Cash Share-save scheme in to pay off credit card debt

As the title suggests really, I have a company share-save scheme about to mature and had fully intended to use this cash to pay off my credit card in full with the surplus going towards savings/holiday/home decoration. Obviously recent events have meant shares have tumbled however they are still lucrative and I am set to cash in more then needed to pay off my card (unless they take another hit). The additional would then move to my rainy-day savings pot. My question is, the shares where in a better position at the start of the year and the drop equates to circa £3k. Should I wait a bit to cash in and hope for a rise in the share price (it is a construction company and we are in a good place) or should I cash in now and clear my debts? My intention is then that the spare money from the monthly payments will be directed to my savings, hence building this pot up nicely.
My thinking is to clear the debt as planned and accept the lower amount, they are shares after all and could happen any time, but I am wavering by thinking positively hence asking for others thoughts.


  • EimearFEimearF Forumite
    203 Posts
    Fourth Anniversary 100 Posts Name Dropper
    I think you have the right plan. You are still making a profit and the shares could tumble again. Get the cards cleared and the emergency fund in place and you can join the next scheme they offer in a better financial position selecting a bigger monthly contribution. 
    Light Bulb Moment 13/09/17: Non- Mortgage Debt £42295; 01/04/19: £13645; 01/10/19: £9707; 01/11/19: £5525; 14/01/20: £883
    27/01/20: DEBT FREE!!!

    Mortgage Free Wannabee: £58595 to pay by August 2025
  • KaronherKaronher Forumite
    887 Posts
    Part of the Furniture 500 Posts
    The nearest example I can give is my pension. It dropped by about 10% in March but is now nearly back to where it was. Could you keep an eye on the prices and pick a specific minimum that you want to get for them? If it starts to get close then sell them. It could mean losing a little more than you would now, but could also mean a better return.
    Aiming to make £7,500 online in 2022
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