Paying off debt

New_bloke

I have run up a bit of debt on my credit card and want to know which is the better option.
I owe about £6000 on a card with about 20% interest and can't get a balance transfer at the moment.
If I have £1000 to play with a month but need about half that to buy food etc, is it better to pay £1000 off each month and then spend £500 on food or pay off just £500 and pay for the food on my debit card?
Any advice would be appreciated.

izools

Technically you'll pay less interest if you pay as much as you can on the card and then use it for your essential expenses like groceries and travel etc

However credit card companies have a habit (some more so than others) of reducing your limit to just above your balance when a large chunk is paid off if it had been run close to its limit for a while.

If that happened, you'd be right up the swanny.

Just pay what you can realistically afford each month and ask the lender to close your account to new spending to remove the risk of racking up the balance again