Cash Gift- where should it go?

2»

Comments

  • datlex
    datlex Posts: 2,237
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    You should definitely pay them all off. The £5000 will cover everything except these:

    300 very
    300 next
    170 grattan

    Use the money you were paying to the other cards to pay off the grattan and then the other two. You should be debt free in about 4 months.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • sheepy21
    sheepy21 Posts: 221 Forumite
    Pay of all the highest interest, the money you're saving in repayments you then put into savings. Better to clear the debt and not be paying interest!
  • savetosave
    savetosave Posts: 127
    First Post First Anniversary Combo Breaker
    Forumite
    Hi

    It is tricky without knowing all the rates, but I would agree with paying off all but the 998 (assuming that is the lowest rate). That would still leave you with a small buffer. As someone else said keep at least one cc open, if you can trust yourself with it, as using and paying it in full each month is good for your credit rating and you may well get a 0% offer. It would be even better if the card was one that offered cash back or rewards.
  • redux
    redux Posts: 22,976
    Name Dropper First Anniversary First Post
    Forumite
    datlex wrote: »
    You should definitely pay them all off. The £5000 will cover everything except these:

    300 very
    300 next
    170 grattan

    Use the money you were paying to the other cards to pay off the grattan and then the other two. You should be debt free in about 4 months.

    Very 39.9%
    Grattan 34.9%
    Next 23% or 26%

    As before, I'd say pay these and leave the 988 balance card for now. If it's possible to get a balance transfer offer in a month or two, it may be easier to transfer; I don't know if balance transfers are possible to store cards.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards