Am I missing anything...?

stubbyd

molerat wrote: »

..... - what is stopping you from transferring it out into easily manageable monthly payments and starting again with the old card ?

Part of the drive here is to eliminate the one CC I have and not rely on it at all. I realise the plan involves adding a 2nd CC but that would be for a time limited period.

stubbyd

Shakin_Steve wrote: »

Another, but basically the same, method would be to watch the spending on your card and reduce it by £25 each month. The end result would be the same.

That is true enough - I tend to favour a big bang approach though.

stubbyd

getmore4less wrote: »

Why borrow more money? just use your savings.

Currently any savings you have are through borrowing.

Why? Because partly (mostly maybe?) I'd have nothing for a rainy day or the unexpected. Plus some of the savings are dedicated to specific aspects so are not really savings but just another way to budget for high priced items... once such was a professional grade flute for our daughter (she also plays 4 other other instruments).

And more importantly I think, is that I don't want to add more debt.

We can manage as we are... I just don't want to and in my head (as it isn't yet a reality) see the way forward is to remove any debt and carefully manage the remaining funds.

getmore4less

stubbyd wrote: »

Why? Because partly (mostly maybe?) I'd have nothing for a rainy day or the unexpected. Plus some of the savings are dedicated to specific aspects so are not really savings but just another way to budget for high priced items... once such was a professional grade flute for our daughter (she also plays 4 other other instruments).

And more importantly I think, is that I don't want to add more debt.

We can manage as we are... I just don't want to and in my head (as it isn't yet a reality) see the way forward is to remove any debt and carefully manage the remaining funds.

you need to grasp the basic concept that if you have £100 in savings and £100 on the CC you have just borrowed the £100 you think are savings.

As long as your net situation improves over time going in and out of short term debt is not an issue just cash flow management.

by not paying down the debt you have now you are borrowing now to pay for things in the future like that flute.


if you want to reduce your debt do not look at the accounts look at the income* and make sure your spends* are less than that..... your debt will go down.


* that's looking a full year in advance minimum not jut month to month