Help working out what to do with my credit cards

Terry_Towelling

pleasehelpme27 wrote: »

You will see in my original post I stated:

" I also have over £3000 in savings but as the 2 cards I use are 0% for another few years, I would prefer not to use it to clear the cards at the moment. ".

Nobody needed to know specifically how much I have in savings as it is not relevant to my question. I said over £3000 in order to put across that I had more in savings than I have debt, as that is what was relevant to the situation.

I have significantly more than £3000 saved. Also not that it matters, but I have had savings for longer than 10 months. But 10 months is the period of time I have been focussed on money & spending in order to be more sensible & save higher amounts each month. The period with no job was several years ago but is the reason I have any credit card debt at all hence why it was mentioned. Previously to that I had not had that issue.

Not sure for the need of the hostility. I was only here to ask for some advice. Learned my lesson, won't bother next time.

My secret is to have great family support and very minimal outgoings which means that you can save the majority of your income each month, building up savings quickly.

Have a great evening.

Apologies if you took it that way - no intention of being hostile - was genuinely surprised at the turnaround - thought my question asking for your 'secret' carried enough humour to be obvious. I've just re-read it though and I take your point. I'll take more care with my wording in future.

On the point of digging for information, it is often useful to do so on the forum to fully understand a person's position. Answering a post at face-value sometimes doesn't address any underlying issues that may exist. You originally said of the Virgin Card, '...would use it & then pay it off immediately. I know it sounds like I would be unable to do this...'.

Perhaps you can see how that statement might indicate some underlying financial issue? What you then said about your 'other savings' and how you would save such a large amount in only 2 - 3 years and pay down your card debt at the same time, showed that there was no issue, no need to worry and that you are in a position of stability.

If you re-read my first post to you, and your reply to that, you will also see how contradictory everything was - hence my confusion with your 'apparent' position. I said to pay the minimums and to save the overpayments. You then said, in your head, you wanted the debts gone asap. So, given what we now know, whether you clear them from your savings, or pay them down over a period of time, will make almost no difference given the rate at which you are able to save. You might lose £20 or so in interest but that is not going to matter when you are intending to amass £35K - £40K

Seriously, though, if the jobless period was a few years ago and the credit card debt rose out of that period and if you were paying interest on some of your credit card debt (until the balance transfer) it would have made more sense to have been using those savings to cover it. As you have since been massively overpaying your card debt at the same time as saving, then I see no reason why you should have any worries about applying for a Virgin Card.

And, by the way, my evening was as bad as they all are these days - given my circumstances. Thank you.:) (smiley face to avoid appearing hostile)