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Advice re credit card debt
orzabal
Posts: 34 Forumite
Hi I have about £2000 outstanding on my credit card which will take me around 6 months to pay off, although it will leave me quite short month to month, I pay around £400 per month in 10 year endownments which are not performing that well. Should I cash in 3 of these policies and clear my card as well as giving me around £60 a month spare cash or bite the bullet and clear the card over time.
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Comments
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You could make endownments paid up but without cashing them in.
That way you get any benefit of them having increased.
6 months toclear off your credit card sounds good.
You will be debt free by October.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
They are only small policies and the intention was to use the pay outs to clear the card, if that makes sense.0
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Its up to you.
Do what you feel is best.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
i wouldn't link the two issues.
if they are poorly performing why keep them anyway, whether or not you have debts.
The use the money either for a better investment or to clear the debts.0 -
Personally i would clear the debts, each to their own though.0
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