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Credit card repayment advice
CreditCardJunkie
Posts: 646 Forumite
in Credit cards
With the current uncertainty is it a bad idea to overpay on credit cards (as normal) to reduce overall debt? Or should we be hoarding every extra penny and just pay minimums?
Debt Free as of December 2020 👏
Save 12k in 2025 #6 - £300 / £3000
MFW - 19 months shaved off the mortgage
Save 12k in 2025 #6 - £300 / £3000
MFW - 19 months shaved off the mortgage
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Comments
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It depends on your circumstances.
Generally, if you have interest bearing debt, it's best to pay it off if you have the cash.1 -
No simple answer to that one.CreditCardJunkie said:With the current uncertainty is it a bad idea to overpay on credit cards (as normal) to reduce overall debt? Or should we be hoarding every extra penny and just pay minimums?
All down to your personal situation.
Assume that you do not pay in full every month?Life in the slow lane1 -
Shouldn`t be hoarding anything, that`s why toilet roll is as scarce as moon dust, just carry on as normal, unless your circumstances change for the worse, otherwise business as usual.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter2
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Some long term debt on interest free until August. I've been working hard at getting extra income to hopefully have it paid off before the interest free runs out.born_again said:
No simple answer to that one.CreditCardJunkie said:With the current uncertainty is it a bad idea to overpay on credit cards (as normal) to reduce overall debt? Or should we be hoarding every extra penny and just pay minimums?
All down to your personal situation.
Assume that you do not pay in full every month?
Thanks all for the advice, will pay as planned. As sourcrates said, business as usual unless circumstances change
Debt Free as of December 2020 👏
Save 12k in 2025 #6 - £300 / £3000
MFW - 19 months shaved off the mortgage0 -
Do Not ! wipe your bum with moon dust !sourcrates said:Shouldn`t be hoarding anything, that`s why toilet roll is as scarce as moon dust, just carry on as normal, unless your circumstances change for the worse, otherwise business as usual.
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Does Bank of Scotland offer payment holidays on Credit cards? This site says Yes but the call centre says No.0
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some CC companies are saying there is an online form fill it in and email it in , best use a computer than a tablet etc.If all else fails contact Nichola sturgeon or alex same'old
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