# Credit card debt query



## familyguy (17 Sep 2013)

I need to repay a sum of about €1600 on my credit card.

Financially I have a lump sum of circa 20k invested in a long term
savings a/c with my bank which is set to mature soon.

Otherwise I was trying my best to live off my income from employment so as to not have to to touch my savings which is really planned as rainy day money for future investment or perhaps to help secure a mortgage etc.
I'm struggling to keep away from my savings because my outgoings aren't being matched by my income from work and so things like my car tax for example had to go on my credit card so as to avoid my current account basically being reduced to nothing.
The usual bills, shopping, car upkeep, rent, food, phone, Internet ensure that saving is virtually impossible as I'm on low wage.

My savings came  a redundancy.

So to get to the point of the thread, I was wondering would it be worth meeting the bank to consider re-structuring my credit card debt?
As it stands I always just about manage to repay the minimum charge but invariably something else has come up and I've put some other necessity onto it and I'm back to square one.

Is it possible to have it restructured so that say I could agree to a monthly direct debit of say for example 50 euro to pay it off if the bank agreed to maybe round the debt down to say 1500 for me?

Or would they simply disregard my query and use my savings as a reason to refuse and expect me to dip into that instead?

Sorry if my post comes across as naive I'm merely looking for advice or a helpful suggestion in regards reducing my credit card debt.

I would like to re-invest my savings if possible and not have to access them in order to pay off this debt.

I can get by otherwise but the cc debt is my main concern as I've sillily let it get too high.

Thanks for reading .


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## Dinny (17 Sep 2013)

You will have to pay the bank back the €1600 owed. The sooner the better as the interest rate will be a lot higher than your saving rates.

There is no way that a bank will give you a €100 discount


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## commonsense (17 Sep 2013)

If your savings are with the same bank then it's more than likely they will refuse to do this. 

Why not simply pay it out of your savings? You could then allocate the amount you used to pay each month (the minimum payment) to build your nest egg back up - this would make more sense to me.

Oh, forgot to say - Cut the card up and close the account.


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## familyguy (17 Sep 2013)

commonsense said:


> If your savings are with the same bank then it's more than likely they will refuse to do this.
> 
> Oh, forgot to say - Cut the card up and close the account.



I plan to. Thanks for the reply.


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