Carrying a balance of around -400 pounds for a few months

manny89

This is probably a bit of a dumb question as I don't use my credit card very often. Anyway, I have bought something on my 0% credit card and now have a balance of -400. I can't afford to pay it all off at once so will be only be able to pay off around 50 pounds a month. Is this recipe for spiralling into credit card debt or should that be OK? 

molerat

Only you know that.  Don't spend any more on the card though as every new purchase will carry interest from the moment it is made.

surreysaver

molerat said:

Only you know that.  Don't spend any more on the card though as every new purchase will carry interest from the moment it is made.

Not if its a 0% credit card it won't (assuming its 0% on purchases rather than balance transfers).

surreysaver

manny89 said:

This is probably a bit of a dumb question as I don't use my credit card very often. Anyway, I have bought something on my 0% credit card and now have a balance of -400. I can't afford to pay it all off at once so will be only be able to pay off around 50 pounds a month. Is this recipe for spiralling into credit card debt or should that be OK? 

Not paying it off all in one go is the point of a 0% credit card.  There's no point getting a 0% credit card if you're going to pay it off before the 0% offer expires.

yksi

You have a plan to pay it off and not incur interest. I don't see a problem, just stick to your plan. Sounds like responsible use of the card to me.

callum9999

Are you sure you have a 0% purchase card? If you do, read (or tell us) what the conditions say and we can make sure (though even if you are charged interest, if you can definitely pay £50 a month off it for the next 9 months it certainly won't spiral).

I'm not sure if you're confused over what you have as you're referring to a singular card which you've had for a while. If that's correct it is unlikely to actually have a 0% purchase offer.

foxy-stoat

manny89 said:

This is probably a bit of a dumb question as I don't use my credit card very often. Anyway, I have bought something on my 0% credit card and now have a balance of -400. I can't afford to pay it all off at once so will be only be able to pay off around 50 pounds a month. Is this recipe for spiralling into credit card debt or should that be OK? 

If your annual income is £200 then I would say you are in trouble....but £400 paying it off at £50 a month, you are light years away from a debt spiral.