debt repayment gone to my head!

sammiboo

Ooops

I 3 weeks to go till payday and I have currently got £200 in the bank to last me till then

I payed too much off my virgin credit card this month as I am eager to get it all paid off. Things arent too bad as I have £700 interest free overdraft and also £1500 sitting in another account I dont use (waiting for house move costs)

Just thought how strange it was sending myself short this month cos i got carried away with paying off debt! DOH

postingalwaysposting

sammiboo, at least its not spends going onto the card :rotfl:however looking at your sig

sammiboo wrote: »

Egg Loan - £5,597.61 6.9%
Egg Credit Card - £3,039 5.7%
Virgin Credit Card - £900 0%

you say you have payed extra off your virgin card, so i am guessing the min payment plus some more, would the extra not be better to be thrown at the egg card with higher interest or is your virgin card deal ending soon? sorry if i have stuck my nose in

red74

Good to know I'm not the only one to do this The way I looked at it was at least my overdraft is cheap debt compared to my credit card, and there are much much worse things I could have spent my money on!

sammiboo

theoretically yes it would be better putting the extra on the egg card but I want the virgin card to be paid off before the interest free runs out in march and want to ensure this is done before march. I have to pay off £130 a month to achieve this.

And also its my lowest debt so I can see this being payed off quicker and another thing to knock off the list, so its phycological too

postingalwaysposting

sammiboo wrote: »

theoretically yes it would be better putting the extra on the egg card but I want the virgin card to be paid off before the interest free runs out in march and want to ensure this is done before march. I have to pay off £130 a month to achieve this.

And also its my lowest debt so I can see this being payed off quicker and another thing to knock off the list, so its phycological too

fair enough

Kevicho

Just to add to this, with the overdraft being interest free, maybe put 500 of that could go against the egg card, as it will save you some money in the long run in iterest, you also have 200 OD for emergencies then.

Good idea to clear off the card before it the interest free period ends, as im sure if you paid off towards the egg to save interest, by the time a balance transfer fee was taken into account, you may end up worse off.

Something to test in a spreadsheet maybe

Kevicho

Also i Hope that 1500s in a high interest account

sammiboo

Thanks for the advice - gosh i feel the urge to post up my SOA

The overdraft I want to keep out of - again this is phycological. The virgin card had my entire barclays overdraft on there - £1200 which i put on there at the begining of the year as my overdraft was my biggest problem, I just couldnt get out of it and kept getting banged with charges all the time for going over it.

I am also moving house very soon so the overdraft is 'just in case' as i havent moved house before so not sure what unexpected costs might arise