Credit Card payments (X post from debt free wannabe as I put it in the wrong place)

Zoncky

Afternoon all,

Long time reader, First time poster and all that.

So currently I have a credit card (Barclaycard 18.7%, I do believe) on which I owe approximately £3,300. The credit limit was initially £2000, Which being 24 and stupid, I maxed out within 6 months. I was always concious to pay more than the minimum payment due to credit limits etc, so paid by Direct Debit £200 a month, yet every month respent the now cleared balance on the card. Over Christmas they automatically upped my limit to £3,500, which I foolishly didn't decline, then Christmas happened and well, the rest should be obvious.

Anyway, I've decided to clear the debt as I don't want it hanging over me and I've learned the error of my ways, so to speak, the card is gone.

My problem is I've recently moved positions in my work and am no longer getting my previous 'incentive' which was worth on average £100 a month after tax, and so I'm struggling financially at the moment, having around £150 pounds a month to live on after bills/rent/travel.

I'm rather fortuitous in that in September my probation in my new role will be up and should be receiving a significant pay bump and in addition my shares in my work place will be clearing. These shares are worth approximately £1,700 every 6 months before tax and I've already resolved to put them all towards to debt until it's cleared.

Would it be foolish to change the amount I pay monthly to the minimum amount until I receive my pay rise in September. Just to help me out financially until then. How badly would a few month paying the minimum effect my score, would this actually clear anything or would the interest nullify the contribution, etc.


Any advice would be greatly appreciated or perhaps you guys and girls can suggest something I haven't thought of?

Regards and thanks for reading (if you made it this far)

tl;dr - I'm poor.

[Deleted User]

I would pay as much to it as you can. If you really can only afford the minimum, then pay a pound above that to avoid the min payment marker.

But pay as much as you can and cut back elsewhere. Your future you will thank you.