I live in the UK. I’m currently £2500 in debt on my credit card. I started being charged interest in January. At the moment I’ve been paying off just the minimum amount needed. I’ve heard this is a rip off as you’ll never pay it off this way BUT I’m on minimum wage and most importantly will be receiving around £6000 in 2-6 months.
Will I be ok just to pay the minimum for now? Can I get any discount for paying the debt off in full? How do I actually pay off the debt, do I just transfer the bank balance?
I know you should pay off debt before savings but because I’ll be receiving that money I don’t feel like I need to rush to pay if off, just enough not to get charged extra..
And in regards to savings what’s the best way to do this, I’ve worked out I can afford to put aside £40 a month. Will I get any offers with certain accounts or is it too low?
I’ve learned a lot about money and what to not do with it in the past year or so. I don’t have anyone is real life to talk to this stuff about so any advice is welcomed!
Submitted June 27, 2018 at 10:36AM by garlicbreadismyboyf https://ift.tt/2KpqUgC
