Credit Card Advice Please!!

MissDebtFreeWannabe

I am due a bit of a biggie bonus from work in the next few weeks - not sure exactly how much as the big ole bad tax man will take a chunk!

I need a bit of advice what to do with my credit cards:-

1. I owe about £700 on my Halifax card, so I am anticipating to pay this off completely and close the account / cut up the card.

2. I currently have a NatWest CC with a 0% rate until Nov / Dec 2013 which currently has a balance of £3800.

My question is, if I have about £1,000 to play with, shall I pay this off my NatWest balance, or would it be better to put it in my ISA account, or a savings account until next Nov, then pay it off my Natwest CC? A few people have said the interest I would earn isn't worth it, so it is best to just pay off the balance of the CC - what do you all think? Any other ideas?

Any advice would be welcomed!!! :think:

Thank you

YorkshireBoy

It sounds like you don't already have any 'rainy day' savings?...otherwise why would you be carrying a balance on the Halifax card?

So, with that in mind, you should save the £1K for such a purpose. The £30 or so you'll make in interest will be a bonus.

MissDebtFreeWannabe

Hi YorkshireBoy - thank you for your reply.

You are right, I don't have any "rainy day" savings. I have only been working back in this country since January - before that I was a Holiday Rep - great experience, but not great money!

Since January I have been paying off debts - I had to buy a car for my new job - and just trying to pay off my CC debt.