Finally cleared my credit card balances... but now what next?

Wanna_Bee_Free

You've done so well to get all those credit cards paid off - congratulations! Adding £1k a month in savings sounds really good. I've never managed to get there myself but an emergency fund of 6 months expenses, or even better 6 months income would be my first goal.

foxgloves

Well done on clearing those balances. Excellent work.

Nobody needs 7 credit cards. Once we'd become debt-free, we kept 1 card each & made sure they were ones with rewards (both accrue points which are turned into shopping vouchers). The credit limit on mine is £2k. My partner's is £12k. They are used very regularly (vouchers useful & boost budget pots) but ALWAYS paid off in full every month. Not a penny of interest paid on them since our debt-free day. We thought about reducing credit limit on partner's card but retained it as we wanted the option of using it for planned purchases of more expensive items, which of course provide a nice boost to voucher points. We are too disciplined now to use our cards for credit. Time for us to make a little bit of something from them after too many years of paying out interest.