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Should I pay off my cards?
whitesatin
Posts: 2,102 Forumite
in Credit cards
I purchased furniture, flooring etc. for the house a few months back, on 15 month interest free credit cards - still got about 11 months to pay back full amount and not incur interest. Anyway, I have just inherited enough money to pay them off. It would give peace of mind but part of me thinks it would be silly as I can pay them off slowly.
Should I just stick the money in an ISA?
Should I just stick the money in an ISA?
0
Comments
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Save the money then pay it back just before interest is due.
so long that you can get access to the savings quite quickly you should be ok.0 -
If you save the money until you need to pay off the card, the interest will be money in your pocket. Unless you don't think you can resist spending it, why would you pay early?
An ISA is not the best bet, though, as you'll be withdrawing the money. Whatever you withdraw would be forever lost from your allowance. Of course, you may have more than you need for the card and you'll have the money you would have been saving to pay it . . .. . .I did not speak out
Then they came for me
And there was no one left
To speak out for me..
Martin Niemoller0 -
whitesatin wrote: »I purchased furniture, flooring etc. for the house a few months back, on 15 month interest free credit cards - still got about 11 months to pay back full amount and not incur interest. Anyway, I have just inherited enough money to pay them off. It would give peace of mind but part of me thinks it would be silly as I can pay them off slowly.
Should I just stick the money in an ISA?
Just registered that bit. Don't pay more than the minimum payments (but make sure you pay those!) and save the rest. The interest in your pocket again
. . . .I did not speak out
Then they came for me
And there was no one left
To speak out for me..
Martin Niemoller0 -
Thanks for your replies. Maybe I am crazy but I have decided to continue paying the minimum payments and buy some premium bonds with the money instead. You never know! I do realise that I don't really have much chance of winning.0
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Even if you win nothing you are still in exactly the same place you would be by paying off your cards.0
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