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Credit card debt free advice
gbartlett1980
Posts: 30 Forumite
in Credit cards
Hi there,
I posted back in 2010 with a question about paying off credit cards and the mess I was in, now in 2013 I've paid off all the debt.
I thought I would share my experience and advice on how to get there. I had at one stage £4500 of credit card debt with 4 different lenders all charging mixed APR's. On top of all this I was regularly missing payments.
The best thing to do is try and get all your credit card debt on to one interest free card only. Your next step is to set up a Internet savings account and organise a regular monthly fixed payment to be deposited, I chose £250 and that worked for me. Carry on making payments as normal on your credit card as well as saving!
The reason this works so well is that you are forcing yourself to put the money aside to pay off your credit card, rather than choosing just to pay the minimum. Trust me it works a treat because the minimum payment temptation is being taken out of the equation due to your regular payment to your saving account. Yeah you can skip payments but you will have to 'sign in' to do this and most of the time you can't be bothered.
Trust me the minimum payment trap is a monthly temptation, my method worked well for me and I hope it may help other too!
I posted back in 2010 with a question about paying off credit cards and the mess I was in, now in 2013 I've paid off all the debt.
I thought I would share my experience and advice on how to get there. I had at one stage £4500 of credit card debt with 4 different lenders all charging mixed APR's. On top of all this I was regularly missing payments.
The best thing to do is try and get all your credit card debt on to one interest free card only. Your next step is to set up a Internet savings account and organise a regular monthly fixed payment to be deposited, I chose £250 and that worked for me. Carry on making payments as normal on your credit card as well as saving!
The reason this works so well is that you are forcing yourself to put the money aside to pay off your credit card, rather than choosing just to pay the minimum. Trust me it works a treat because the minimum payment temptation is being taken out of the equation due to your regular payment to your saving account. Yeah you can skip payments but you will have to 'sign in' to do this and most of the time you can't be bothered.
Trust me the minimum payment trap is a monthly temptation, my method worked well for me and I hope it may help other too!
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