Finally seen the light

servalan

Hi all.

I have finally seen the light good and proper I am currently moving my savings to pay of debt but leaving myself a safety buffer as i have a property i rent out. I have posted occassional on here cut down spending and think twice before i buy anything ,

I just have one dilemer and knowing how good you guys are feel you could give me the advice.
I have a student loan which now as a balance of £237.61 i know the rule is as they are low apr not to repay them but if i cleared this balance it would give me extra to throw at the higher Apr credit cards. The amount will only be £27.10 but every little helps. Shall i clear it or leave it . If i leave it will roughly have another 9 payments on it .


Thanks guys . know other people need more help then me but will apprciate the advice.

Thanks

never_too_late_2

Why don't you just throw any extra you currently have at the higher rate APR CCs or did I misunderstand (again!) what you're saying?

Not feeling too sharp today, maybe I should stop posting and start working?!
NTL
-x-

Poosmate

servalan wrote: »

Hi all.

I have finally seen the light good and proper I am currently moving my savings to pay of debt but leaving myself a safety buffer as i have a property i rent out. I have posted occassional on here cut down spending and think twice before i buy anything ,

I just have one dilemer and knowing how good you guys are feel you could give me the advice.
I have a student loan which now as a balance of £237.61 i know the rule is as they are low apr not to repay them but if i cleared this balance it would give me extra to throw at the higher Apr credit cards. The amount will only be £27.10 but every little helps. Shall i clear it or leave it . If i leave it will roughly have another 9 payments on it .


Thanks guys . know other people need more help then me but will apprciate the advice.

Thanks

Hi Serv,

I guess it would depend on how much of a buffer you want to keep as savings. Also how much are you saving per month?

I mean, if you feel happy with say, £500 as a buffer in savings, then if there is any surplus use it to pay off the higher rate CC's and also use what you would have saved. Or if you can see a bill coming up that you know you will have to dip into your savings, leaving you feeling uncomfortable with the amount left then increase your savings a little for a few months to cover it. As long as you continue to save a little bit that account will recover, hopefully before the next bill.

It's hard to give any constructive advice really without knowing all the figures and terms of the CC's.

Poo

i forgot to mention, if you have £238 to clear the student loan, it would definitely be better spent paying towards the higher rate CC as it will save more in interest charges.