credit card dept

I

irishfinster

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I have 2 credit cards, 1 owing 5500euro and the other owing 2000. i feel like these have been landed with me for life as i can never seem to pay them off. I do have 3000 euro savings and wondering will i pay it off the visa cards and if so which one? any help, please
 
of course you should use your savings to pay off the credit cards? what's the point in having savings if you have such a large debt owing?

see which card is charging the most interest and pay that off in full and then cut it up. cut the other card in half so that you can't use it while out shopping but can use it online if needed in an emergency.
 
Thanks
I havnt used either card in over a year, they are both cut up. i have tried to move them around but no one will give me another card. All i can afford is the minimum payment each month but that doesnt reduce the amount i owe at all.
 
We had run up 6000 cc debt due to my partners illness and resultant loss of earnings (self-employed, so no illness benefit, and no medical card until after the big hospital bills and several months of meds were paid, but that is, as they say, another story).
Thankfully we had some collateral in the Credit Union, took out a secured loan (at 6.5%) and paid off the cc in full. So rather than paying about 130 Euro in payment protection and interest alone, and then some little bit to reduce the debt, we are now paying about 30E in interest and 180 principal to the credit union, with the balance tilting in favour of principal month after month. Also, there are no penalties for paying off early and significant savings in interest can be made by paying off early. Highly recommended.
 
irishfinster said:
Thanks
I havnt used either card in over a year, they are both cut up. i have tried to move them around but no one will give me another card. All i can afford is the minimum payment each month but that doesnt reduce the amount i owe at all.
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that's not correct, you have your savings to use against them.
 
sorry to hear ur story chook. No chance of me getting a credit union loan though, i alreay owe them over 20k. so guess im doomed!!!
 
you should really fill in the money makeover form go to this thread and have a look there first

http://www.askaboutmoney.com/forumdisplay.php?f=62

the best idea generally is to pay off the loan with the highest amount of interest first.

have you been in touch with MABS yet? you should try and book an appointment with them as soon as possible.
 
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