Save it or pay it straight off?

NatashaP

Hello

I'm not sure what to do in regards to paying my debt.

Should I pay it off in bits as and when I get the money, or should I save it up in an account then pay off the whole debt in one go? Whats best?

I am not getting charged interest on any of my debts.

bringmeshoes

i'm not sure what others would advise on this but if you saved it could you trust yourself not to dip into the money if somehting came up?

mum2one

it depends on could yu trust yourself not to spene the money, if you could trust yourself then put it either on an online account, or counter jobbie, with gd intereest rates, btu keep an eye on the (guessing cards), for when the 0% ends and / or the terms and conditions change.
x

tesuhoha

The thing about paying it off as you get the money is that you see the debt going down. If you are saving the money, you dont get a kick out of the savings because its not yours and you dont see the debt going down. The amount of interest you earn over such a short time is not much, at least I dont think its worth messing around with and taking the chance that you are not going to want to spend that money at some time.

NatashaP

Thanks! I think its better for me to pay as I go, as like you say I dont think I could trust myself 100%. And it does feel good seeing my statements and the balances getting lower each month!

Thank you! You've helped me make my mind up!