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What would you do?

skint_again_4
skint_again_4 Posts: 1 Newbie
in Debt-free wannabe

HELP :j

Comments or suggestions welcome.

Have managed to make overpayments to our mortgage and have reserve of £6k that makes a nice dent in the number of years to repay :A

But.. have £6K credit card balance thats just finishing on 0% interest card with another 12month 0% card ready and waiting in the wings. Been paying £300 a month in a bid to clear as soon as can :eek:

Also have £15K car loan, 5yr term and is 21months in. :confused:

NEED to reduce outgoings. What would you do? Thoughts are:

* add £6K to car loan and effectively start again with the loan, or-
* pay off credit card with mortgage reserve, or-
* ???

Comments

  • dreamer999
    dreamer999 Posts: 98 Forumite
    Sorry can't help but thought I would bump your post.
    Make £10 a day challenge: November - £0/£300 :)
  • Jacks_xxx
    Jacks_xxx Posts: 3,874 Forumite
    :hello: We-ell based on the parameters of your question honey, I guess I would transfer the current 0% card debt onto the new 0% card, and throw the £6k at the car loan and re-finance.

    But what I'd really do in real life is look at getting a much cheaper car, thus nixing the car loan payment altogether, and enabling me to clear the CC that much quicker.

    Sorry hon! ;)

    Love Jacks xxx :D
    Not everything that can be counted counts, and not everything that counts can be counted. Einstein
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