Can't cancel my Barclaycard or get new one

pathtofreedom

If you have the money to pay it off why don't you? Why keep giving them an extra £43 a month in interest to keep this debt hanging over you. ok you won't have your emergency fund but you could save up your payments then and in 6 months or something look at getting a different card for emergencies on a better rate. Even without the interest with the payments you're making it would take nearly 4 years to pay it off. Someone better at maths could probably work out how much interest that would be as well that you're throwing away.

As for envelop stuff no don't do that. Look at the link I said before and the leapforce, lionbridge threads about real jobs and not scams to work from home on your computer.

pathtofreedom

Thinking about it if you must keep some of the savings even if you left £500 balance or something, it would massively reduce your interest being added on, and you could look at balance transfering that in 6 months then to 0% and just keep paying the £50 to reduce the rest faster. It would be a bit mad to keep paying to borrow this money though if you have no reason to, when you could just work on just rebuilding your savings instead.

So a quick attempt at maths, £43 a month x 12 months X 4 years = £2064 so that is how much interest you could save, I know the interest would go down over the years but you'd still end up paying £50 a month for a lot more than 4 years to get rid of this debt all together. So why spend thousands of pounds to keep this credit card?

pathtofreedom

ah just thought have a play with this http://www.whatsthecost.com/snowball.aspx you can use lump sum payments as well and see how much you'd save by sacrificing different amounts of your savings now, or how much you're paying the credit card company to keep a debt you don't need.

crazyshady

I can't spend a lot of that money on this credit card for reaons i wont go into. Trust me you'd understand if i told you but I don't want to discuss things that are separate from this.

The reason i was thinking of other jobs that i could do from home was because i could use that ON TOP of the minimum payments i make which is never the minimum, i always pay 4-5 £s over it and the thing about the credit union was it would take about 4-5 years to pay off also but that's something i want to do for the rest of my life and when you look at the interest they are charging me it works out an extra £400 in total not £400 per year and that way A.......i can get rid of the card............B..........i'm not losing all that money although I think would clear off some of it right away with my own savings and C...........the way it works is you never lose any money you have even when you borrow and the debt i have on my credit card is from 2009 and it was left to accumulate and that was my fault. It's not happening again. When I was using those Barclaycards I was spending maybe £30-£50 and then paying it off trying bit by bit to get my credit rating back. People can misjudge and think i'm this big spender, i'm not. Trust me when I say i don't want a credit card and trust me, i grudge paying interest too. I grudge giving the credit union it but if that's my best option i'd rather pay the interest there knowing that it's half of what the Bank Of Scotland are taking from me and that's something I can pay into my entire life so that if anything happens to me there's money there to cover it.



I know what you're meaning but the position i'm in I can't literally lose my life savings to pay it off.