0% Card Running Out Soon! Advice needed!

lilmissmup

Help please......

I currently have £860 in savings and was hoping to use this to get my loan paid off early but my credit card is currently at £1480 and the 0% runs out after my next statement.

I really do not want to apply for another 0% card as i know i will just run it up again, i only got this one because of the cashback from Quidco but have spent and spent on it , i can't trust myself with it..:o

I do have the goldfish card which i also did via Quidco for the £41 cashback which has 4.9% on the life of the balance but with a 3% transfer fee.

Now if i withdraw the money from savings i lose a months interest this year, its 6.5% before tax (was going to wait until July when you get a free withdrawal) but thats prob better than moving the money again to the goldfish card.

What shall i do?

I am really struggling to part with the savings because its all mine and the most i have ever had

tesuhoha

What will the interest rate be on the cc once the 0% runs out?

tesuhoha

I think you have to work out how much each solution will cost you. i.e . Amount of interest you will pay if you leave it where it is, amount of interest you will lose on your savings, amount that BT transfer to Goldfish will cost you plus monthly interest. Go for whatever option costs you less. At a guess I would say withdrawing the savings would be the cheapest and its not a good idea to have savings with debt anyway.

lilmissmup

Pretty sure its 15.9%.

I know what i should do. I just can't bring myself to do it but if everyone on here tells me what i should do it might force me to stop being stupid

Horace

I have a Virgin credit card with 0% interest on balance transfers - I shifted my First Direct balance across to it. I do listen to Martin's advice and I have been very good and not spent on the card at all - in fact the card is sitting in my office under a pile of CDs.

lilmissmup

Just transferred the savings into my current account

So sad seeing it gone from there but i know its the right thing to do, been worrying a lot over last week or too about credit card and desperate to get out of debt.

Right now to pay bill!

EDIT:Just paid off £860 on card, should be feelin happy but not.....lol

poorandindenial

lilmissmup wrote: »

Just transferred the savings into my current account

So sad seeing it gone from there but i know its the right thing to do, been worrying a lot over last week or too about credit card and desperate to get out of debt.

Right now to pay bill!

:T well done - I know it is painful but once it is done you can get all excited about your new low cc total - just make sure you don't re-spend on the card, as you have said you can't trust yourself, cut it up, now, this minute - go on - get the scissors:D

EDIT - just saw your edit - very well done.

lilmissmup

Have cut it up but will have to hide it too as could still use online :eek:

poorandindenial

lilmissmup wrote: »

Have cut it up but will have to hide it too as could still use online :eek:

"Look into my eyes, you are feeling sleepy, you do not know the number of your credit card, you do not know the number of your credit card...."

Do you have it registered on any websites (eg amazon etc) if so you could go in and delete it from your account so that you can't use it 'accidentally'

lilmissmup

No not registered anywhere.

I had been really good with it up until 2 months ago when i started spending on it again.

Its now tucked away in my filing and won't be coming out again and as soon as its cleared i will shut it down.

tesuhoha

lilmissmup wrote: »

No not registered anywhere.

I had been really good with it up until 2 months ago when i started spending on it again.

Its now tucked away in my filing and won't be coming out again and as soon as its cleared i will shut it down.

A good thing to do with your credit card they say is to freeze it in a block of ice. That way you will have it for emergencies but if you are tempted to spend by the time it is defrosted then you would have had time to rethink.

I know it is upsetting to part with savings but ultimately at the end of the day you are taking the cheapest route and this will cost you less and in the long run you will be richer. It just doesnt feel like it at the moment but you wont regret it.