Clearing credit card debt at once.

andyfromotley

Why would you keep any of the cards? You have shown that you can't really use them responsibly? (no judgement i'm the same!) Get rid of them all. You can make large purchases on Debit cards just as easily. (assuming you have the money!!! If not why are you buying it?)

You will soon build up an emergency fund with your freed up income.

Honestly if you keep them i suspect you will have soon racked that one back up again.

bandgeek

I've had my fingers burnt once, so I won't make that mistake again.


The main reason for keeping one is the protection a credit card offers on large purchases if something goes wrong. I feel that's an important factor in keeping one on the go.


But believe me, the rest will be going in the next couple of weeks, I'm not going through this again!

Red-Squirrel_2

bandgeek wrote: »

Just an update, I've cleared the Vanquis, Aqua, Capital One and Barclaycard. A quick call to Barclaycard offered me a 6 month 0% balance transfer, so I've transferred the 2 small RBS balances over there (about £1100). I'm confident I can clear them within the 6 months. That's given me the extra to knock the overdraft in the head a bit too. Once that's cleared, and I've got some money behind me I'm going to put some money into paying off the car early.


Never thought I'd get out of this pickle, but thanks to Mum and Dad, I can see the light at the end of the tunnel.


Thanks again for your input, its appreciated :-)

That sounds sensible, so now your only credit card debt is that £1100 at 0% and apart from that its just £900 of the overdraft?

Keeping a card open isn't necessarily a disaster if you really have 'seen the light' and are determined to stay debt free once you get there. Only time and yourself can tell if that's the case, but I certainly wish you the best of luck with it.

Take your parents out for a nice (but cheap!) meal on Mother's Day and get them a lovely gushy thank you card!

bandgeek

Thanks Red-Squirrel.


The main incentive is that Mrs Bandgeek and I are looking at buying a new house in the next few years (forward planning!) so I know if the same situation arises that'll never happen, and Mrs Bandgeek will be very upset.