How Bad are credit cards

jamesperrett

Get yourself a card with a low standard interest rate as a backup that you can use in case you can't get a good 0% deal in the future.

Maximum_Saving

Some people can handle a credit card and the best kind to have is zero percent interest for purchases. It allows free borrowing. For example spend £1000 and pay off £100 a month of that debt. A balance transfer credit card usually has a balance transfer fee. Many people go into very heavy debt which they can't wander out of. They must have a plan of how they will pay back the money to the credit card company. When a person has multiple debts it can get confusing. Imagine five credit cards with a person only being able to pay the minimum payment. If someone is paying £25 each month for a £1500 credit card debt it will take ages to pay off. If a person has a credit card debt of £3000 then paying off £300 a month would be a suitable payment plan.

[Deleted User]

Just exactly how long is "a few years"?

RichL74

They are not as bad as smoking 30 a day.

StopIt

If you've spent £3400 more than you've earned (Over what period?), a 0% card is a Get out Of Jail Free card.


If you've played Monopoly before, you know that getting one is pretty lucky, and you're not assured of getting another one before you need it again.


You've already asked if it's ok to keep spending, that sends alarm bells off to me.


What other debts, if any do you have? How long do you plan to take to pay this balance off?


Are you better off going to the DFW board, posting an SOA and find ways to get this cleared and avoid a repeat trick in future?