We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Credit utilization question

Graham1982 · 2021-10-13 06:31:32

Hello everyone: This question has been making me think for a while. I was of the understanding that it is not a good idea to have a constant or consecutive high credit utilization percentage. However, can someone please clarify this i.e: If I opened a paypal credit account (I have) and use it to buy large (in relation to…

Options

Comments

EssexHebridean Posts: 24,421 Forumite

18 October 2021 at 4:58PM

@Aspiration - a phrase we often use on here is "you can't borrow your way out of debt" - it's very true, sadly. I'm pleased that you've "got there" now - well done on your progress to date, and good luck finishing the rest!

🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25

SOA CALCULATOR (for DFW newbies): SOA Calculator

she/her

0