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  • FIRST POST
    • chelseablue
    • By chelseablue 14th Mar 17, 4:51 PM
    • 2,413Posts
    • 2,889Thanks
    chelseablue
    How many cards do you have?
    • #1
    • 14th Mar 17, 4:51 PM
    How many cards do you have? 14th Mar 17 at 4:51 PM
    I'm not sure if I have too many cards?


    Currently have 3:


    Barclaycard: Balance 158 Credit limit 5,000
    This is the card I have in my purse and use if necessary and pay in full if I do use it


    Lloyds: Balance 3,428 Credit limit 4,500
    0% until 2020, only got for the BT, card shredded as soon as it arrived


    Sainsbury's: Balance 1,581 Credit limit 4,800
    0% until 2020, only got for the BT, card shredded as soon as it arrived


    The credit card balances worry me more than my 224,000 outstanding mortgage
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
Page 1
    • zx81
    • By zx81 14th Mar 17, 5:07 PM
    • 16,832 Posts
    • 17,834 Thanks
    zx81
    • #2
    • 14th Mar 17, 5:07 PM
    • #2
    • 14th Mar 17, 5:07 PM
    It's not very many. But it's the balances and limits you need to focus on, not the number of cards.

    Do you have a plan for paying down the balances?
    • chelseablue
    • By chelseablue 14th Mar 17, 5:10 PM
    • 2,413 Posts
    • 2,889 Thanks
    chelseablue
    • #3
    • 14th Mar 17, 5:10 PM
    • #3
    • 14th Mar 17, 5:10 PM
    Currently I overpay the mortgage by 400 a month. Was thinking I might be better diverting this 400 to Sainsburys, then it'll be gone in 4 months.

    Only thing stopping me is the cards are 0% for a long time whereas the mortgage isnt
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • zx81
    • By zx81 14th Mar 17, 5:14 PM
    • 16,832 Posts
    • 17,834 Thanks
    zx81
    • #4
    • 14th Mar 17, 5:14 PM
    • #4
    • 14th Mar 17, 5:14 PM
    That's fine for now, but what if the balances go to the standard rate and you can't BT? You'll rapidly eat up any savings you're currently making.


    Even a BT fee might outweigh your mortgage savings.
    • chelseablue
    • By chelseablue 14th Mar 17, 5:21 PM
    • 2,413 Posts
    • 2,889 Thanks
    chelseablue
    • #5
    • 14th Mar 17, 5:21 PM
    • #5
    • 14th Mar 17, 5:21 PM
    That's fine for now, but what if the balances go to the standard rate and you can't BT? You'll rapidly eat up any savings you're currently making.


    Even a BT fee might outweigh your mortgage savings.
    Originally posted by zx81
    Good point, I wouldn't have to worry about the rate until 2020.

    Just not sure whether to send 400 a month to Sainsbury's until its clear then increase the DD to Lloyds so its gone before the 0% ends
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • TBagpuss
    • By TBagpuss 14th Mar 17, 6:31 PM
    • 6,487 Posts
    • 8,418 Thanks
    TBagpuss
    • #6
    • 14th Mar 17, 6:31 PM
    • #6
    • 14th Mar 17, 6:31 PM
    Or you could start putting 200 a month into a cash ISA or bond for 2 years then pay the cards off in full just before the 0% ends. It depends a bit on how much interest you are paying on the mortgage an whether you can borrow back the over payments if you need to, or if you have any other savings
    • YorkshireBoy
    • By YorkshireBoy 14th Mar 17, 6:46 PM
    • 30,147 Posts
    • 17,998 Thanks
    YorkshireBoy
    • #7
    • 14th Mar 17, 6:46 PM
    • #7
    • 14th Mar 17, 6:46 PM
    Or you could start putting 200 a month into a cash ISA or bond for 2 years then pay the cards off in full just before the 0% ends. It depends a bit on how much interest you are paying on the mortgage an whether you can borrow back the over payments if you need to, or if you have any other savings
    Originally posted by TBagpuss
    ...or 5% regular savers and a 5% current account, and make 2-5 times the interest a cash ISA or 'bond' would.
    • pogofish
    • By pogofish 14th Mar 17, 9:57 PM
    • 8,492 Posts
    • 8,803 Thanks
    pogofish
    • #8
    • 14th Mar 17, 9:57 PM
    • #8
    • 14th Mar 17, 9:57 PM
    Same number as the three times this thread has been done this year.
    • adindas
    • By adindas 15th Mar 17, 1:44 PM
    • 3,528 Posts
    • 2,192 Thanks
    adindas
    • #9
    • 15th Mar 17, 1:44 PM
    • #9
    • 15th Mar 17, 1:44 PM
    Hello friend, every 3.6 seconds child dies because of hunger... So sad... isnt it?! We can not help them all but we can support them! Let's help the hungry children. We will give a little and we will change a lot www. wehelp.cf
    Originally posted by forchild
    How many people is aiming helping children and end up in the hand of criminals, religious extremists ...

    reported as spam
    • bigadaj
    • By bigadaj 15th Mar 17, 6:18 PM
    • 10,815 Posts
    • 7,138 Thanks
    bigadaj
    How many people is aiming helping children and end up in the hand of criminals, religious extremists ...

    reported as spam
    Originally posted by adindas
    Make sure you delete your post when the forum team finally delete this posters spam, not been done for s real hours now.
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