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would like opinions on my credit card payoff plan

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  • 07-08-2009 12:04pm
    #1
    cats-pyjamas
    Closed Accounts Posts: 59 ✭✭


    Hi all,

    I have a credit card balance that I want to clear, so I am thinking of doing the following:
    1. Moving my balance to another card/bank with 0% interest on balances and / or purchases
    2. putting a moratorium on using the credit card
    3. pay off as much as I can afford each month
    4. for any purchases that require a credit card (eg travel for work which gets reimbursed) I am thinking of applying for one of the new prepaid mastercards from payzone.ie

    does this make sense and will it work? (My debt is 1400, and I can pay off 150 per month)


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    #2
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    Should do. Make sure you do not use the card for any purchases though or the interest will kick in. Should work as long as you get the 0% interest rate throughout the payback period. If you don't get to pay it off before the introductory rate expires, the rate will presumbably increase significantly.


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    #3
    cats-pyjamas
    Closed Accounts Posts: 59 ✭✭cats-pyjamas


    Thanks, I am planning to have it paid off by the time the introductory period expires, and using the new prepaid mastercard for any purchases where I would have used a credit card before. I think these are a great idea, like providing your own credit!


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