help again

kingoftheland

hi i thaught i sorted everything out when i posted last and i thank everyone for there help..
thing is i owe about £550 to argos in debt and i know it was a stupid move and i have cut up the card im 19 year old apprentice working on below minimum wage. thing is they are adding 11 pounds interest on the money i owe a month and it will not go down with payment unless i clear the debt.
i spoke to the bank and i can get a card with no interest for 12 months which i think is better that having to pay 11pounds iinterest a month there saying. any suggestions please?

immoral_angeluk

How are they allowed to pay you below minimum wage????? Could you get a better job?

lindens

A few things you need to ask yourself -
Can you pay off £550 before the interest free period is up?
If you pay off with new card and then pay that off, will you cut it up and throw it away and never use it again?
If you are sure then it sounds like a good move. But have you learned your lesson?

london_fox

lindens wrote: »

A few things you need to ask yourself -
Can you pay off £550 before the interest free period is up?
If you pay off with new card and then pay that off, will you cut it up and throw it away and never use it again?
If you are sure then it sounds like a good move. But have you learned your lesson?

I have to agree with lindens. I have made the mistake time and time again of moving balances to interest free cards and then spent more money. Going interest free will only work if you don't spend.

The easiest way to do that is to transfer the balance and cut up all credit cards that you have. its hard to live without them but it can be done.

As for the job front surely they cannot pay you below minimum wage? Is there any chance of getting a part time job at the weekends or something to pay the debt off?

Jazzyjeff_2

Apprentice's are legally allowed to receive below the min. wage, often well below. The reasoning is that you are being taught a trade and will earn a lot more when your fully trained.

kingoftheland

yea i wont use the credit card for nothing else apart from just paying off the debt to argos i have already cut up my argos card and i will also do this with my credit card thing is 11quid interest is too much and if i can do it interest free through another card it should be ok..

as for the job i work 6 days a week as a computer enginner..i dont have any other credit cards just the argos 1 i have cut up this one i will take out and then cut it up and begin paying that back interest free


thanks for your replies