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Save towards deposit or pay off credit card?

dvdgrgsmt
Posts: 11 Forumite

Hi all not sure if I should post this here or the debt free section but here goes. I've decided to start saving for a house deposit. I've currently got 1,500 saved up and can afford to save between 1,200-1,500 a month depending on other bills as well as paying 300 off my 5,000 credit card debt. The credit card debt is 23 months interest free and I only took it out the other month so I still have many months to go but I'm wondering would I be better off paying that off first then turning my attention towards the deposit or carrying on as I am? I'll also be getting 6,000 in July which I was planning on putting towards my house savings.
Ideally I'd like to get my own place around October but may find it hard to have enough saved by then if I pay off the credit card will it make a huge difference when I'm trying to get a mortgage? As I work at a school its very hard for me to do things during term time so ideally I have to look at the holiday periods of the year.
Thanks for any advice you can offer
Dan
Ideally I'd like to get my own place around October but may find it hard to have enough saved by then if I pay off the credit card will it make a huge difference when I'm trying to get a mortgage? As I work at a school its very hard for me to do things during term time so ideally I have to look at the holiday periods of the year.
Thanks for any advice you can offer
Dan
0
Comments
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Pay off your debt. Though if interest only. Keep the money on deposit to earn some interest. Then pay off closer to when you are buying a property.0
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