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Long standing balances on 2 cards, best time to pay off in full?
PoliceCollectorYorkieTyke
Posts: 2
Newbie
in Credit cards
I have 2 credit cards with approx £900 on each one.
I've always paid the minimum on both each month.
I'm now in a position to be able to pay both off in full, should I wait until my January payments are due to pay them off, or pay them off now?
Does it/ will it make any difference to interest etc?
Regards,
Andy
I've always paid the minimum on both each month.
I'm now in a position to be able to pay both off in full, should I wait until my January payments are due to pay them off, or pay them off now?
Does it/ will it make any difference to interest etc?
Regards,
Andy
0
Comments
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Are these 0% purchase cards or are you just paying interest?0
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I'm paying interest.0
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Pay them off TODAY!3
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Every day that passes is accruing more interest. Do what @moneytorques has advised.1
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As already said pay them asap and ensure there's a DD set up to clear the residual interest that will accrue over the next month or 2.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions 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.
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