Want to get out of my credit card

enthusiasticsaver

getmore4less wrote: »

No wonder the OP is getting confused there is no need to over/add complicate something that is relatively simple.

They have a £250 CC bill to pay they can just pay that off and start using the debit card/cash for everything now.





Currently the OP is balance watching to manage cash flows.

What the OP needs to do is plan better looking ahead and spending to plan the can be more comfortable that they won't run out of money and stop panicking.

The SOA was getting there needed a few tweaks and a spending diary would have sorted out quite quickly.

Actually the credit card bill is £429 so I think this is why babystepper suggested paying it off gradually.

The danger of using a credit card for everything when you are on a tight budget is there are no checks on what is being spent. The soa the OP filled out indicated very little was spent but that obviously is not the case although I assume much of that £429 was for Christmas expenses.

The OP has obviously panicked after looking at the December bill and thought they would struggle to pay that bill.

getmore4less

Sncjw wrote: »

Sorry I pay wuartley for the tv licence.

I’ve only just started the emergency fund in a savings account.

What I have left over varies depending on how much I spend on the card. Plus I put money into an isa account. This 250 is for next months bill. I’ve paid 450 for last months bill this month.

The £450 is(has) getting paid this month, it is the £250 for next month that is causing the issues of not understanding the CC cashflow.

They just pay that £250 from savings or save less the month is gets paid.

They can start now using Debit card and cash for spending which is what they are trying to do to get out of the cycle of a CC bill coming the next month to pay for this months spends.

Sncjw

I am not going to be paying off just 100 as I want to not have interest and a marker on my file so close to applying for a mortgage. I have always paid it off in full.

I need to have spends aside for fees and such like.

My bill will be slightly higher then £250 due to buying presents for mother’s birthday.

Sncjw

I don’t go mad at Christmas as many of the presents were bought in the previous months.

getmore4less

Sncjw wrote: »

I am not going to be paying off just 100 as I want to not have interest and a marker on my file so close to applying for a mortgage. I have always paid it off in full.

I need to have spends aside for fees and such like.

My bill will be slightly higher then £250 due to buying presents for mother’s birthday.

If you have a plan of what you are going to spend from your income then you will be fine.

That is what the SOA is all about stick with trying to work on that.


All that putting in on the CC does is delay the payment, keep the money to one side and the CC is covered from the same month the spending happens.

If you really want to stop using the CC just move to Debit card and Cash now and save less this month to cover the spends currently on the CC.