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What's the best way to clear a credit card?

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  • 29-07-2008 8:50pm
    #1
    lisajane
    Closed Accounts Posts: 585 ✭✭✭


    Im living way beyond my means and i would like to clear my credit card but its to handy to have and i keep buying of the internet. Things which you can't get here or if you can, its cheaper. For the past few months, whatever im buying, i do pay for it. And i pay off a little extra while im at it. Like if i spend 20 euros on it, i would pay off 30.

    Anyway, what's the best way to clear a credit card. Should i cancel it and take out a loan or should i just pay it off weekly or monthly, whatever i can afford?

    I have 1 of those 3v voucher credit cards but you have to pay 5euro per voucher. I have never used it but is that worth it?


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    #2
    pow wow
    Closed Accounts Posts: 5,288 ✭✭✭pow wow


    The APR on a loan would usually be much less than that of a credit card so if it's a longish term thing (i.e. would take you more than a couple of months to clear) that would probably be a better option for you.


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    #3
    MysticalSoul
    Registered Users Posts: 1,266 ✭✭✭MysticalSoul


    According to Eddie Hobbs the amount you have to pay on a credit card, you should have a 12 month rule, where you can realistically clear it within 12 months. I am in the same boat, and am currently at the 9 month rule mark, so am pleased with myself. Also, have you thought about closing the credit card and transferring the balance to another credit card - both Halifax and BoI have low interest credit cards at the moment, which offer a no interest for 6 months option. Generally I pay off €200 when I get paid, and then keep chipping away at it as the month continues. The interest rate is calculated on the balance that it was as of the last statement though, rather than x days at this and so on, and so forth - it is how they get the most out of you.


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