Pay credit card v increase savings

S

sunflower11

Registered User
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Have been working to a new budget with myself and my partner for the last few months, and so far its been working quite well (well,we have money until end of month now as opposed to being broke after 2 "rich" weeks) Anyways, we now have a couple of hundred which we can allocate somewhere at the end of each month and I dont know is it better to increase our savings in the credit Union or is it best to pay off the credit card? Any advice?
 
Pay off debts - especially credit card ones - first.
 
Pay off the credit card - you are paying a much higher rate of interest on thus borrowing than saving with the CU. Once you clear the CC, divert the payment to savings, but not before.
 
I would have thought this a no brainer really, Pay off credit card then either burn said card or keep only for case of emergency.
 
If you do decide to ditch the credit card then do so by writing to the card provider - if only to ensure that this years stamp duty on the card is the last that you pay.
 
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