Keeping myself out of money trouble

Sncjw

Hi guys.


I just want some advice please. But I’m probably doing ok anyways.

So I have a Barclaycard credit card that has 0% for 27 months this finishes in September 2021 so couple of years away yet. My limit is 3k and currently have a balance of £1,700. I usually pay way more than the minimum payment mainly because I don’t want to fall into the trap of being used to having only that to pay. I don’t want to be struggling to pay it off interest free when it comes to September 2021.

I earn £1.200 and my living expenses is £600 and that includes rent. I also save £200 a month into a help to buy isa and that is non negotiable I have to save this money. So I have around £400 a month left over. I am trying to curb back the money I’m using on the credit card as I used to spend £200 a month on food at work but starting to take my own food in now and that will help save what I’m spending. I can’t get any overtime the next few months as I’m going off work sick due to an operation that will give me a cochlear implant.

So do you think it’s better to pay what I’m paying now or would you do minimum payments. I just panic st the idea of racking up the card to 3k and only making minimum payments.

[Deleted User]

So long as you pay the minimum and any extras you throw at it you’ll be fine.

Why is the H2B non negotiable?

Paying off debts should take priority above savings.

BoGoF

Why don't you change your direct debit to a fixed £71 per month. That way you will know you will be clear by the time the 0% expires.

Sncjw

Because I am saving to buy a house and also I do spend on the card regularly as well so paying an amount to clear the balance as it stands now in two years time won’t help

[Deleted User]

Then you need to stop saving and focus on clearing your debts.

They are the priority.

BoGoF

So if you have £400 a month left over why are you spending on a card?

Sncjw

Clear my debt even though it’s on 0% for two years?

[Deleted User]

Doesn't matter if it's 0% - it's still debt

BoGoF

Is the Barclaycard the 0% purchases card? If so, you do realise the 0% rate only applies to purchases in the first 60 days?

Sncjw

It’s the 27 month 0% card and it’s been over the 60 days I get the 0% for 27 months

Sncjw

I use the card for daily expenses and also if I need to make big purchase